Despite sanctioning the loans, bankers are worried whether to disburse the loan because of absence of an investment grade rating.
The PNB fiasco falls into a family line that involves non-fund limits - read contingent liabilities which are off-books. Harshad Mehta did it with bankers' receipts in 1992. Ketan Parekh exploited the ignorance of bankers who did not know the difference between a cheque and a pay-order. And the RBI blinked when it failed to insist the SWIFT platform be linked to the core banking solution. Raghu Mohan & Abhijit Lele trace the banking mess that was just waiting to happen.
Becoming a unicorn is surely a marker for a company in its growth story, but it's not a major achievement nor is it a turning point of any significant worth.
RBI seeks detailed report on what happened between 2011 and now; bankers to recall loans to Nirav Modi entities.
It will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards.
While PNB did not name the other lenders, Union Bank of India, Allahabad Bank and Axis Bank are said to have offered credit based on letters of undertaking (LOUs) issued by PNB. Foreign bank branches too are under investigation.
SpiceJet grounded all its aircraft due to payment woes
The 19 MLAs were sent notices Tuesday by the Speaker after the Congress complained that they had defied a party whip to attend two Congress Legislature Party meetings.
India welcomed resolution of the political crisis in Sri Lanka and exuded confidence that relations between the two countries will continue to move on in an upward trajectory.
The lawyer also claimed "there is no evidence to prove any of the charges levelled against my client."
Gautam Gambhir launched a scathing attack on Bishan Singh Bedi after Navdeep Saini's dream debut in international cricket.
Employees of some top Indian companies were in for a pleasant surprise when they received a mail from their HR team announcing a hike in salaries and bonuses. Led by IT firms and start-ups, HR managers say that while some have offered cash and stock options, others are in a wait-and-watch mode and add the trend will pick up in other sectors. For example, IT giant Cognizant - which had an attrition rate of 19 per cent in the December quarter - has established a $30-million employee retention fund in order to bring down the high attrition rate.
The company and its sister concern, Forever Precious, owe close to Rs 5,500 crore.
Nirav Modi's lawyer raised a British court's judgment blocking the extradition of WikiLeaks founder Julian Assange to the US on mental health grounds, as the embattled diamond merchant appeared via videolink before a court here on Thursday for a two-day hearing of final submissions in his fight against being extradited to India. The 49-year-old diamond merchant, facing charges of fraud, money laundering and intimidating witnesses in the estimated $2-billion Punjab National Bank (PNB) scam case, appeared in the Westminster Magistrates' Court. Sporting a full beard and dressed casually in a blazer, he followed the proceedings from a room at Wandsworth Prison in south-west London as his counsel raised Monday's judgment which blocks the extradition of Assange to the US on the grounds of his mental health.
The central bank has not set a deadline for banks to conclude the stress-test exercise, but senior bankers opine that some were already looking at this, and will now fast-track it by September-end, when they will have a better picture of their books after the moratorium on the servicing of loans and a 180-day view on the performance of borrowers' accounts.
The third day of the five-day hearing at Westminster Magistrates' Court, presided over by Justice Samuel Goozee, was devoted to the defence laying out further arguments against a prima facie case of fraud and money laundering against Modi.
Reaching out to different sections of society, including farmers, Prime Minister Narendra Modi has said the well-being of 'annadaata' is a priority for the government
The total number of arrests by the CBI has risen to six -- four PNB officials, a retired employee of the bank, and an authorsied signatory of Nirav Modi's company -- after Monday's development.
On October 3, Subramanian, a Chennai-based mechanical engineer, had tagged the Twitter handles of NASA, LRO and ISRO in a tweet, asking, "Is this Vikram lander? (1 km from the landing spot) Lander might have been buried in Lunar sand?"
The agency has registered the FIR after a preliminary enquiry on a complaint from the oil ministry.
Close on the heels of row over rechristening of Aurangzeb Road here, a Delhi BJP spokesperson has demanded that Shahjahan Road should be renamed as Dashrath Manjhi Road, as the Mughal emperor was a "symbol of lust".
Modi also reiterated that he cannot return to India due to safety concerns and also because his case has been politicised.
The varsity had recently proposed adding bestselling author Chetan Bhagat's debut novel "Five Point Someone" as a "General Elective" paper for students of honours courses other than English, a choice that drew sharp reactions on the social media.
The veteran Congress leader said the NDA's success was attributable to the absence of a strong and united Opposition.
Oil firms will supply fuel to SpiceJet on 'cash and carry basis'.
Modi, 46, who had figured in the Forbes' list of richest Indians, has been named in the cheating case on a complaint from the PNB, which alleged that the jewellery firm owner, his brother, wife and Choksi entered into a criminal conspiracy with the officials of the bank and cheated it, causing a "wrongful loss".
Gangwal said he will not vote in favour of resolutions that intend to expand the size of the board to 10 members. Gangwal wants a seven-member board.
The Madras high court on Wednesday asked the Tamil Nadu government to reconsider its decision to convert late Chief Minister J Jayalalithaa's residence in Chennai into a memorial and declared her niece and nephew as the legal heirs of her property worth several crores. A division bench of Justices N Kirubakaran and Abdul Quddhose also suggested that Veda Nilayam, located in the upmarket Poes Garden area, be converted into the official residence of the chief minister of the state, while a portion of the property can be a memorial if needed.
The unprecedented health crisis forced an indefinite shutdown of all sports activities -- both contact and non-contact. The FICCI said non-contact sports can resume first by maintaining social distancing norms.
The I-T department also attached 34 bank accounts and fixed deposits, valued at Rs 1.45 crore, of the Gitanjali group.
Otherwise, EPFO can freeze your account. But seek detailed calculation to verify the numbers
"It was a well-thought-out plan. Waze was interrogating Hiran for three days and made him write false complaint of several agencies and police officers calling him including Waze himself. The letters were addressed to chief minister Uddhav Thackeray and Mumbai police commissioner, he said.
ED team managed to get several bank statements from Barbados, Dubai, Hong Kong etc. which prove vital overseas link and money trail relating to Nirav Modi and his aides.
Theoretically, Modi, who understood corporate finance, committed no crime by raising debt to fund a growing business. In fact, he did a tidy job of it, but his operation started to see the ground underneath it give way in January 2018. A fascinating excerpt from Pavan C Lall's Flawed: The Rise And Fall Of India's Diamond Mogul Nirav Modi.
The jeweller, who had left the country before Punjab National Bank approached the CBI with complaint against him and Nirav Modi, said the media continued to conduct a trial by itself blowing each and every issue out of proportion.
The latest fraud is a failure of management supervision and accountability, as no bad debt was generated and no cash was involved
The prosecution's pursuit of this tiny detail was because they believed the charge from Google, on Indrani's account, was to restore Sheena's Gmail account, via the Google account recovery toolkit, since Indrani did not have the password.
BSES Yamuna Power Ltd said that there could be power cuts of up to 10 hours a day
Moti has been described in UK court proceedings as a "senior member" and "top lieutenant" of D Company.
Sahara and its founder Subrata Roy have been under scrutiny for years over its financial products, including for possible money laundering.
