Free Press Journal
  • India gets reply from Britain over whereabouts of Nirav Modi

    New Delhi: India has received a reply from Britain in response to a “diffusion notice” issued against Nirav Modi, who is accused in the Rs 13,500 crore Punjab National Bank (PNB) loan fraud case being investigated here but it remained unclear whether it contained any reference to the specific location of the fugitive diamantaire.

  • Hong Kong regulator enhances supervision of Punjab National Bank’s Hong Kong branch

    New Delhi: State-owned Punjab National Bank (PNB) today said the Hong Kong Monetary Authority (HKMA) has enhanced supervision of its Hong Kong branch and has asked it “not to proactively solicit customer deposits”. “…In view of the capital position of the bank as at March 31, 2018, being below the regulatory requirement (including counter cyclical buffer) of Reserve Bank of India, Hong Kong Monetary Authority (HKMA) is enhancing the supervisory arrangements on our Hong

  • RBI needs more powers to oversee public sector banks: Governor to panel

    New Delhi: The Reserve Bank needs more powers to oversee public sector banks (PSBs), Governor Urjit Patel told a parliamentary panel today amid mounting bad loans in state-run lenders. The RBI governor, who appeared before the Parliamentary Standing Committee of Finance, faced tough questions from lawmakers on bad loans, bank frauds, cash crunch and other issues, according to sources. Sources said the governor assured the members that steps were being taken to strengthen the system.

  • PNB seeks Rs 7K-cr govt capital boost to avert PCA

    New Delhi : The fraud-hit Punjab National Bank has sought capital infusion of over Rs 7,000 crore from the government for the current financial year started April, a senior bank official said.

  • PNB Scam! Celebrity jeweller Nirav Modi flees to UK, seeks political asylum: Report

    Celebrity jeweller Nirav Modi, who is wanted in Rs 13,400 crore PNB scam in India, has fled to the UK, where he is claiming political asylum, the Financial Times reported on Sunday, citing Indian and British officials. The report, which quoted Indian and UK officials said that he is in London, and is trying to claim asylum from what he said was political persecution.

  • State banks log Rs 87K-cr loss in FY18

    New Delhi : The cumulative loss of public sector banks crossed Rs 87,357 crore in the 2017-18 fiscal year, with scam-tainted Punjab National Bank (PNB) topping the chart with a hit of nearly Rs 12,283 crore followed by IDBI Bank.

  • Banks’ image has gone down in recent years: PNB official

    Mumbai: The non-executive chairman of Punjab National Bank (PNB), Sunil Mehta has said that the image of banks has gone down in recent years. Speaking to ANI, after a meeting with interim Finance Minister Piyush Goyal in Mumbai on Friday, Mehta said, “The image of banks has gone down in recent years. But, at the end of the day, we have to rebuild and fix whatever has happened.” He further stressed that

  • ICICI-led group to sell Essar Power arm to recover dues

    Mumbai : An ICICI Bank-led consortium, which includes Rural Electrification Corp, Power Finance Corp, Punjab National Bank and IDFC, is looking to sell Essar Power MP, to recover Rs 6,600 crore of dues, sources said.

  • PNB’s ex-chief was aware of fraud: CBI

    Mumbai : Former MD and CEO of the Punjab National Bank Usha Ananthasubramanian and some other senior bank officials were aware of the “fraudulent” dealings with diamond merchant Nirav Modi but kept “misleading” the RBI, the CBI has alleged in its charge sheet.

  • Moody’s downgrades Punjab National Bank on the impact of Nirav Modi fraud          

    Mumbai: International rating agency Moody’s today said it has downgraded state-run Punjab National Bank’s (PNB) rating to Ba1/NP from Baa3/P-3, due to impact on the lender’s profitability following Nirav Modi-fraud case. It kept the ratings outlook as stable but also downgraded the bank’s baseline credit assessment (BCA) and Adjusted BCA to b1 from ba3.