Page 13 - Nirav Modi Scam At Pnb

PNB scam: Bank to focus on internal audits, recovery, small depositors

Bank outlines multi-pronged strategy to strengthen internal controls in its EGM held on Friday

PNB scam: SFIO probing 107 firms and 7 limited liability partnerships

The government ordered the investigation on February 17, 2018, says PP Chaudhary

Fraud-hit PNB faces dilemma over revealing price-sensitive information

On February 11, the bank said it had detected "fraudulent and unauthorised transactions" worth $1.78 billion

Nirav Modi fraud: PNB to honour bonafide LoU; increase its focus on CASA

PNB reassured its shareholders, customers, partners and employees on the bank's capability and capacity to come out of this situation

PNB scam: 107 firms, 7 LLPs under SFIO scanner, govt tells Parliament

The SFIO had summoned top executives of ICICI Bank and Axis Bank for questioning into this matter

PNB fraud: There can't be parallel inquiry by courts, Centre tells SC

The attorney general contended that why such petitions should be entertained by the courts unless there was something wrong shown by petitioner

PNB scam fallout: Assocham survey shows up to 15% drop in diamond demand

The survey covered 350 jewellery-makers based in Delhi-NCR, Mumbai, Ahmedabad, Chennai, Kolkata, Hyderabad, Chennai, Bengaluru, Chandigarh and Dehradun

PSBs plan tighter lending norms for corporate loans above Rs 2.5 billion

Public sector banks have decided to improve their risk-management systems

PNB detects Rs 91 mn-fraud at Mumbai branch where Nirav Modi scam unfolded

The new alleged fraud of around Rs 91 million involves officials of a little known company called Chandri Paper and Allied Products Pvt Ltd

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