The Enforcement Directorate, which continued its searches against Modi, Choksi and their companies for the fourth day on Sunday , is also moving to attach at least two dozen immovable properties under the Prevention of Money Laundering Act.
The chargesheet, filed in a special court in Mumbai, also names several other top officials of the bank.
ED said the United Kingdom's home secretary recently referred India's request for extraditing the tainted businessman to a court for initiating legal proceedings against him.
'We started affordable housing loans that has good traction and the books have grown to Rs 750 crore as of the end of last quarter.'
Most of the legal cases in the UK are switching to videolink and telephonic options where possible, with all new jury trials suspended amid the social distancing rules in place to combat the COVID-19 pandemic.
The CVC is awaiting sanction to prosecute nine employees of PNB and 2 other banks who were booked by the CBI for their alleged involvement in corruption.
The Income Tax Department on Tuesday also raided 20 premises linked to Gitanjali Gems promoter Mehul Choksi and suspected shell firms in connection with an alleged tax evasion case against them, official sources said.
The Cabinet has approved the amalgamation of privately-owned cash-strapped Nedungadi Bank with leading state-run Punjab National Bank, a government spokesman said
Fugitive diamantaire Nirav Modi's sister and brother-in-law have "turned approvers" in the over $2 billion PNB fraud case against him and they will help the Enforcement Directorate confiscate assets worth Rs 579 crore, including Swiss bank deposits, the agency said on Thursday. Forty-nine-year-old Nirav Modi, who is currently lodged in a London jail, his uncle Mehul Choksi and others are being probed by the Enforcement Directorate (ED) in the Punjab National Bank (PNB) money laundering case since 2018. The diamond merchant's younger sister Purvi Modi (47) is a Belgian national while her husband Maiank Mehta is a British citizen. They are stated to be based abroad and have never joined the probe.
According to the general secretary of the All India PNB Officers' Association, K D Khera: "The bank has a staff strength of about 57,000 in all cadres.
The 48-year-old, who has been lodged at Wandsworth prison in south-west London, appeared via videolink from prison before district judge David Robinson. "I am told that your case is proceeding in accordance with the directions for a final hearing on 11 May," the judge told Modi, as he set the next 28-day remand hearing via videolink for February 27. Modi's extradition trial is scheduled for five days starting May 11, with the case management hearings in the case set to begin once all the evidence has been handed in to the court for the trial.
Punjab National Bank (PNB), the country's third largest lender, followed its peers to lower its benchmark rate, giving in to the government's wish that rates needed to fall to boost consumer lending.
'The financial sector will be hit even harder than the overall market.' 'The banking sector will eventually be rescued.' 'But it may go into a long downwards spiral before things turn around.' 'Threat or buying opportunity?' asks Devangshu Datta.
'Retail investors have been selling since the Budget and Foreign Portfolio Investors started selling.' 'Thus far, domestic institutions have picked up the slack, buying enough to keep the major indices from falling off a cliff.' 'However, there has been carnage in smaller stocks and the financial sector has been hit much harder than the major market indices,' points out Devangshu Datta.
Short-term government bonds fell behind longer-dated securities in demand this month so far due to a liquidity crunch in the banking system and expectations of a delay in a rate cut, said market participants. Investors have favoured longer-tenure government bonds, or g-secs, with insurance companies and pension funds leading the charge by stocking up on those with maturities of 30 years and more. Preference for longer-term securities was strengthened by the conclusion of the borrowing programme, which compelled institutional investors to fulfil their requirements in the secondary market.
All transfers and promotions for next financial year will be decided by respective banks, not by the merged entity.
Public sector Punjab National Bank on Friday said it had no plans to raise the rate of interest on home loans, after two leading private sector banks hiked interest rates by 0.5 per cent across the board.
Punjab National Bank and Allahabad Bank plan a 60:40 joint venture in Kazakhstan at an initial investment of Rs 100 crore (Rs 1 billion) in the next two months.
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.
Nirav Modi, the fugitive diamond merchant wanted in India to stand trial on fraud and money laundering charges, told a UK court on Thursday that he could be in England for years as some ongoing proceedings prevent his extradition. The 52-year-old former billionaire appeared for a hearing at Barkingside Magistrates' Court in east London via video link from Thameside prison in relation legal costs, or fines, amounting to GBP 150,247.00, accrued over his failed extradition appeal proceedings in the London high court. Dressed in a pink prison-issue outfit and sporting a moustache, a plump and bald Nirav addressed the three-member magistrates' bench to reveal that he had complied with the previous court direction to pay in GBP 10,000 per month towards the fines.
Siddhivinayak to deposit 44 kg gold ornaments with State Bank of India
Use of blockchain technology will ensure that banks will not be blindsided like in the case of the Nirav Modi-Mehul Choksi blowout at PNB, says Raghu Mohan.
Bank provides for Rs 7,178 crore, or 50 pf of the total amount of the Rs 14,356 crore scam, in the fourth quarter of 2017-18. The remaining amount will be covered in the three quarters of the current fiscal year.
While the formation of a holding company will not outright privatise State-owned banks, officials believe it will help the Centre deflect criticism arising out of the latest banking scams.
Frozen mutual funds and shares worth Rs 86.72 crore belong to Choksi and his group, and the rest are owned by the Modi group.
Markets regulator Sebi has ordered the attachment of bank accounts and shares and mutual fund holdings of fugitive businessman Mehul Choksi to recover dues totalling Rs 5.35 crore. The latest decision has been taken after Choksi failed to pay the fine imposed on him in October 2022 by Sebi in a case pertaining to indulging in fraudulent trading in the shares of Gitanjali Gems Ltd. Choksi, who was the chairman and managing director as well as part of the promoter group of Gitanjali Gems, is the maternal uncle of Nirav Modi, both of whom are facing charges of defrauding state-owned Punjab National Bank (PNB) of more than Rs 14,000 crore.
Punjab National Bank has embarked on a five-pronged strategy for improving its financial position to become the 'best bank' in the country.
The 49-year-old jeweller, fighting extradition to India on charges of fraud and money laundering in the estimated $2-billion Punjab National Bank scam case, has made around six previous attempts at bail at the magistrates' court as well as at the high court level.
The RBI expects the assessment to show if the systemic failure was only in PNB or in the overall banking universe
Usha Ananthasubramanian said the bank will leave no stone unturned to recover unpaid loans.
The agency on Monday questioned three general managers of the Punjab National Bank who have handled the -International Banking Division and Treasury department of the bank, officials said without revealing their identity.
The banks also received a warning from the rating agency Care, in February 2016, after Firestar's financials deteriorated.
The revised rates will come into effect from April 16.
Sebi on Thursday sent a notice to fugitive businessman Mehul Choksi asking him to pay Rs 5.35 crore in a case pertaining to fraudulent trading in the shares of Gitanjali Gems Ltd and warned of arrest and attachment of assets as well as bank accounts if he fails to make the payment within 15 days. The demand notice came after Choksi failed to pay a fine imposed on him by the Securities and Exchange Board of India (Sebi). Choksi, who was the chairman and managing director as well as part of promoter group of Gitanjali Gems, is the maternal uncle of Nirav Modi.
For the baning sector, 2018 was a 'Year of Exits' - borrowers fled from the country as loans went kaput and many bank CEOs were forced to leave
Punjab National Bank on Saturday increased the interest rate on Foreign Currency Non-Resident (B) Deposit Scheme for dollar, British pound, euro and Canadian and Australian dollar with effect from June 1.
A large number of public sector bank employees, as a matter of routine, do not "take" promotions so that they are not transferred out of their hometowns. The eastern region is famous for this, but it is a common practice everywhere, says Shyamal Majumdar.
Reserve Bank of India on Thursday said 15 large NBFCs, including LIC Housing Finance, Bajaj Finance, Shriram Finance and Tata Sons, will be subject to enhanced regulatory requirements. The central bank has categorised NBFCs into Base Layer (NBFC-BL), Middle Layer (NBFC-ML), Upper Layer (NBFC-UL) and Top Layer (NBFC-TL). A list of 15 large Non Banking Finance Companies (NBFCs) falling in the Upper Layer category has been released.
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