The Reserve Bank of India's (RBI's) decision to withdraw the incremental cash reserve ratio (I-CRR) is expected to benefit banks during the festival season. They are likely to increase deposit rates by up to 25 basis points (bps) in select maturity buckets. The rise in demand for funds to cover tax payments and meet quarter-end business targets could influence rate decisions by banks, according to bankers and money market executives.
Punjab National Bank has posted a 28.2 per cent rise in net profit at Rs 322.67 crore for the quarter ended June 30, 2004 as compared to Rs 251.76 crore in the quarter ended June 30, 2003.
Police in Dominica captured Choksi on Tuesday night (local time) after an Interpol Yellow Notice was issued by Antigua and Barbuda.
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".
SBI has the highest exposure of Rs 1,600 crore to the beleaguered Kingfisher Airlines.
All the proceedings against Choksi of illegal entry into Dominica were dropped on May 20, the spokesperson said.
The Reserve Bank of India also banned with immediate effect issuance of letters of comfort which, like LoUs, are used by importers to fund their overseas purchases.
What is digital house arrest? It is a tactic cybercriminals use to confine victims to their homes and scam them, explains Tamal Bandyopadhyay.
The Income Tax Department had last month auctioned several art works that were owned by absconding diamond merchant Nirav Modi for Rs 59.37 crore.
If the earnings in the first quarter of the current financial year are an indication, most banks, particularly those majority-owned by the government, have fared well, reveals Tamal Bandyopadhyay.
Despite the rating agency CARE withdrawing the ratings assigned to the bank facilities of FIPL "with immediate effect" following the receipt of a no-objection certificate (NOC) from the banks, Modi's company received uninterrupted letters of undertaking (LoUs) from PNB, which were honoured by other banks until a few weeks ago.
Cyber crimes in 2016-2017: 1,372 cases. Cost: Rs 423 million.
It further asked the government to make suitable arrangements for smooth functioning of the bank.
Vijay Mallya left India on March 2, presumably for London.
The financial position of India's public sector banks (PSBs) has deteriorated sharply over the past financial year.
The CBI has filed a fresh case against absconding diamantaire Mehul Choksi, wanted along with his nephew Nirav Modi in a loan fraud case of Rs 13,500 crore, for allegedly inflating the value of diamonds and jewellery pledged to get Rs 25 crore loan from IFCI, officials said on Monday. The CBI has booked Mehul Choksi, his company Gitanjali Gems and valuers Surajmal Lallu Bhai and Co, Narendra Jhaveri, Pradip C Shah and Shrenik Shah, they said. The central agency has acted on a complaint from Industrial Finance Corporation of India (IFCI) Ltd alleging that Choksi had approached it in 2016 seeking Rs 25 crore working capital loan for which he had pledged shares and gold and diamond jewellery.
It also named bosses for Bank of India, IDBI Bank Ltd and Punjab National Bank from within the state sector
Diamantaire Mehul Choksi, a key accused in the multi-crore PNB scam, has told a special court in Mumbai that he hasn't been able to return to India "due to reasons beyond his control" and hence cannot be declared a "fugitive economic offender". The accused has claimed that he didn't leave India to avoid criminal prosecution nor is he refusing to return to the country. He said his passport has been suspended by Indian authorities.
Punjab National Bank's net profit for last fiscal emerged higher at Rs 1,139.77 crore after it adopted the stringent accounting principle of the United States as against Rs 939.57 crore recorded as per the Indian standards.
The broader Nifty declined by 73.90 points, or 0.71 per cent, to end at 10,378.40.
Punjab National Bank, Bank of Baroda, Bank of India and Canara Bank already charge their customers a levy for failing to maintain a minimum balance for a quarter or a month.
SBI, ICICI Bank and PNB reduce interest rate for loans above Rs 75,00,000
All these companies were provided loans by PNB as part of consortium lending.
Tag for defaults on nearly Rs 7,000 cr loans to long-grounded Kingfisher Airlines
Gross Non-Performing Assets rose to 12.90 per at the end of March, from 6.55 per cent a year ago.
Banks are in the process of getting a board-approved restructuring framework in line with the RBI's framework and eligibility defined by the central bank.
PNB has rich experience in the integration of commercial banks.
And will sell its 50 per cent stake to State Bank of India in Russia as part of rationalisation of overseas branch network.
The rally in the equity markets in the second half of 2023 has led to a sharp surge in the cutoff for stocks to qualify as largecaps and midcaps. On the latest list put out by the Association of Mutual Funds in India (Amfi), the smallest largecap stock now has a market capitalisation (m-cap) of Rs 67,000 crore, 35 per cent higher than in July 2023. In the case of midcaps, the cutoff has surged 26 per cent to Rs 22,000 crore.
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
His brother Nishal, a Belgian citizen, also left the country on January 1, while wife Ami, a US citizen, and business partner Mehul Choksi, the Indian promoter of Gitanjali jewellery chain, departed on January 6, the officials said.
The meeting is expected to chart a road map for cleaning up their balance sheets and boost credit flows, reports Somesh Jha.
The assets have been attached as part of five separate orders issued by the central probe agency under the Prevention of Money Laundering Act, it said.
Vijay Mallya on Wednesday gave a proposal to the Supreme Court to repay around Rs 4,000 crore (Rs 40 billion) loan to banks by September this year.
Usha Ananthasubramanian said the bank will leave no stone unturned to recover unpaid loans.
A Dominica Magistrate Court has adjourned till June 25 the hearing into alleged illegal entry of fugitive diamantaire Mehul Choksi into the Caribbean island nation, local media there reported. On Monday, the Magistrate Court was to start hearing the case of Choksi's "illegal entry" into the country on May 23 but he was a "no show", a media website Natureislenews reported. His legal team submitted a medical certificate from the doctors of Dominica China Friendship Hospital, where Choksi is being held, of "mental stress" and elevated blood pressure.
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.
RBI seeks detailed report on what happened between 2011 and now; bankers to recall loans to Nirav Modi entities.
Officials of 17 banks which gave loan to Kingfisher Airlines and UB Group are also under the agency's scanner
