According to ED sources Sunil Mehta said the fraud took place due to "systemic failure" and "procedural lapses", owing to lack of interface or proper links between the core banking software and the SWIFT interbank messaging system.
Firestar Diamond, which on its website states that its operations span the US, Europe, the Middle East, the Far East and India, blamed liquidity and supply chain challenges.
With a UK court ruling in favour of the extradition of fugitive diamond merchant Nirav Modi, wanted in India on charges of fraud and money laundering in Punjab National Bank (PNB) scam case, Mumbai's Arthur Road jail has kept a special cell ready to lodge him, an official said on Friday.
Liquor tycoon Vijay Mallya on Friday made an urgent application before the UK High Court seeking access to millions of pounds to cover his living expenses and legal fees from funds held with the Court Funds Office as part of bankruptcy proceedings, initiated by a consortium of Indian banks led by the State Bank of India. Deputy Insolvency and Companies Court Judge Robert Schaffer declined to allow a draw down from the court-held funds of an estimated amount of around 1.5 million pounds, accrued from the sale of Mallya's French luxury property Le Grand Jardin earlier this year, until further arguments in the case. However, he did allow the release of 240,000 pounds plus VAT to cover the legal costs of a substantive hearing in the bankruptcy proceedings scheduled for next Friday.
The average rank of India's largest companies slipped from 1,257 to 1,276
The government, on its part, is seeking to counter the opposition's offensive by bringing the Fugitive Economic Offenders Bill.
After a meeting of banks on Friday on ways to make funds available immediately, a source in the know said lenders other than SBI and Punjab National Bank had not come on board so far to chip in with their funds.
State owned banks SBI and PNB were the top Nifty gainers along with ICICI Bank and auto shares.
Sensex catapults 1,241 points and Nifty vaults 382 points in two sessions in a row.
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.
PNB issued a formal appointment letter to Belgium-based consultancy firm BDO
Lending rates in certain segments may be increased; fixed depositors may lock into existing rates.
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.
PNB has slashed the floating home loan rates to 8.5 per cent from February 10.
Snapping its declining trend, retail inflation rose to a three-month high of 5.55 per cent in November on firming food prices, including vegetables and cereals, though it remains within the RBI's comfort zone of less than 6 per cent. Inflation based on the Consumer Price Index (CPI) was 4.87 per cent in October and 5.88 per cent in November 2022, the government data released on Tuesday showed. The previous high was 6.83 per cent in August and inflation had been on a decline since then.
The government is planning to extend the electronic modes of tax payment to its own payments platform, Unified Payments Interface (UPI), credit cards of banks, or even a mobile wallet like Paytm.
Could the MPCE survey results be used as a basis of reconstructing the Consumer Price Index with new weights, asks Madan Sabnavis.
In the atmosphere created by the reaction to the PNB fraud and RBI's resolution framework, "don't lend, don't resolve" is bound to become the bankers' new mantra, says T T Ram Mohan.
Modi is the second businessman after liquor tycoon Vijay Mallya to be declared a fugitive economic offender under provisions of the Fugitive Economic Offenders (FEO) Act which came into existence in August last year.
A section of analysts feel now may not be a bad time to buy select PSBs.
Metal stocks fell on Tuesday, with the S&P BSE metal index sliding 2.8 per cent compared to the 0.64 per cent fall in the benchmark S&P BSE Sensex
Corporate ministry documents show that the Siva's firm kept taking loans from public sector banks like State Bank of India, Punjab National Bank which gradually turned to bad loans.
All these companies were provided loans by PNB as part of consortium lending.
'Modi wants to reverse everything Nehru did, but is shy of touching his daughter's most unwise policies.' 'There is no example of this more stark than bank nationalisation,' says Shekhar Gupta.
The total direct tax collection stands at a little over Rs 9 trillion, giving the taxman just few days to reach the 2018-19 revised target of Rs 12 trillion., reports Shrimi Choudhary.
The 30-share Sensex ended higher by 177.46 points at 28,885.21 and the Nifty gained 63.90 points at 8,778.30.
If a name does not unify the three, there could be continued clash of identities, which could splinter the brand even before it takes shape, say Abhijit Lele and Nikhat Hetavkar.
Former managing director of Maruti Suzuki India, Jagdish Khattar, passed away on Monday morning following a cardiac arrest, according to people close to him. Khattar (79), a former bureaucrat, was considered as one of the most high profile leaders of the Indian automotive industry, laying the foundation for Maruti's future growth after the government began its disinvestment in 2002 and gradually exited from its joint venture with Suzuki Motor Corporation (SMC). He had joined the then Maruti Udyog Ltd in July 1993 as director (marketing) and went on to become executive director (marketing) in the next six years.
For the week, the Sensex recorded a gain of 131.39 points, or 0.38 per cent; while Nifty gained 38.75 points, or 0.37 per cent.
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
Market leaders in this line of business - New India Assurance and Tata AIG - have begun to reassess the premium on risk exposure of their portfolio in the director's and officer's liability business.
Analysts say loan growth, Casa ratio and exposure to sectors under pressure did not indicate any stress at United Bank.
Jugraj made his International debut against France during the FIH Hockey Pro League matches in South Africa
The Dominica high court has granted bail to fugitive diamantaire Mehul Choksi, allowing him to travel to Antigua and Barbuda for treatment of his neurological condition, local media there reported. The high court has granted a consent order permitting Choksi to go to Antigua, where he has been staying as a citizen since 2018 after he left India, after depositing Eastern Caribbean Dollars 10,000 (approximately Rs 2.75 lakh as per exchange rate) as bail money, Antigua Breaking News reported. The court has also stayed the ongoing trial before a magistrate for his alleged illegal entry into Dominica on May 23, it said.
Choksi, along with his nephew and millionaire designer jeweller Nirav Modi, is being investigated by the ED for allegedly defrauding PNB, the country's second largest lender.
But the 30-share Sensex rose by 141.52 points, or 0.41 per cent, to close at 34,297.47. The broader NSE Nifty gained 44.60- points, or 0.42 per cent, to end at 10,545.50 after touching a high of 10,618.10.
Glimpses of havoc caused by flooding in Kullu, Patiala and Chandigarh due to incessant rain on Monday, July 10, 2023.
'There is a law that prevents the government from diluting its equity in the PSBs below 50 per cent.' 'That law has to be amended and given the parliamentary arithmetic of the political parties, it is not as simple to do that.'
The Indian High Commission in London on Thursday welcomed the Westminster Magistrates' Court ruling in the extradition case of diamond merchant Nirav Modi, wanted in India to stand trial on charges of fraud and money laundering related to the Punjab National Bank (PNB) letters of undertaking (LoUs) scam case. A senior diplomat at India House said the judgment, which found a prima facie case against the accused, paves the way for the government of India and the high commission officials to liaise with the UK authorities on the next stages of the procedural matters for his early extradition to India. "The judgment paves the way for the government of India, including the High Commission of India in London, to liaise with the UK authorities on the procedural matters," said the diplomat at the High Commission. "As with previous extradition cases, we will press on with the next steps," he said.
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