A special CBI court in Mumbai denied bail to Sandeep Mistry, an associate of fugitive businessman Nirav Modi, in the multi-million-dollar Punjab National Bank (PNB) scam. The court cited Mistry's history of destroying evidence and his absconding for seven years as reasons for the denial, expressing concerns about securing his presence during the trial if released.
A Delhi court has rescinded a Look-Out Circular (LOC) against Akash Gupta, an accused in a Rs 247-crore Punjab National Bank fraud case, stating that the seriousness of an allegation cannot be the sole reason for its continued operation. The court noted Gupta's cooperation and previous adherence to travel conditions.
The CBI has registered an alleged bank fraud case against Mumbai-based Hanjer Biotech Energies Pvt. Ltd for causing a loss of over Rs 93.44 crore to Punjab National Bank. The company is accused of diverting a Rs 135 crore term loan, leading to searches at its Mumbai premises.
A special MPID court in Mumbai has framed charges against developer Vijay Machhindar, his wife, and their company Ornate Spaces Pvt Ltd for allegedly cheating homebuyers and investors of Rs 28 crore. The charges relate to failing to deliver flats in an Oshiwara residential project and not returning the invested money, leading to a trial under IPC, MPID, and MOFA provisions.
Public and private sector banks in India experienced significant deposit growth in the July-September quarter of FY27, largely propelled by foreign currency non-resident (bank), or FCNR(B), deposits mobilised under the Reserve Bank of India's concessional swap window, which closed on August 31.
Sandeep Mistry, a key associate of fugitive businessman Nirav Modi, has been arrested by the CBI after his deportation from the UAE. Mistry is implicated in the Rs 6,498.20 crore Punjab National Bank scam, where he allegedly facilitated forged documents, coerced dummy directors, and siphoned funds. He has been remanded to judicial custody.
State-run Punjab National Bank (PNB) is strategically planning to enter the wealth management segment by early 2027 and significantly expand its credit card portfolio, aiming to tap into lucrative markets largely dominated by private-sector banks.
Andhra Pradesh and Punjab National Bank (PNB) have signed an MoU to establish the PNB Quantum Finance Hub at Amaravati Quantum Valley. This initiative aims to foster innovation and adopt next-generation technologies like AI and Quantum Computing in the banking sector, focusing on cybersecurity, fraud detection, and customer experience.
An attempted burglary occurred at a Punjab National Bank branch in Uchi Bassi village near Dasuya, with the intruder failing to access the main safe but stealing a digital tablet.
A special CBI court in Ahmedabad convicted eight individuals, including three retired Punjab National Bank (PNB) officials, in a 2016 loan fraud case that resulted in a loss of Rs 1.57 crore to the bank.
A special court in Mumbai has issued notices to Nirav Modi's brothers, Neeshal and Nehal Modi, asking them to explain why they should not be declared fugitive economic offenders in the Punjab National Bank scam.
A special court in Mumbai has issued notices to Nirav Modi's brothers, Neeshal and Nehal, asking them to explain why they should not be declared fugitive economic offenders in connection with the Punjab National Bank scam.
The High Court of Justice in London has rejected a fresh bail petition filed by diamantaire Nirav Modi, who is wanted in India in connection with the Rs 13,000 crore Punjab National Bank (PNB) fraud case.
Shares of major private lenders, including HDFC Bank, Axis Bank, and Kotak Mahindra Bank, experienced a sharp selloff after their June-quarter results indicated persistent pressure on net interest margins (NIMs), despite healthy credit growth. This decline overshadowed gains in ICICI Bank and Punjab National Bank (PNB), which reported resilient or stronger-than-expected earnings.
State Bank of India (SBI) anticipates that the newly introduced Merchant Discount Rate (MDR) on person-to-merchant (P2M) UPI transactions above 2,000, effective October 15, will enable it to recover the costs incurred in processing and facilitating these transactions, potentially even generating a small surplus.
Fugitive diamond merchant Nirav Modi has been ordered by a UK High Court to pay Bank of India over USD 11.5 million, including accruing interest, for a personal loan guarantee related to his Dubai-incorporated firm, Firestar Diamond FZE.
Over 27,000 people participated in the PNB 'Soldierathon 2026', commemorating 'Operation Sindoor' and honouring the Indian armed forces. The event, organised in association with the Indian armed forces, featured half marathons and 10 km runs.
Bankers said the impact could become more visible from September 29 as customers could withdraw larger amounts of cash, although ATM operations are increasingly managed through third-party cash-loading arrangements.
'There will be some inconvenience to people. But we have given one-month notice to the government one month ago.'
Indian listed companies experienced their fastest revenue growth in 15 quarters during Q1FY27, with combined net sales rising 18.4% year-on-year, while net profit grew 16%, primarily driven by mining, metals, and banking sectors, despite a contraction in operating margins due to higher input costs.
The RBI once again said the Tata group holding company's application for deregistration as an NBFC remains under examination.
Tata Sons, the holding company of the Tata group, continues to be classified as an 'upper-layer non-banking financial company' (NBFC) by the Reserve Bank of India (RBI), despite its application to deregister as an NBFC-Core Investment Company (CIC) remaining under consideration. This classification subjects it to enhanced regulation and a mandatory listing requirement, which remains uncertain.
ICICI Bank has successfully raised $1 billion through a five-year senior unsecured US dollar bond, marking its first public dollar bond issuance since 2017 and the largest single-tranche US dollar bond issuance by an Indian issuer so far this year.
A special court here has allowed the release of properties worth Rs 66.33 crore, owned by fugitive diamantaire Nirav Modi and his sister Purvi Modi and attached by the Enforcement Directorate (ED) in connection with the multi-crore PNB fraud case.
The UK High Court has concluded the hearing for Nirav Modi's application to reopen his extradition appeal, focusing on claims of potential torture during interrogations in India. The court has reserved its judgement.
The UK High Court has rejected Nirav Modi's attempt to reopen his extradition case, citing the Indian government's comprehensive assurances against torture as sufficient to allow his transfer to India.
Amitabh Jhunjhunwala, former Managing Director of the Anil Dhirubhai Ambani Group, has been remanded in CBI custody in an alleged bank fraud case involving Reliance Commercial Finance Limited (RCFL) worth Rs 9,280 crore. The CBI alleges misappropriation of loan funds and violations of RBI guidelines, while Jhunjhunwala's lawyers claim he is a scapegoat.
The CBI has filed a chargesheet against Sequel Buildcon Private Limited for allegedly cheating homebuyers and siphoning off funds issued by PNB Housing Finance for a Noida-based project.
The asymmetry in deposit and credit growth is the biggest challenge before the Indian banking industry. For every 100 deposit that a bank mobilises, it needs to keep 3 with the banking regulator in the form of cash reserve ratio on which it doesn't earn any interest. Another 18 is used for buying government bonds (statutory liquidity ratio). This means, a bank is left with 79 for giving credit. Add to this, its capital which can be used for giving loans. Most banks are facing a fund crunch. They need to find ways to attract deposits if they want to sustain credit growth, explains Tamal Bandyopadhyay.
Public-sector banks (PSBs) in India have reported an 11.2 per cent year-on-year rise in net profit, reaching a record 1.98 trillion in FY26, marking their fourth consecutive year of profitability, driven by sustained business growth, improved asset quality, and strong capital positions.
The European Court of Human Rights has granted fugitive diamantaire Nirav Modi anonymity, shielding his extradition case from public scrutiny. This decision comes as Modi faces potential extradition to India from the UK, where he is accused of a large-scale fraud.
The NEET-UG re-exam was held at centres across the country and overseas on Sunday amid tight security arrangements for the smooth conduct of the examination.
Nehal Modi, the younger brother of fugitive diamantaire Nirav Modi, has been arrested in the US based on extradition requests from the Enforcement Directorate and the CBI.
The Uttar Pradesh Police have filed an FIR against a former additional district magistrate, company representatives, and bank officials in connection with an alleged land scam worth around Rs 400 crore in Kanpur Dehat district.
The London High Court has rejected Nirav Modi's petition to reopen his extradition case, citing the Indian government's assurances regarding his treatment in India as a key factor in their decision.
A property near Heathrow Airport, London, worth Rs 7.5 crore has been attached by the Enforcement Directorate (ED) in connection with a bank loan fraud case involving Neo Corp International Ltd.
Bilaspur police have registered a criminal case against a businessman accused of selling a stolen vehicle and defrauding a buyer of approximately Rs 14 lakh.
A 35-year-old Indian national was arrested at Bandaranaike International Airport in Sri Lanka for carrying over one kilogramme of 'Kush' narcotics.
The Antwerp Court of Appeal has advised the Belgian government to approve the extradition of fugitive diamantaire Mehul Choksi to India on six of seven charges, including criminal conspiracy and fraud.
A court in Antwerp on Friday cleared the extradition of fugitive diamantaire Mehul Choksi, noting that his arrest by the Belgian authorities on India's request was valid, officials in the know of the development said.
