| Punjab National Bank Related news |
PNB scam: ED arrests Mehul Choksi's close associate from Kolkata
Posted on 6th November 2018 |
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The Enforcement Directorate on Tuesday arrested Mehul Choksi's close associate Deepak Kulkarni from Kolkata. Kulkarni was arrested after he landed in Kolkata from Hong Kong. Deepak Kulkarni was the director of Choksi’s dummy firm in Hong Kong. A look out circular was issued against him by ED and CBI earlier. |
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PNB Housing raises Rs 17.75 bn in commercial paper from MFs, banks
Posted on 22nd October 2018 |
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PNB Housing Finance Ltd has raised Rs 17.75 billion through Commercial Papers (CP) by placing it with mutual funds and banks, amid tight liquidity and an over-cautious approach to investment into paper floated by finance companies. Housing finance company in a statement said it raised money in the current month. But, did not specify interest rate it agreed for raising money. Funds were raised at competitive rates, it added. |
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PNB sells credit card outstandings worth 3% of its card portfolio
Posted on 12th October 2018 |
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Punjab National Bank (PNB) sold non-performing credit card outstandings worth over 3% of its portfolio in the category in September, according to people aware of the development. Outstandings worth Rs 8.77 crore were put on sale out of a total outstanding of Rs 280 crore in the credit card segment. It could not be immediately ascertained who bought the portfolio and at what price. |
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Amalgamation not on cards, focus on internal consolidation, says PNB MD
Posted on 8th October 2018 |
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Ruling out the possibility of inorganic expansion, Punjab National Bank (PNB) Managing Director Sunil Mehta said the bank is currently focussed on internal consolidation and making it financially healthy. With Rs142 billion Nirav Modi episode getting out of scene, the bank is focussing on growth and recovery of bad loans, he told PTI. |
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PNB to seek Rs 5,431-crore capital infusion from govt
Posted on 27th September 2018 |
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Punjab National Bank (PNB) on Wednesday said it planned to seek Rs 5,431 crore capital support from the government a day after Finance Minister Arun Jaitley assured state-owned banks of all support from the government. The meeting of the bank’s board will take place on Thursday for considering infusion of Rs 5,431 crore by the government by way of preferential issue of equity share and fixing date of extra-ordinary general meeting (EGM) |
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CBI scrutinises India's largest law firm Cyril Amarchand in PNB fraud probe
Posted on 19th September 2018 |
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India's largest law firm, Cyril Amarchand Mangaldas (CAM), is being scrutinized by federal agents after they seized documents related to the $2 billion fraud at state-run Punjab National Bank (PNB) from CAM's premises in February, a lawyer representing the government and a police source told Reuters. |
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PNB branch issued unauthorised LoUs worth Rs 6,498 cr to three Nirav Modi firms, finds SFIO
Posted on 14th September 2018 |
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The Serious Fraud Investigation Office investigating companies linked to Nirav Modi has found that the three partnership firms controlled by him — Diamonds R US, Stellar Diamond and Solar Exports — had got issued unauthorisedly over 150 letters of undertaking (LoUs) aggregating to more than Rs 6,498 crore from the Brady House branch of Punjab National Bank, sources said. |
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Aftermath of Nirav Modi fraud: PNB recovers record Rs 11,378 in 5 months
Posted on 10th September 2018 |
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Fraud-hit Punjab National Bank (PNB) recovered a record Rs11,378 crore from defaulters in the first five months of this fiscal, which is more than the state-run lender’s total recovery in the two years through 2017-18, according to the bank’s data. Desperate to return to profitability and avoid featuring on the Reserve Bank of India’s watchlist after record losses last fiscal, mainly due to the Rs14,357-crore fraud involving jewellers Nirav Modi and Mehul Choksi, PNB has stepped up efforts to get back money from defaulters. |
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