Shunning the idea of making quick money in stocks like gamblers, Punjab National Bank chief K C Chakrabarty has said that the bank's profit would rise by 20 per cent even in the current fiscal.
Sample this. Five cyber-thieves, allegedly part of a network that hacked into the account of a Noida businessman, were nabbed today for a Rs 1.66 crore (Rs 16.6-million) cyber hack. They used Internet banking to transfer the money from the businessman's account with the Punjab National Bank's Noida branch to their own account.
12 banks have been authorised to receive such donations to the Prime Minister's National Relief Fund.
Mirza Tanners Ltd issued 1000 7.5% non convertible debentures of Rs 100,000 each aggregating to Rs 100 million to Punjab National Bank on a private placement basis.
Business is down to such an extent that last year these firms could not even meet RBI's capital norm of Rs 50 million for partnerships and Rs 100 million for public and private firms in this line of business.
Lender to acquire 30% after existing shareholders divest stake
Capital infusion of $30 bn over two years needed amid high dividend payouts and impairment ratios.
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.
Finance Minister Nirmala Sitharaman on Thursday said that fugitive businessmen Vijaya Mallya, Nirav Modi and Mehul Choksi are "coming back" to India" to face the law.
The Reserve Bank of India (RBI) would further cut down key policy rates with inflation continuing its downward trend, Punjab National Bank chairman and managing director K C Chakrabarty said.
RBI seeks detailed report on what happened between 2011 and now; bankers to recall loans to Nirav Modi entities.
Punjab National Bank and Bank of Baroda said on Monday they will reduce their prime lending rate by 50 and 75 basis points, respectively with effect from January 1. Besides, PNB announced a reduction in its peak deposit rate by 100 basis points to 8.5 per cent for deposits of one year to less than three years beginning new year, the state-run lender said in a filing to the Bombay Stock Exchange.
Norms governing investments by provident funds bar these from depositing funds in a commercial bank in case the NPAs of that bank exceed two per cent of net advances.
Analysts say there is still no visibility of earnings improvement.
While some equity analysts have raised target prices for public sector banks, others remain cautious
Prompt measures and legal actions taken by the Indian government and PNB helped in securing the extradition of diamantaire Nirav Modi by the UK on Friday, a senior official said. UK Home Secretary Priti Patel on Friday signed off on the order to extradite Nirav Modi, wanted in India on fraud and money laundering charges related to the estimated USD 2-billion Punjab National Bank (PNB) scam case. According to the government official, a scam of this magnitude had potential to create instability in the financial sector but the deft handling saved the entire public sector banking space from the crisis and litigation.
The meeting was also attended by State Bank of India Chairman O P Bhatt and Indian Banks Association and Bank of India Chairman T S Narayanaswami.
Banks Board Bureau chief Vinod Rai has proposed performance-linked incentives for bank employees, but the staff unions are dead against the idea.
Kamalesh Chandra Chakrabarty has joined Punjab National Bank as its executive director and K Ramakrishnan has taken over as executive director of Bank of Baroda.
Giving another boost to the great Indian growth story, seven domestic firms have been named as the emerging global challengers to the world's leading blue chips by the global equity research major Standard and Poor's.
Punjab National Bank CMD K C Chakrabarty has quit his post after his appointment as RBI Deputy Governor. "K C Chakrabarty has demitted office on June 14, 2009 on his appointment as Deputy Governor, Reserve Bank of India," PNB said in a filing to the Bombay Stock Exchange.
Non-performing assets of banks have been on the rise for past several months due to slowdown in the economy.
Choksi, who was allegedly the partner-in-crime of his nephew Nirav Modi in the banking fraud, refused to say anything further on the issue, on the advice of his lawyers.
Temperatures in 17 locations breached 48 degrees Celsius on Monday, with the relentless heat affecting health and livelihoods across large parts of northwestern and central India.
Modi, 48, is currently living in a three-bedroom flat occupying half of a floor of the landmark Centre Point tower block, where rent is estimated to cost 17,000 (Rs 15 lakh) a month, The Telegraph reported.
Delhi Cabinet minister Atishi on Friday said the Aam Aadmi Party (AAP) is worried about the security of Chief Minister Arvind Kejriwal in Enforcement Directorate (ED) custody.
Private sector lenders have been communicating to their customers about their strong capital positions but it has not put depositors at ease.
The Congress is banking on decisions like reducing electricity tariff and fuel prices, taken during current CM Charanjit Singh Channi's 111-day tenure.
Bankers said on Friday interest rates are likely to be stable in the short term as the liquidity position in the country is comfortable. "Interest rates look stable for the time being... at least till April," O P Bhatt, chairman of State Bank of India, told reporters on the sidelines of Finance Minister P Chidambaram's meeting with bankers in New Delhi.
It has registered 2,000-plus money laundering cases and about 12,000 forex violation ones in the 14 years since it was established. Yet, its probes have resulted in no more than 13 convictions from nine cases of money laundering since 2005.
Bankers see stable interest rates in near future but are worried about the spiralling global oil prices that is exerting pressure on domestic prices and exchange rate.
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