Scrapping of LoUs by RBI will raise cost of credit: CII
New Delhi, March 14 :Reacting to RBI’s decision to scrap the system of issuing Letters of Undertaking (LoUs) and Letters of Comfort (LoC) by banks in the wake of the Rs 12,600 crore fraud on state-run Punjab National Bank (PNB), industry body CII said on Wednesday it would have a disruptive impact on the buyers […]
India’s PNB discloses $145 million additional exposure in fraud probe – document
MUMBAI (Reuters) – India’s Punjab National Bank has told police that it has uncovered additional exposure of about 9.42 billion rupees ($145.2 million) in connection with a massive alleged fraud, according to a court filing seen by Reuters In what has been dubbed as the biggest fraud in India’s banking history, PNB, the country’s second-biggest […]
SBI slashes charges on minimum balance in accounts
New Delhi, March 13 : Country’s largest lender State Bank of India (SBI) has substantially reduced charges for non-maintenance of average monthly balance (AMB) in savings accounts, which would benefit 25 crore banks’ customers, an official statement said here on Tuesday. The revised charges would be effective from April 1, 2018. This step is taken […]
J&K Bank begins registrations for Shri Amarnathji Yatra, shifts Arnas branch to new premises
Srinagar, Mar 3: J&K Bank has begun registration for Shri Amarnathji Yatra – 2018 at 89 of its designated business units in twenty-one states across the county. The bank’s Zonal Head Jammu (Central-I) Sunil Gupta handed over the first yatra-slip to Ujwal Sharma of Jammu for the Route Baaltal at the Bank’s Residency Road counter […]
PNB not shown as creditor in US bankruptcy filing by Nirav Modi companies
New York, March 2 : The Punjab National Bank (PNB) is not shown as a creditor in the bankruptcy documents filed in a court here by three companies affiliated with Nirav Modi, who has been accused in a $2 billion-scam involving the nationalised financial institution. But the document acknowledges that the filing of criminal complaints […]
Sensex falls 130 points on global sell-off amid fiscal deficit worries
Indian stock markets closed on a negative note with Sensex dropping for the third straight day losing as much as 137 points as the shares of heavyweight companies such as ICICI Bank, Infosys, HDFC Bank, and SBI plunged substantially in today’s session. The S&P BSE Sensex tripped down 137.1 points or 0.4% to settle at 34,046.94 whereas NSE Nifty shed 34.5 […]
RBI did risk-based supervision of bank every year: PNB
March 1: The Rs 12,600 crore fraud-hit Punjab National Bank on Thursday clarified that the Reserve Bank of India (RBI) had done risk-based supervision of the bank on an annual basis. “There have been reports in a section of media that Reserve Bank of India has not conducted any audit at Punjab National Bank Brady […]
TRAI asks Aircel to generate UPC for customers’ number portability
New Delhi, Trying to put an end to the customers’ woes of not being able to switch Aircel numbers to other operators, the Indian telecom regulator on Tuesday issued a directive asking the company to generate Unique Port Code (UPC) that would facilitate mobile number portability (MNP). The Telecom Regulatory Authority of India (TRAI) has […]
How to fix India’s flawed banking system
February 26, 2018 To the collective dismay of the public, there is one more bank scam, which, not surprisingly, involves a public sector bank — Punjab National Bank. Nirav Modi, a flamboyant jeweller, and his uncle Mehul Choksi (a one-time favourite of foreign institutional investors) have allegedly pulled off a daring heist of over Rs […]
After PNB, Rs 3.9-bn Oriental Bank of Commerce scam hits banking sector
NEWDEHLI:-Another alleged fraudulent loan scam, involving Rs 3.90 billion, has emerged in the jewellery sector.The Central Bureau of Investigation (CBI) has registered a case against a Delhi-based jeweller on a complaint from government-owned Oriental Bank of Commerce (OBC).The lender has alleged the firm, Dwarka Das Seth International, cheated the bank with the help of some of its officials, using […]