Free Press Journal
  • PNB scam: Will chase down whosoever cheats the banking system, says Finance Minister Arun Jaitley

    New Delhi: Breaking his silence over the Rs 11,400 crore fraud at India’s second-biggest bank, PNB, Finance Minister Arun Jaitley today said the state will chase down whosoever cheats the banking system. Without naming Punjab National Bank or the alleged kingpin of the scam Nirav Modi, Jaitley said bank management did not live up to their task as it failed to detect the delinquent.

  • PNB Housing Finance plans to raise USD 400 mn via masala bonds

    New Delhi: PNB Housing Finance, a subsidiary of Rs 11,400 crore scam-hit Punjab National Bank, plans to raise USD 400 million (about Rs 2,560 crore) through masala bonds to fund building of affordable homes. Of the USD 400 million, World Bank’s arm IFC has agreed to underwrite USD 150 million from its own funds while the balance would be raised through other investors, market sources said.

  • SEBI sets up framework to calculate IRF daily settlement value

    New Delhi: Markets regulator Sebi today decided to provide flexibility to the stock exchanges with regards to the computation methodology of daily contract settlement value of Interest Rate Futures (IRFs). The decision has been taken after considering views of all the stakeholders. An IRF is a contract between a buyer and a seller agreeing to the future delivery of any interest-bearing asset such as government bonds. The cash-settled IRFs provide market participants

  • Not a year for Canadian-Agro

    Mumbai: For 2016-formed Canadian Agro India, 2017-18 was packed with a lot of surprises. After witnessing a good amount of growth in 2016-17, the company saw a slump in their major and only product sold by the company in India—Canola oil. This drop in the Canola oil market was due to negative reports about the oil. But Canadian Agro India believes the demand has started to pick up.

  • Bombardier: From rail to metro in India

    Multinational company, Bombardier, has been closely involved in transforming India’s rail network since 1993. But the company, which invested in India for over 50 years, has been a long term partner of Indian Railways. Now, this company is not limited to Railways but is also involved with other mass transit systems. Jescilia Karayamparambil writes about the company’s activities…

  • Trade ties between India & Canada: Investment impetus needed

    India and Canada—both among top 10 nations of the world—do not talk much business with each other. Perhaps, the geographical distance could be a problem. However, both the countries offer enormous business potential for each other. Hence, it makes sense for both countries to interact a lot more with each other than before. Pankaj Joshi takes a closer look…

  • PNB to honour bonafide Commitments

    New Delhi : Fraud-hit Punjab National Bank on Monday said that it would honour all “bonafide commitments” under Letter of Undertakings (LoU) and Foreign Letters of Credit (FLC) as per the law. “PNB clarifies that we will honour all our bonafide commitments under LoUs and FLCs as per law of the land and as per specific existing guidelines of regulator i.e. RBI on LOUs and FLCs,” the lender said. LOUs have been