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Fraudhit lender PNB plots revival after second straight quarterly loss

2 weeks ago
By Devidutta Tripathy and Chris Thomas. BENGALURU/NEW DELHI () India's Punjab National Bank reported a second straight quarterly loss on Tuesday as it earmarked more funds to cover a massive fraud, but expects faster bad loan recovery to  ... ...

Gold Prices Shoot Up Ahead Of Akshaya Tritiya, Silver Jumps: 5 Points

4 months ago
Gold prices rose by Rs 350 in Delhi on Tuesday, a day ahead of Akshaya Tritiya festival. Gold prices in the national capital climbed by Rs 350 to Rs 32,350 per 10 grams in the national capital, news agency Press Trust of India (PTI) reported. Buying by local jewellers supported recovery in gold prices ahead of Akshya Tritiya at the domestic spot market, according to bullion traders. Silver too rebounded by Rs 400 to Rs 40,300 per kg on increased offtake by industrial units and coin makers. Gains in the domestic market came despite a downward movement in the international ... ...

PNB plans to stake claim in insolvency proceedings of Nirav Modi co

5 months ago
Punjab National Bank (PNB) plans to take part in the bankruptcy proceeding of Firestar Diamond, a group company of jewellery designer Nirav Modi who has been accused of defrauding the staterun bank of nearly Rs 13,000 crore. The bank is exploring all ... ...

PNB scam fallout: Exporters say banning LoUs no solution to banking mess

5 months ago
The Reserve Bank of India's (RBI's) decision to suspend Letters of Undertaking (LoUs) for importers cannot be treated as a solution for cleaning the trade finance system, exporters say. The move is expected to hit large exporting firms hard, they warn ... ...

CBI says gold bribes given in $2 billion PNB fraud case

6 months ago
An official of Punjab National Bank received gold and diamond jewellery from a billionaire jeweller accused of being involved in a $2 billion bank fraud, the Central Bureau of Investigation (CBI) told a court on Saturday. The state lender in January ... ...

Fraudhit PNB assures investors of early recovery, as probe widens

6 months ago
Indian staterun lender Punjab National Bank, hit by a $1.77 billion fraud, promised investors on Friday it was putting in place "better checks and balances", as investigators widened the probe into the country's biggestever bank scam. The country's Ana ... ...

CBI to seek Interpol's aid in tracing jeweller in another loan default case

6 months ago
The company has availed various credit facilities from OBC between 200712, which swelled to Rs 389 crore during the period. business Updated: Feb 24, 2018 23:03 IST. HT Correspondent Hindustan Times, New Delhi. CBI has registered a case against a ... ...

Nirav Modi team had a free run at PNB; CBI quizzes Firestar's Vipul Ambani

6 months ago
Activists of the youth wing of the Congress hold a cutout of jeweller Nirav Modi during a protest in the national capital. Photo: . ALSO READ. PNB fraud: Nirav Modi and Mehul Choksi's passports suspended for a month How PNB fraud will affect ... ...

PNB fraud: UCO Bank admits to having Rs 26.36bn outstanding exposure

6 months ago
Stateowned UCO Bank on Saturday said it has exposure of $411.82 million (about Rs 26.36 billion) in the Rs Rs 114billion PNB fraud committed by billionaire jeweller Nirav Modi and his associates. In normal course of business, the Hong Kong branch has ... ...

PNB fraud: Know Nirav Modi

6 months ago
The billionaire jeweller to the world's rich and famous was doing well for himself. Nirav Modi's troubles, however, grew along with his blinding success. Anuj Srivas The Wire New Delhi Last Updated at February 17, 2018 09:43 IST. Tiny URL Add to My ... ...

After Nirav Modi scam at PNB, fear of sweetheart deals at other banks too

6 months ago
These are early days in the Nirav Modi saga, but top financial sector officials are not ruling out more such sweetheart deals at other banks, given that the overseas bill discounting business that traders deal in is highly porous. The present case has ... ...

Govt imposes more gold import curbs on star houses to check roundtripping

10 months ago
Read more about Govt imposes more gold import curbs on star houses to check roundtripping on Business Standard. Government on Wednesday further tightened noose around star export houses doing big business in gold import and exports. Director General of Foreign Trade has imposed restrictions on import of gold by Four Star and Five Star Houses with Nominated ... ...

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