Experts say the recent Rs 14,000-crore PNB fraud could have been avoided had there been an integration of PNB's CBS with its SWIFT system
CBI said it had shared the information about revocation of his passport in the 'diffusion' notice issued through the Interpol on February 15.
In its letter, finance ministry has pointed to sections 35, 35A and 36 of the Banking Regulation Act, 1949, to highlight the powers and functions of the RBI as regulator
He said that Government of Dominica and law enforcement agencies, unless the court rules otherwise, can deport him to India because he is an Indian citizen, Antigua News Room reported.
Canara Bank topped the list recovering Rs 638.41 crore (Rs 6.38 billion) from non-performing assets of the total Rs 4,420 crore (Rs 44.2 billion) recovered by 19 nationalised banks by taking advantage of securitisation laws in the last fiscal.
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.
The PNB ambassador is Virat Kohli, Priyanka Chopra and Siddharth Malhotra are the faces of the Nirav Modi label, Kangana Ranaut, Kriti Sanon and others endorse the family of brands under the Gitanjali Group.
After taking action against 226,000 shell companies last year, the ministry of corporate affairs has now zeroed in on a fresh batch of suspected shell companies.
'The cost of financing the fiscal deficit will decrease, as new passive investors join in.'
Punjab National Bank has the largest share.
Collectively, the pack of 12 has posted a 50 per cent rise in profits -- Rs 25,685 crore. On a quarter-on-quarter basis (that is, September over June), the rise is 68 per cent. Public sector banks have never had such a stellar performance, explains Tamal Bandyopadhyay.
'We are working with a few housing finance companies to drive affordable lending because that's where we believe our sweet spot is.'
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.
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.
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.
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.
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.
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.
Choksi said that the ED has attached his properties illegally.
Modi has been relentless in building his brand regardless of banks having a problem of fraudulent and unauthorised transactions with his companies.
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.
Even as competition to garner deposits is intensifying into a tight liquidity and high credit growth scenario, Bank of Baroda (BoB) has hiked deposit rates for the second time in the current quarter. Also, private lender IDBI Bank has come out with a limited period offer on its term deposits. It is offering 7.6 per cent interest rate for a tenor of 700 days, effective from December 2022.
The name of fugitive diamantaire Mehul Choksi wanted in a Rs 13,000-crore scam in the Punjab National Bank is understood to have been removed from the Interpol database of Red Notices on the basis of his plea to the Lyon-headquartered agency, people in the know of the development said. The Central Bureau of Investigation (CBI) remained tight-lipped on the development. The Red Notice is highest form of alert issued by the 195-member country-strong Interpol to law enforcement agencies worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action.
District Judge Marie Mallon said there were substantial grounds to believe that Nirav Modi would fail to surrender if granted bail.
Public-sector banks (PSBs) in Q3FY23 wrote off bad loans worth Rs 29,000 crore, up from Rs 23,000 crore in the same quarter a year ago, as part of a clean-up exercise. According to estimates by rating agency CARE Ratings, the write-offs by PSBs in April-December 2022, at Rs 81,000 crore, were lower than the Rs 90,000 crore in April-December 2021. Sanjay Agarwal, senior director, CARE Ratings, said a lot of it was driven by regulations, and assets that had 100 per cent provision coverage were written off.
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.
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.
Reserve Bank of India on Thursday said a centralised portal would be ready in three to four months wherein depositors and beneficiaries can access details of unclaimed deposits across various banks. As of February this year, about Rs 35,000 crore of unclaimed deposits were transferred to RBI by public sector banks in respect of deposits which were not operated for 10 years or more. "In order to improve and widen the access of depositors/beneficiaries to such data, RBI has decided to develop a web portal to enable search across multiple banks for possible unclaimed deposits based on user inputs," RBI Governor Shaktikanta Das said while announcing the first bi-monthly monetary policy for the current financial year.
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 National Stock Exchange (NSE) Nifty Next 50 Index could undergo large-scale changes if the proposed tweaks to its computation methodology get implemented. In a discussion paper floated recently, NSE Indices, which owns and manages a portfolio of over 350 indices under the Nifty brand, proposed that only stocks that are traded in the futures and options (F&O) segment can be part of the index. Currently, as many as 11 non-F&O stocks are part of the Nifty Next 50 Index, which, as the name suggests, represents the next rung of large and liquid securities after the Nifty50.
'It is observed that some of our branches are already losing good balances in their savings deposits as well as fixed deposits, which are maturing, to the other banks.'
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.
Decades apart, but the drama linked to the two appears similar, says Nivedita Mookerji.
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.
PNB officials entered into a criminal conspiracy with 19 accused companies, the FIR alleges.
The strike notices were given by workers' unions of various sectors such as coal, steel, oil, telecom, postal, income tax, copper, banks and insurance.
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