Mumbai: A Gujarat court on Thursday declared fugitive diamantaire Nirav Modi as a “proclaimed absconder” in a customs duty evasion case filed in March and ordered him to appear in person on November 15. In a public notification issued earlier in the day in newspapers, and also sent to government[Read More…]
Tag: Punjab National Bank
Punjab National Bank wins Hindi implementation award
New Delhi, Sep 14 (IANS) State-run Punjab National Bank (PNB) on Friday bagged the “Rajbhasha Kirti” award for outstanding performance in implementing the Official Language Policy during 2017-18, the bank said. The award, under the category of ‘Nationalised Banks and Financial Institutions in Region A’, was presented by Vice President M.[Read More…]
PNB, SBI fine customers for not keeping minimum balance, collects Rs 151 crore
Punjab National Bank (PNB) has collected Rs 151.66 crore as penalty from its customers who could not maintain a minimum balance in saving accounts during the fiscal year 2017-18. “During 2017-18, a total penalty of Rs 1.51 billion has been recovered due to non-maintenance of minimum balance in 122,98,748 savings[Read More…]
PNB Fraud Case: Mehul Choksi claims to be lawful citizen of Antigua
Gitanjali Group of firms owner Mehul Choksi, involved in a Rs 14,000 crore Punjab National Bank (PNB) banking scam in India, confirmed through a legal response on Friday that that he moved to Carribbean nation of Antigua from the US weeks ago using a local passport. Fugitive Choksi claims he[Read More…]
Punjab National Bank sells stake in ICRA for over Rs 108 cr
Mumbai: State-run Punjab National Bank (PNB) on Friday said that it has sold its entire stake in credit ratings agency ICRA for Rs 108.60 core. According to a BSE filing, the bank sold its entire stake of 330,000 shares of ICRA through Block deal on Thursday. The stake sales comes[Read More…]
Urjit Patel grilled by Parliamentary panel, seeks more powers for RBI
New Delhi: RBI Governor Urjit Patel, who was on Tuesday grilled by parliamentarians over challenges being faced by the banking sector including the huge number and size of bad loans and frauds like the one in Punjab National Bank, sought more powers for the central bank to oversee Public Sector[Read More…]
PNB fraud accused Choksi says impossible to return to India
New Delhi: Gitanjail Group promoter Mehul Choksi, accused of involvement in the Rs 12,600 crore fraud against the Punjab National Bank (PNB), has said it was “impossible” for him to return to India, citing health reasons and suspension of his passport. In a March 7 dated letter emailed to the[Read More…]
Extend deadline for Aadhaar’s linkage to bank accounts: Assocham
New Delhi: The deadline for linking Aadhaar with all customer bank accounts by March 31, 2018, should be extended in view of the disruption to the banking system on account of the Rs 12,600 crore fraud on state-run Punjab National Bank (PNB) by accused diamantaire Nirav Modi, industry chamber Assocham urged[Read More…]
PNB scam: Additional Rs 1,300 cr fraud revealed
Mumbai: The fraud-hit Punjab National Bank (PNB) has reported an additional Rs 1,300 crore unauthorised transactions, taking the estimated quantum to Rs 12,600 crore in the scam related to diamond trader Nirav Modi and owner of Gitanjali Gems, Mehul Choksi. In a 11.22 p.m., late night filing with the stock exchanges[Read More…]
False allegations levelled against me but truth will prevail: Choksi to employees
New Delhi: One of the accused in the $1.8 billion Punjab National Bank (PNB) fraud, Gitanjali Gem’s owner Mehul Choksi has written to a letter to his employees claiming his innocence stating that the company cannot pay the employees their dues at present. “I am constrained to write the present[Read More…]
Arrested PNB officials illegally accessed Level-5 SWIFT password, shared it with firm
New Delhi: The arrested deputy manager of Punjab National Bank (PNB) has told investigators that he had unauthorisedly obtained Level-5 password to the SWIFT system to authorise issuance of money through Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs). Shetty made the startling revelations when sleuths of Central[Read More…]
PNB fraud: ED raids over 40 locations in several cities on Monday
New Delhi: The Enforcement Directorate (ED) on Monday conducted searches at over 40 more locations in several cities across India in connection with the multi-crore Punjab National Bank (PNB) scam, an official said. The agency raided 10 places in Mumbai, six each in Ahmedabad and Bengaluru, four in Chennai, three[Read More…]
Two Gitanjali officials named in CBI FIR resign
Mumbai: Following the unravelling of the $1.8 billion Punjab National Bank (PNB) fraud, two senior officials of Gitanjali Gems — Chandrakant Karkare and Pankhuri Warange — resigned from the company, according to a regulatory filing with the stock exchanges on Monday. Industry chambers condemn $1.8 bn fraud, rap functioning of[Read More…]
Who let Nirav Modi flee India, asks Congress
New Delhi: The Congress on Thursday lashed out at Prime Minister Narendra Modi on the Rs 11,500 crore fraud in the PNB and asked him to come clean on the government’s “failure” to prevent the scam and identify those who helped the alleged kingpin, billionaire jeweller Nirav Modi, to flee the[Read More…]
SBI cuts down its bank interest rate on savings account
Shares of public sector undertakings (PSU) banks were trading higher by up to 4%, recovering from their intra-day lows, after the state-owned banking giant State Bank of India (SBI) cut saving bank interest rates. SBI restructured by 2.7% to Rs 307 on BSE after the bank introduced a two-tier saving bank interest rate[Read More…]