DRT orders: While Nirav Modis, Mehul Choksis escape net, people like Nirmala Prakash stand to lose their homes
Post-Nirav Modi scam, DRT is flooded with cases for adjudication and recovery by banks but a senior officer said on the condition of anonymity that the majority of big cases involving huge sums of money are being settled as per the whims and fancies of bank officials and big borrowers.
PNB had alleged in January this year that its Mumbai branch had fraudulently issued LoU and FLC to Nirav Modi firms in connivance with deputy manager Gokulnath Shetty and other bank officials
PNB sees 2% rise in wilful defaults to about Rs 15K cr in February; Kingfisher Airlines among major defaulters
PNB started listing the names of such wilful defaulters and the loans outstanding against them from last June.
Unravelling PNB Rot Part 2: Secret trip by Indian bankers to Hong Kong to cover up scam under scanner
A large chunk of buyer’s credit was raised by PNB's Mumbai branch to various government-owned banks in Hong Kong to facilitate companies owned by the diamantaires.
PNB scam: Bank conducts internal probe in fraud case; 21 officials suspended, more action may follow
PNB has so far suspended 21 officials and Mehta said the bank was carrying out an investigation to find out how the fraud - the biggest in Indian banking history - went unnoticed for more than half a decade.
Axis Bank chief Shikha Sharma asks Board to shorten her new term to 7 months, to step down on 31 December
Axis Bank gave no reason for Sharma cutting short her term and a bank spokesman declined to comment when asked if the decision was connected with the recent media reports. Sharma herself made no comment in the regulatory filing.
The ED had issued a provisional order for attachment under the Prevention of Money Laundering Act.
PNB’s board on Wednesday approved payment over the fraudulent guarantees due by end-March to seven banks. It will also honour any subsequent maturing guarantees when they are due, the bank said
Punjab National Bank moving to quickly resolve disputes with peer banks over fraud by end of month: Source
Bankers have said the fraud could lead to increased scrutiny of Indian banks operating overseas, and risks undermining foreign lenders’ trust in India’s banking sector if not tackled swiftly.
Punjab National Bank plans to stake claim in insolvency proceedings of Nirav Modi's Firestar Diamond group
The bank is exploring all options for the recovery, including participating in the bankruptcy proceeding of Firestar Diamond Incorporation, sources said.
PNB scam: ED raids Nirav Modi's Mumbai residence; seizes jewellery, watches, MF Hussain paintings worth Rs 26 crore
Officials said the ED along with the CBI launched fresh searches on 22 March at the Samudra Mahal luxury residential flats of Nirav Modi in Mumbai's Worli area
Budget Session of Parliament adjourned again: 10 successive days wasted as protests, adjournments become common
Budget Session of Parliament is proving rather unproductive, with the PNB fraud scam, the no-confidence motion being considered against the Centre and the deaths of 39 Indians in Mosul derailing proceedings for 10 consecutive days.
Financial frauds and money laundering have become the latest buzzwords sabotaging the future of India’s financial sector.
The Centre on Friday told the Supreme Court that there cannot be a "parallel inquiry" and "parallel monitoring" by the court in investigations while opposing a suggestion given by the apex court to the CBI to file in a sealed cover the status of the probe in the over Rs 11,000 crore the Punjab National Bank fraud case
Urjit Patel vs FinMin: Governor must go over these 10 clauses in the Banking Act before passing the blame
Urjit Patel should remember that the RBI’s duty doesn’t end with framing guidelines but also in ensuring that rules are followed to the letter and spirit
Importers face funding crunch with clampdown on credit guarantees, move could dent Rupee, say experts
The RBI move bans banks from issuing letters of undertaking, or LoUs, a form of credit guarantee often used between Indian banks and their offshore branches
The Reserve Bank of India had issued two circulars in 2016 to banks on strengthening the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system
LoU can be likened to a general character certificate an applicant in the job market is expected to obtain from referees
Unitech case: You cheated, deceived home buyers, says SC; to auction properties, personal assets of MD Sanjay Chandra
The bench said that it has prepared a list of unencumbered properties of Unitech but it was incomplete.
Supporting the calls from industry for privatising public sector banks (PSBs) in the wake of the PNB scam by accused diamantaire Nirav Modi and his uncle Mehul Choksi, Assocham said that some immediate steps should be taken for capacity building in PSBs.