Finance Minister Piyush Goyal said the instances of people running away and evading the legal process was increasing and this needed to be stopped, as the current laws do not allow fully dealing with the severity of the problem.
What was the RBI doing, what was the PNB top management doing, what were the auditors doing, asks Debashis Basu.
The billionaire jeweller, who has fled the country, in the letter also disagreed with the loan default amount of Rs 11,400 crore and pegged the amount his companies owe to the bank at under Rs 5,000 crore.
The agency has so far seized diamonds, gold jewellery and other precious stones worth Rs 5,716 crore in the case and summoned Modi and Choksi, the promoter of Gitanjali Gems, to appear before it on February 23 at its Mubai zonal office.
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.
'I am not a Hinduwadi leader, but a nationalist leader. I am a leader of every religion, every caste, every language and every class'
He also attacked Modi on the CBSE question papers leak and on the 'leak' of assembly election date for Karnataka, saying Modi was silent on these issues too.
On the intervening night of September 22-23, 2012, three Dalit youths were killed when police opened fire to disperse a violent mob to control a clash between Dalits and OBC Bharwad community members at Thangadh town in Surendranagar district.
Anil Agarwal, chairman of the Vedanta group, has not started the New Year on a good note.
A look at the top tweets from your favourite Bollywood celebrities.
Syed Firdaus Ashraf/Rediff.com attended the Congress president's rally in Mumbai on Friday, and explains why people who came with high hopes left disappointed.
A sightholder is a company on the Diamond Trading Company's list of authorised bulk purchasers of rough diamonds.
Round-up of the Ranji Trophy games being played in different parts of the country
India's long-held position as the world's top diamond polisher is being challenged by soaring output from China.
Heading to the third year, will Urjit Patel be busy firefighting a currency crisis? Almost no governor of the RBI managed to evade it and Patel perhaps knows it.
'So you wonder, couldn't he have combined these two qualities: His love of his own voice, and his acting talents, to voice concern about the Kathua and Unnao rapes?' asks Jyoti Punwani. 'His supporters are siding with the accused in the first case, and are the accused in the second.'
Surat houses more than 650,000 powerlooms. Of this, at least 60 per cent have been shut since a month, a loss of Rs 900 crore, finds out Vinay Umarji.
Gandhi said the BJP, in power in Madhya Pradesh since 2003, is only working for a few rich people.
The Congress said arrogance of the BJP has touched its zenith as it turned 'blind' to farm distress.
The event will also hurt PNB's asset quality in the March 2018 quarter. While the finer details of the fraud have not been provided, making it difficult to gauge the exact impact, analysts say it will dent the bank's financials.
Dealers expect prices to fall further, owing to an impending rate hike in the US
'The Modi government needs some big private sector trophies to affirm its anti-corruption credentials before the polls.' 'So on whose neck will the sword fall next?' 'To that extent, the outing of the ICICI Bank-Videocon story is cathartic,' says Shekhar Gupta.
'This is the first Bollywood film which is about 4 women not falling in love with the same guy.'
'Last year, Rs 20,000 crore was ripped off from the banking system.' 'The situation has deteriorated under the Modi government.'
From the Aadhaar verdict to #MeToo's arrival in the country to the entry into the Sabarimala temple -- India had a newsworthy 2018. As we step into 2019, these are the top moments from the year gone by.
Pacer Dhawal Kulkarni took five wickets as Mumbai reduced Baroda to 345 for nine on day three of the Ranji Trophy match, in Vadodra, on Saturday.
Shah said the Opposition's 'irresponsible' conduct caused a loss of over Rs 333 crore of public money and the ruling National Democratic Alliance MPs' decision to forgo their salaries was a 'call of conscience'.
The case relates to the CWG street lighting scam, which had caused a loss of Rs 1.4 crore to the exchequer.
'For years, the RBI has been warning banks on probable frauds in bank guarantees and advised them to exercise due care.' 'PSB staffers feel their jobs are secured, hence there is no need to be vigilant and exercise financial prudence.'
Young and in-form Baba Aparajith smashed his second first-class double hundred while Ramaswamy Prasanna scored an unbeaten half-century to guide Tamil Nadu to a formidable position against Services at the end of second day's play in the Ranji Trophy Group B match in New Delhi on Monday.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers' stock market queries. Ajit will offer his unbiased views on a weekly basis
The first of its kind, a gem bourse to cater to the needs of the gemstone industry of the Pink City where all the business could be transacted under one roof, would soon become a reality.
'Four weeks have passed after the scam was exposed, yet no big guy has been arrested.' 'This gives the impression that he wants to be soft on the biggies.'
The Reserve Bank of India on Monday moved on Monday to tighten gold imports again in an attempt to rein-in a record high current account deficit by taming demand for the yellow metal.
If companies manage to raise Rs 10,000 crore, this will be the best year for IPOs since FY11.
Rahul exuded confidence that his party will emerge victorious in Karnataka, Rajasthan, Madhya Pradesh and Chhattisgarh assembly polls and defeat the BJP in the 2019 general polls.
'We feel there is definitely something murky in the system.' 'Will anyone believe that Nirav Modi will go to a branch and bribe a low-level officer?' 'Just look at the people with whom he had moved around.'
Then came the electrifying climax of Tuesday's hearing. Pasbola showed Sharma copies of cheques that had been deposited at the bank with Indrani's signature on them. He accused Sharma of forging Indrani's signature and collecting the money for herself. In the back Indrani stood up in the accused box and very pointedly nodded her head up and down and mouthed, "She did!".
Left-arm spinner Shahbaz Nadeem claimed seven for 79 to put Jharkhand in control against Haryana on the second day of the Ranji Trophy quarter-final match, on Saturday.
The event, organised by Deutsche Messe AG, is held each year at the Hanover fairground, the world's largest, in Hanover, Germany.
