Page 6 - Pnb

PNB makes first recovery of Rs 24 cr in Nirav Modi fraud case in US

This was the maiden corporate fraud case abroad that MCA intervened in; Rs 82 cr in all will be distributed among unsecured creditors, including PNB, after assets of tainted group are liquidated

Interpol issues global arrest warrant against Nirav Modi's wife in PNB case

Ami Modi, Nirav's wife, is stated to have left country soon after the alleged bank fraud case came into light in 2018

At least 5% of PNB's Rs 7.21 trillion loan book may be restructured

Majority of restructured loan accounts would belong to corporate segment, bank does not see large number of MSMEs going for loan revamp

Bank stks in focus; Nifty Bank adds over 2.5%; IDFC First gains 7%, SBI 2%

Global agency Moody's pegs the banks' recap needs at Rs 1.9 lakh crore to Rs 2.1 lakh crore ($25 billion-$28 billion) in external capital over the next two years under its base scenario

NCLAT sets aside order against former PNB official in Nirav Modi case

NCLAT has set aside an order to implead a former Executive Director of the Punjab National Bank in a matter related to Rs 14,000 crore scam involving diamond merchant Nirav Modi

Market Ahead, Aug 17: Top factors that could guide markets this week

More than 200 companies, including PNB, Zee Entertainment, CSB Bank, and Muthoot Finance are scheduled to announce their June quarter earnings this week

Over 1,700 big wilful defaulters together owe Rs 37,020 crore to PNB

Leading the chart is Mehul Choksi-promoted Gitanjali Gems Ltd with an outstanding loan of Rs 5,064.84 crore

ED confiscates over Rs 329-cr assets of Nirav Modi under fugitive law

A special court in Mumbai had on June 8 authorised the ED to confiscate the assets

PNB says board will consider a proposal to raise capital on July 9

Besides, the board will clear opening balance sheet of the amalgamated bank as on April 1

Complete tech integration with OBC, United Bank of India this fiscal: PNB

The integration of the core banking solution platform would take slightly longer time as the merged entity had an older version of this platform, PNB chief said

PNB chief expects a comeback in FY21 with 8-10% credit growth post merger

Merged entity likely to report 8-10% credit growth, better asset quality next fiscal; equity offering by December

Govt to soon unveil name, logo of merged entity of UBI, PNB, OBC: Official

The Centre will soon announce the new name and logo of the entity to be emerged after the merger of Punjab National Bank (PNB) United Bank of India (UBI) and Oriental Bank of Commerce (OBC), an official said on Friday. The new entity will be the second largest bank in the country after State Bank of India (SBI) with a total business volume of Rs 18 lakh crore, he said. "The government is expected to announce the new name and logo of the merged bank which will become operational from April 1, 2020," an UBI official told PTI. He said logo is very important for creating an identity of the new lender and discussions on this aspect have been taken place at the highest level of the three state-run banks. The official also said the 34-odd committees, formed by the three banks for standardisation and harmonisation of procedures, have already submitted their reports to the respective boards of the lenders. "Consultant Ernst & Young (E&Y), which has been appointed by the ..

PNB posts net loss of Rs 492 cr in Q3; gross NPAs down at 16.3%

PNB had last reported a loss in the September-ended quarter of 2018-19 when its net loss was Rs 453 cr

PNB seeks IRDAI forbearance for paring stake in Canara HSBC OBC Life

State-owned Punjab National Bank is seeking IRDAI forbearance on cutting down stake in Canara HSBC OBC Life Insurance, which will come to the lender's fold after its merger with Oriental Bank of Commerce (OBC), sources said. OBC currently holds 23 per cent stake in Canara HSBC OBC Life Insurance. Besides, another public sector lender Canara Bank has 51 per cent stake and HSBC Insurance (Asia Pacific) Holdings Limited as foreign partner owns 26 per cent. As per the extant guidelines, one promoter cannot hold more than 10 per cent stake in two insurance ventures, sources said. After the merger of OBC, expected in April, PNB will automatically get 23 per cent stake in Canara HSBC OBC Life Insurance also. Already, PNB is a promoter of PNB Metlife Insurance with highest stake of 30 per cent. Founded in 2001, PNB Metlife's other shareholders include US-based Metlife with 26 per cent, Elpro (21 per cent) and M Pallonji & Company (18 per cent). The sources said PNB has requested the ...

SBI to divest 8.25% in UTI AMC share sale; BoB, LIC and PNB may follow suit

The total dilution in the IPO could be 33 per cent

Banks Board Bureau recommends BoB's Sanjiv Chadha for the post of MD & CEO

The bureau has also suggested the names of L V Prabhakar and Atanu Kumar Das for Canara Bank Bank of India chiefs, respectively

PNB reports net profit of Rs 507 crore in Q2; finances under stress

Provisioning related to bad loans went up to Rs 3,253 crore in Q2, up from Rs 2,147 crore in the previous quarter

Post-merger preparations: PNB seeks time to offload stake in insurance JV

Union Bank holds around 46 per cent stake in Star Union Dai-ichi Life Insurance and Andhra Bank is a part of IndiaFirst Life Insurance with 30 per cent stake

PNB-UBI-OBC merger: Automated HR integration to quell staff discrimination

All transfers and promotions for next financial year will be decided by respective banks, not by the merged entity

Top events of the day: Modi to meet Iran Prez, One Plus 7T launch and more

From India, US, Japan naval exercise to Vivo V9 Pro launch, Business Standard brings you the top events of the day to keep an eye on