Page 13 - Nirav Modi Scam At Pnb

Modi govt's new plan to stop future 'Nirav Modis' from leaving the country

The government has come up with names of 91 people involved with 400 of the so-called wilful defaulters, the person said, asking not to be identified as the information is private

Banks to adopt risk management system in 6 months to stop PNB-like fraud

Banks will be putting up their action plan to respective boards and in 3 to 6 months action plan would be implemented by banks

'RBI to be Neelakantha': Urjit on Nirav Modi PNB fraud; top 10 developments

RBI chief Patel's comments came against the backdrop of Punjab National Bank being defrauded of around Rs 135.4-billion, allegedly by billionaire jeweller Nirav Modi and his uncle Mehul Choksi

CBI probing central bank guidelines on letter of undertakings tenure

The RBI guidelines on validity of LoUs for the gems and jewellery sector is a bone of contention for bankers involved in the Rs 127-billion scam reported by PNB

'Tough to prevent PNB-like fraud': Patel slams govt for diluting RBI powers

Governor says frauds like PNB are painful; regulatory powers must be ownership-neutral

PNB scam: ED seeks Interpol arrest warrant against Nirav Modi, Mehul Choksi

The agency is understood to have sent the request to the CBI for taking it up with the Interpol headquarters in Lyon, France

IT, FMCG stocks could help overcome PNB-driven market volatility

In the past month, a post-Budget correction turned into a rout for the banking sector after the PNB (Punjab National Bank) scam emerged and other scams were unearthed in its wake. The PSU Bank index is down by about 11 per cent in the last one month, while the Private Bank index is down 1.3 per cent and the Nifty Bank (which combines private and PSU banks) is down 2.4 per cent. Financial Services overall are down 1.5 per cent. Banking has been the worst-performing sector and the worst sub-sector is of course, PSU banks. But, problems in banking translate into problems across the entire economy. There have been no sectorial winners in this period since every sector has seen losses. The index performances suggest that smaller stocks have been hit harder, which has interesting implications. The Nifty has lost 1.1 per cent in the last 30 days. If we take that as a benchmark, the Nifty Midcaps 50 has done worse since it has lost 2.5 per cent. It may indicate that domestic institutions and .

Too drastic a solution: Ban on letters of undertaking needs to be reviewed

Depriving exporters of LoUs can have a disruptive effect on the buyers' credit market

PNB fraud: RBI guv Urjit Patel blames regulatory constraints for scam

We at Reserve Bank also feel anger, hurt and pain at banking sector frauds and irregularities, he said

RBI bars banks from issuing LoUs after Nirav Modi, Choksi fraud at PNB

Letters of credit (LCs) and guarantees would continue to be issued like before if they meet certain criteria

PNB issued 1,213 fake LoUs to Nirav Modi's firms since March 2011: Jaitley

Executives at PNB's Brady House branch in Mumbai had started issuing LoUs to foreign branches of Indian banks from March 5, 2011

What advance tax PNB will pay on March 15? Concern for I-T dept

I-T officials have questioned PNB Manging Director and Chief Executive Sunil Mehta and other officials to determine how the LoUs were recorded in the bank's books

PNB fraud swells to well above $2 bn; RBI bans LoUs: Top 10 developments

In a major decision, RBI on Tuesday banned banks from issuing Letters of Undertaking (LoUs)

PNB discloses Rs 9.42 bn additional exposure in Nirav Modi, Choksi fraud

The new disclosure takes PNB's overall exposure in the still unravelling fraud case to well over the $2 billion mark

PNB fraud fallout: RBI stops use of LoUs for trade credit for imports

The RBI said the decision to discontinue the practice of LoUs and Letters of Comfort (LoCs) for trade finance comes into force with immediate effect

PNB scam: Nirav Modi got 1,213 fraudulent guarantees in 6 yrs, says Jaitley

FM Arun Jaitley said the last fraudulent LoU was issued on May 23, 2017

PNB will pay lenders Rs 60 bn that Nirav Modi owes, but with conditions

Nirav Modi and his uncle Mehul Choksi have allegedly defrauded the PNB and other banks of Rs 127 billion

PNB scam fallout: IMF official calls for governance reforms at PSBs

'Banks should continue working on improving their balance sheets on a priority basis'

Scam-hit PNB put in place 3-tier authentication system for SWIFT process

Lapses at multiple fronts, including supervisory and audit, are among the factors being blamed for the scam

CBI questions Ravi Gupta, ex-CFO of Nirav Modi's company Firestar Diamond

The agency is grilling him to know how the loans were granted and how the diversion of funds happened besides the involvement of senior executives of PNB