Page 27 - Nirav Modi Scam At Pnb

PNB fraud: BJP questions proximity between Amit Mitra, Mehul Choksi

Earlier, BJP's Dilip Ghosh uploaded some pictures of Mitra with Choksi on social media which led to a major slugfest between the Trinamool Congress (TMC) and the Opposition parties

Little exposure to Gitanjali Gems, none to Nirav Modi: IndusInd Bank

Private sector lender IndusInd Bank today said it has no direct or indirect credit exposures to Nirav Modi with regards to the LoUs issued by the scam-hit Punjab National Bank. The bank, however, added that it has a "small, two-digit exposure" to Gitanjali Gems not linked to any LoUs", without disclosing the exact amount. Shares of the bank were trading 1 per cent higher at Rs 1,648.35 on BSE in morning trade. "IndusInd Bank has no direct credit exposures to Nirav Modi nor any indirect credit exposures basis the LoUs issued by PNB. As regards Gitanjali Gems, the Bank has a small, two digit exposure, not linked to any LOUs," the bank said in a regulatory filing. Citing a Gem & Jewellery Export Promotion Council, India (GPEC) press statement, IndusInd Bank said there are stringent norms for bank finance to the gem and jewellery trade stipulated by the Reserve Bank of India and the Government of India. "The present incident has taken place due to non-adherence of procedures and norms

PNB scam: Fitch places bank's rating under watch with negative implications

The move could lead to a possible downgrade for Punjab National Bank, India's second-largest public-sector bank

Gitanjali Gems fall continues; stock tanks 52% in one week

The stock is locked in lower circuit of 10% at Rs 30.45, falling 52% in past one week from Rs 62.85 on February 12, 2018

PNB fraud: No jail for Nirav Modi? Lawyer says case will collapse like 2G

Lawyer Vijay Aggarwal said that probe agencies will not be able to prove charges against Nirav Modi in the court of law

Nirav Modi scam at PNB: CBI arrests 3 more, ED to question five banks

Agency to verify checks and balances, suspects money laundering by Nirav Modi

Rs 114-bn PNB scam: Auditor Deloitte seeks answers from Nirav Modi company

The auditor to Modi's Firestar International, Deloitte signed off the accounts for financial years ended March 2016 and March 2017

Amid Nirav Modi-PNB fraud case, a look at top businessmen who fled India

From Jatin Mehta to Vijay Mallya, here are the top Indian businessmen who fled country after defaulting on huge loans

PSB stocks continue to reel after PNB fraud case; drop as much as 10%

State-owned banks continued to reel under the multi-billion fraud at Punjab National Bank (PNB) with Nifty PSU Bank index dropping 2.5 per cent to a four-month low. The gauge for the performance of public sector banks (PSBs) has dropped 10 per cent since Monday when the Rs 113-billion fraud at the country's second-largest PSB came to light. Shares of at least a dozen PSBs have declined 10 per cent or more in the past one week, with PNB bearing the maximum brunt.Its shares fell another 7.3 per cent on Monday, extending one-week fall to 28 per cent. The fraud has had a ripple effect on other PSBs with Bank of Baroda shares falling 14.6 per cent since February 12. State Bank of India (SBI), India's largest public sector lender, lost 7.2 per cent during the period. In the past one week, the market value of the PSB pack has dropped by Rs 489 billion.Shares of UCO Bank too came under the selling pressure on Monday as the lender in a stock exchange disclosure on Saturday said its Hong Kong ..

PNB fraud: This Hyderabad temple is praying to solve the 'banking crisis'

At the Chilkur Temple, the devotees performed a special chanting invoking the Lion God

Let dogs bark: BJP MP over Rahul Gandhi's attack on PM Modi in PNB fraud

Brij Bhushan Sharan said Gandhi has no right to seek any explanation since the whole scam started during UPA regime

Rs 114-bn PNB scam: Mehul Choksi, the uncle who mentored Nirav Modi

Modi followed in his uncle's footsteps to build successful brands, only to go bust

PNB solely liable for fraud: Affected public sector banks tell govt

PSBs say will resolve payments issue bilaterally

Rs 114-bn PNB scam: Govt seeks RBI's view on lapses in banking system

In its letter, finance ministry has pointed to sections 35, 35A and 36 of the Banking Regulation Act, 1949, to highlight the powers and functions of the RBI as regulator

PNB's haste closed all options to clear debt, Nirav Modi tells banks

Your actions have destroyed my brand and the business and have now restricted your ability to recover all the dues, said Nirav Modi

PNB fraud: Banks Board Bureau may wind up in March after Vinod Rai's exit

It is unlikely the government will look for a successor to Rai, sources familiar with the developments said

3 key officials of Gitanjali resign citing 'conscience', personal reasons

The CFO, VP, Company Secretary and a board member of Gitanjali Gems resigned

Industry chambers for privatisation of PSBs, Congress against idea

Ficci President Rashesh Shah argued a dynamic banking sector was the need of the hour

Scam-hit Punjab National Bank says enough arrangements for customers

However, PNB added realisation of any specific asset would be decided at the time of need with the approval of board

Scam-hit PNB asks Gitanjali group companies to pay Rs 10.45 billion

Gitanjali Gems also released resignation letter of Independent Director S Krishnan