"Fitch Ratings has placed Punjab National Bank's (PNB) Viability Rating of 'bb' on Rating Watch Negative (RWN), following the large fraud reported by PNB," the US-based agency said in a statement.
This is part of an 'aggressive and decisive set of action' to shore up the company.
Unit Trust of India and Industrial Finance Corporation of India, which together hold around 23 per cent stake in LIC Housing Finance, are likely to exit from the company even as LICHFL is exploring possibility of a public offer.
Proceeds of the crime had been siphoned off and laundered or concealed, or layered and integrated into the main financial system through the acquisition of properties. His wife Bindu Kapoor has been charged with being aware of the source of monies that were being routed through these companies.
"The downgrade of the bank's BCA and ratings reflects the negative impact of the discovery of a number of fraudulent transactions on the bank's standalone profile, particularly its capital position," the rating agency said in a report.
YES Bank, Bank of Baroda, SBI, IndusInd Bank, and RBL Bank are amongst the banks, Jefferies says, are most prune to "high risk" emanating from ADAG, Cox & Kings, CG Power, DHFL and Essar Shipping.
What makes President Mukherjee's visit to the south Indian states interesting is the combination of engagements.
He said that efforts were being made either to close or man such crossings in the next two years.
United are 16th in the standings with a game in hand heading into the international break.
News of all that's transpired on and off the football field
For banks, the package will limit the burden of provisioning for stressed loans. Besides, the proposed restructuring package for MSMEs with a credit of up to Rs 25 crore is expected to provide a breather to units from this sector.
Enjoying the backing of the regulator, Gill has identified the core problems, ring-fenced the banks from "influencers" and is in the process of building a new team. Now, he needs to play a Vikram Pandit for YES Bank, says Tamal Bandyopadhyay.
Sectoral performance was mixed with media and PSU banking stocks attracting buyer interest and healthcare, FMCG and metal stocks bearing the brunt of the bears
In an online chat, career counsellor Amit Bansal shared crucial career advice with readers on how to pick the right stream and college to study engineering.
Nine candidates, including three women, from Jammu and Kashmir have qualified the prestigious UPSC Civil Service examination, the results of which were declared on Saturday.
'My father was very supportive of my decision of becoming a model and actor. He never questioned my career choices. He always told me to study because that would make me stand up in front of a crowd.' John Abraham celebrates his father on Father's Day.
The race to succeed Sepp Blatter as president of Fifa is picking up steam and there is a scramble for nominations.
Stock crashes 6.5%; top 5 firms lose Rs 33,883 crore in market cap
Tanay Aggarwal who is currently pursuing his post graduation in management from the National Institute of Industrial Engineering (NITIE), Powai tells us how he secured 99.80 in the Common Admission Test last year.
