Page 11 - Nirav Modi Scam At Pnb

RBI audit on Punjab National Bank found no lapse in three years, says govt

The Union government has questioned the role of the RBI on various occasions for failing to detect the PNB scam

Banking scam fallout: RBI may let PNB spread fraud losses over 1 year

Lender staring at losses on account of scam worth Rs 145 billion in 2017-18

How the loan was issued to Nirav Modi? PNB denies 'info' to RTI activist

The bank has denied disclosing any information regarding minutes of the meeting, total loans sought by Nirav Modi by citing 8(1)(H) of RTI Act

Independence depends on your actions: CEA Subramanian's jibe at Urjit Patel

Earlier, the RBI Governor had lashed out at the government at a public forum for not giving the central bank adequate powers to prevent scams like the one involving Nirav Modi at PNB

PNB plans vertical to recover stressed assets amid growing NPA problem

The move being initiated on a pilot basis is a first for state-run banks, said a PNB source

In 5 days, PNB may be first bank to get 'defaulter' tag due to Nirav Modi

The tainted lender needs to repay Union Bank of India Rs 10 billion by March 31; if it can't, UBI may be forced to classify it as an NPA

PNB scam: MCA mulls legal ways to stall bankruptcy proceedings in US

Firestar Diamond that filed for bankruptcy in a US court is a subsidiary of one of the companies against whom the NCLT has passed the order

PNB plans to stake claim in bankruptcy proceedings of Nirav Modi's Firestar

The bank is exploring all options for the recovery, including participating in the bankruptcy proceeding of Firestar Diamond Inc

PNB scam: ED, CBI raid Nirav Modi's Mumbai home, seize Rs 250-mn properties

It seized Nirav Modi's antique jewellery, high-end watches, painting by M F Hussain, diamond ring

What 900 mn? Modi-Choksi firms deposited Rs 100,000 before note ban: Govt

Group of companies belonging to Nirav Modi and Mehul Choksideposited Rs 100,000 in their bank accounts with Punjab National Bank hoursbefore the Union government announced demonetisation in November 2016, Ministerof State Finance Ministry Shiv Pratap Shukla said in Lok Sabha on Friday.The Union government was responding to allegations of NationalistCongress Party MP Majeed Memon who had said last week that both the companieshad deposited Rs 900 million at one of the branches of PNB."So far as the allegation is concerned, PNB has stated thatit has checked all the accounts in the name of both the accused groups, andfound that, on the date of announcement of demonetisation (i.e. 8.11.2016), asum not exceeding Rs 100,000 was deposited in cash in these group accounts,"Shukla said in a written reply in LS."A report reveals that Nirav Modi deposited huge cash amountin one PNB branch on 8 Nov, hours before PM announced demonitisation. What does it suggest?" Majeed had said.Prime Minister ...

After Nirav, Choksi's firms, SFIO probes Fortis, Religare for alleged fraud

In the last four financial years, the corporate affairs ministry has ordered investigations through SFIO into the affairs of 575 companies on account of alleged frauds

PNB scam: Why do we not talk about the whopping bank loan defaults?

It's high time CFOs pull their socks and perform fearlessly

Reserve Bank's LoU ban not to impact West Bengal jewellery industry

Ravi Karel said margin sought was 85% of the credit, but now they were seeking a margin as high as 150%

PNB issued over 41,000 LoUs since 2011; 1,590 of them to Nirav: FinMin

Following the scam, the Reserve Bank has stopped banks from issuing LoUs and Letters of Comfort for trade finance

Nirav Modi scam: Diamond traders now courting firms with long-term credit

Since most banks have tightened lending to diamond merchants and others are about to do so, many medium and small diamond dealers are approaching large players for credit facility within the industry

PNB scam: Interpol seeks additional information on Nirav Modi, Mehul Choksi

A Red Corner Notice (RCN) is issued to seek the location and arrest of wanted persons for extradition or similar lawful action in a criminal case probe

PNB suffers Rs 145 bn loss due to fraud in FY18 so far: Govt

PNB has stated that it has adequate assets or capital to meet any liability which may crystallise on the bank

PNB starts Mission Parivartan to curb repeat of another Nirav Modi scam

A new monitoring group will be set up to keep track of whether cash flow from projects is being used to repay bank loans and that there are no slippages, sources said

Honoured all Letters of Undertaking during 2011-16: PNB to Finance Ministry

The bank also issued 234 LoUs worth Rs 18.8 bn to another group of companies promoted by Mehul Choksi in 2015 and 2016

PNB blames concurrent auditor for not flagging off SWIFT transactions

Reconciliation of SWIFT messages with trade module of the core banking system was not followed and the concurrent auditor did not point out this irregularity, the lender said