The O P Jindal Group company Jindal Steel and Power has begun talks with the State Bank of India, Punjab National Bank and Canara Bank for financing its Rs 550 crore (Rs 5.50 billion) expansion plan.
It has also attached fresh 66 banks accounts, holding deposits of Rs 80.07 crore, of the Gitanjali group, owned by Modi's uncle Mehul Choksi.
The Antiguan prime minister had told Indian government that even criminals have fundamental rights and Choksi, too, has the right to go to court and defend his position, adding, once all legal options are exhausted, he will be extradited.
Punjab National Bank has the largest share.
If the banks throw caution to the winds for building loan books, the hydra-headed bad loans may resurface and spoil the party, warns Tamal Bandyopadhyay.
The ED has claimed that Nirav Modi had refused to join the probe despite acknowledging mails and summons issued to him and that he doesn't want to return to India.
SBI announced a 0.40 per cent cut in lending rate to 9.30 per cent, which is the most competitive in the market at present.
PNB reported the maximum number of such frauds.
Choksi said that the ED has attached his properties illegally.
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.
Modi's defence team doubled the bail security to 2 million pounds and offered he would stay on 24-hour curfew at his London flat.
The increasing involvement of Big Tech in the financial system could give rise to concentration risk and there are potential spillovers, which call for closer attention, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Tuesday. "...enormous amounts of consumer data is being generated and leveraged upon by a few entities (the so-called Big Tech) by virtue of their huge customer base. "Such developments raise concerns on concentration risk and potential spillovers as their level of engagement with the financial system strengthens in the years to come," Das said at the Global Fintech Fest 2022.
Modi has been relentless in building his brand regardless of banks having a problem of fraudulent and unauthorised transactions with his companies.
As banks' chase for customers to collect cheap deposits is not fructifying, they are forced to offer inflation-beating real interest rates on fixed deposits now, and state-run banks led by Punjab & Sind Bank tops the chart offering 8-8.50 per cent per annum deposit rate. Banks are forced to offer inflation-beating deposit rates for a tenor ranging from 200 to 800 days as credit growth has been far outpacing deposit mobilization throughout this fiscal, leading to a funding crunch.
Banking PSU stocks made a brave comeback on Monday after succumbing to losses Friday following the Union Budget's ignoring a long-standing demand by the sector on FDI limits.
The issue of extradition of Vijay Mallya and Nirav Modi figured in a virtual summit between India and the UK on Tuesday, with Prime Minister Narendra Modi asserting that economic offenders should be sent back to the country at the earliest for trial. India has been pressing the United Kingdom to extradite Mallya and Modi to face trial in India for their alleged involvement in cases relating to financial fraud. At a media briefing, joint secretary in the Europe West division in the ministry of external affairs (MEA) Sandeep Chakravorty said British Prime Minister Boris Johnson has mentioned that the authorities in the UK will do whatever possible to make sure that the economic offenders are extradited.
The issue of extradition of Vijay Mallya and Nirav Modi figured in a virtual summit between India and the United Kingdom on Tuesday, with Prime Minister Narendra Modi asserting that economic offenders should be sent back to the country at the earliest for trial.
The industry body has issued two advisories in an attempt to restore jewellers credibility in the wake of the Rs 12,000-crore PNB-Nirav Modi scam, and recent defaults by two domestic jewellers - Goodwin and Rasiklal.
District Judge Marie Mallon said there were substantial grounds to believe that Nirav Modi would fail to surrender if granted bail.
The strike notices were given by workers' unions of various sectors such as coal, steel, oil, telecom, postal, income tax, copper, banks and insurance.
A team of about five CBI officials reached the PNB branch at Sector 4 Vasundhara in Ghaziabad, on the outskirts of the national capital, to execute the search, officials said.
The meeting is expected to chart a road map for cleaning up their balance sheets and boost credit flows, reports Somesh Jha.
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.
The Enforcement Directorate has alleged that this is a bigger bank scam in volume than that of the Punjab National Bank fraud by fugitive diamantaires Nirav Modi and Mehul Choksi, as it involves fraud to the tune of about Rs 16,000 crore.
He appeared via videolink from the prison as his legal team offered a package of "stringent" bail measures, including bail security of 4 million pound, house arrest with a 24-hour electronic tag as well as a private security guard service and a strictly monitored access to gadgets and telephones.
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.
A magistrate court in Dominica on Thursday sent businessman Mehul Choksi to a state prison, his lawyer in India said, but added that he would continue to remain in hospital as his medical condition "deteriorated".
Decades apart, but the drama linked to the two appears similar, says Nivedita Mookerji.
PNB officials entered into a criminal conspiracy with 19 accused companies, the FIR alleges.
If lodged in the barrack, Modi is likely to get three square metre personal space and he will be provided a cotton mat, pillow, bed-sheet and blanket.
During the course of the hearing last month, it emerged that Modi had made death threats to witnesses and also attempted to destroy evidence such as mobile phones and a server holding "material critical to the fraud".
'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.'
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.
Modi appeared for his regular 28-day "call-over" appearance from London's Wandsworth prison at Westminster magistrates' court, where judge Gareth Branston reconfirmed that his extradition trial will begin on May 11 next year and will last five days.
A railway official said a train has been booked for the Dussehra rally from Nanded city in central Maharashtra.
The judge fixed April 26 as the next date of hearing when he will appear via video link from jail.
India's unabated tryst with Russian crude oil is slowly coming to an end. The time has come for Indian refiners to navigate, creatively, the choppy waters of the post-honeymoon period, and for Indian policymakers to take cognisance of the broader impact on India from the spillover of the Russian crisis - after Washington's warning to transgressors last week. Shipments from Russia to India have averaged over 1.8 million barrels a day since February, according to data from Paris-based market analytics firm Kpler. But much of the crude shipped to India was non-sanctioned because it traded below a price cap set by the US led G-7 nations in December.
The move takes the process of extraditing and bringing back Nirav Modi to face the law in India to the next stage, the sources said.
'If you give your ID and password to somebody else, how can anybody blame the technology for that problem?'
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.
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