Punjab National Bank has slashed floating home loan rates to 7.50 per cent for upto 10 years while pegging it at 7.75 per cent for 10-20 year maturity.
The 49-year-old jeweller, fighting extradition to India on charges of fraud and money laundering in the estimated $2-billion Punjab National Bank scam case, has made around six previous attempts at bail at the magistrates' court as well as at the high court level.
For the baning sector, 2018 was a 'Year of Exits' - borrowers fled from the country as loans went kaput and many bank CEOs were forced to leave
A large number of public sector bank employees, as a matter of routine, do not "take" promotions so that they are not transferred out of their hometowns. The eastern region is famous for this, but it is a common practice everywhere, says Shyamal Majumdar.
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.
Three-four big gem and jewellery firms are showing financial weaknesses and might find it tough to withstand shocks
The joint venture of Punjab National Bank, Vijaya Bank, Berger Paints and the United States-based Principal Group has evinced interest to the interim Pension Fund Regulatory and Development Authority for foraying into the green-field sector.
Punjab National Bank has reserved 800,000 shares of its proposed public offer for small investors holding the bank's shares worth up to Rs 100,000.
Punjab National Bank on Tuesday slashed interest rates by 15-30 basis points on non-resident rupee deposits and foreign currency bank deposit schemes.
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.
Punjab National Bank will open representative offices in London, Shanghai and Dubai this fiscal. The London office is expected to be operational by the end of this month, S S Kohli, chairman and managing director, PNB, said.
Nirav Modi, the fugitive diamond merchant wanted in India to stand trial on fraud and money laundering charges, told a UK court on Thursday that he could be in England for years as some ongoing proceedings prevent his extradition. The 52-year-old former billionaire appeared for a hearing at Barkingside Magistrates' Court in east London via video link from Thameside prison in relation legal costs, or fines, amounting to GBP 150,247.00, accrued over his failed extradition appeal proceedings in the London high court. Dressed in a pink prison-issue outfit and sporting a moustache, a plump and bald Nirav addressed the three-member magistrates' bench to reveal that he had complied with the previous court direction to pay in GBP 10,000 per month towards the fines.
Jaitley slammed lack of ethics in certain sections of businesses and said multiple layers of auditing system chose to either look the other way or did a casual job.
Markets regulator Sebi has ordered the attachment of bank accounts and shares and mutual fund holdings of fugitive businessman Mehul Choksi to recover dues totalling Rs 5.35 crore. The latest decision has been taken after Choksi failed to pay the fine imposed on him in October 2022 by Sebi in a case pertaining to indulging in fraudulent trading in the shares of Gitanjali Gems Ltd. Choksi, who was the chairman and managing director as well as part of the promoter group of Gitanjali Gems, is the maternal uncle of Nirav Modi, both of whom are facing charges of defrauding state-owned Punjab National Bank (PNB) of more than Rs 14,000 crore.
Short-term government bonds fell behind longer-dated securities in demand this month so far due to a liquidity crunch in the banking system and expectations of a delay in a rate cut, said market participants. Investors have favoured longer-tenure government bonds, or g-secs, with insurance companies and pension funds leading the charge by stocking up on those with maturities of 30 years and more. Preference for longer-term securities was strengthened by the conclusion of the borrowing programme, which compelled institutional investors to fulfil their requirements in the secondary market.
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.
Punjab National Bank is planning to open a subsidiary in the United Kingdom in a bid to make its presence felt in the international arena.
Sebi on Thursday sent a notice to fugitive businessman Mehul Choksi asking him to pay Rs 5.35 crore in a case pertaining to fraudulent trading in the shares of Gitanjali Gems Ltd and warned of arrest and attachment of assets as well as bank accounts if he fails to make the payment within 15 days. The demand notice came after Choksi failed to pay a fine imposed on him by the Securities and Exchange Board of India (Sebi). Choksi, who was the chairman and managing director as well as part of promoter group of Gitanjali Gems, is the maternal uncle of Nirav Modi.
Punjab National Bank joined hands with the Infrastructure Leasing and Financial Services for setting up a private equity fund for investing in domestic companies mainly in telecom, oil and gas, ports, water supply and surface transport segments.
Lender to acquire 30% after existing shareholders divest stake
Reserve Bank of India on Thursday said 15 large NBFCs, including LIC Housing Finance, Bajaj Finance, Shriram Finance and Tata Sons, will be subject to enhanced regulatory requirements. The central bank has categorised NBFCs into Base Layer (NBFC-BL), Middle Layer (NBFC-ML), Upper Layer (NBFC-UL) and Top Layer (NBFC-TL). A list of 15 large Non Banking Finance Companies (NBFCs) falling in the Upper Layer category has been released.
Noisy protests disrupted the both houses of the Parliament on the first day of the second part of the budget session
The Enforcement Directorate on Wednesday continued raids for the seventh day as it visited 17 locations across the country, including four shell companies in Mumbai, even as the Income Tax department attached assets worth Rs 145 crore in the alleged Rs 11,400-crore Punjab National Bank fraud.
The problem here is that internal auditors are good at accounts, but they are not trained to track foreign exchange transactions
A bench of Justice Vibhu Bakhru, which later decided to hear the matter on Thursday again, also said that the ailing airlines can be allowed to be represented by a lawyer in the proceedings to be conducted by the PSU bank against it.
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.
Punjab National Bank on Friday reported a 21 per cent increase in net profit at Rs 314.27 crore (Rs 3.14 billion) for the quarter ended December 31, 2004 compared to Rs 259.8 crore (Rs 2.59 billion) during the corresponding period last fiscal.
After an extremely stable 2023, the Indian rupee started 2024 on a promising note and has turned out to be the best-performing Asian currency so far in January, appreciating 0.1 per cent despite 2 per cent rise in the dollar index. All other Asian currencies depreciated by around 1.4-4 per cent during the month. The local currency regained its ground against the greenback on the back of foreign portfolio inflows, said market participants.
Housing finance major HDFC and state-run Punjab National Bank on Tuesday announced up to 25 basis points increase in their lending interest rates, making their new and old loans expensive for consumers. The revised rates would be effective from March 1. Mortgage lender HDFC has increased its retail prime lending rate by 25 basis points to a minimum of 9.20 per cent.
Domestic equity markets will be driven mainly by quarterly earnings, global trends, and the movement in crude oil prices in this holiday-shortened week, analysts said. Investors would also keep an eye on the Middle East amid the ongoing Hamas-Israel conflict and the trading activity of foreign investors. Markets will remain closed on Tuesday for Dussehra.
The scheme, touted as a panacea to burgeoning CAD, was a huge flop that fostered a spike in smuggling and allowed several Gitanjali-like players to make a killing
Public sector entities Life Insurance Corporation, UTI AMC, State Bank of India and Punjab National Bank are among the front-runners to become pension fund managers under the new pension system.
The Enforcement Directorate on Wednesday said it has attached in London, Dubai and India assets worth Rs 538 crore of Jet Airways founder Naresh Goyal, his family members and companies as part of a money laundering investigation linked to an alleged bank loan fraud. The attached properties include 17 residential flats, bungalows and commercial premises. Located in London, Dubai and various cities in India, these properties are in the name of various companies like Jetair Private Limited and Jet Enterprises Private Limited, Goyal, his wife Anita, and son Nivaan, the central agency said in a statement.
SBI Q3FY24 result review: A higher-than-factored weakness in the October-to-December quarter (Q3) results of State Bank of India (SBI), for financial year 2023-24 (FY24), has prompted brokerages to cut earnings estimates for the ongoing financial year. They, however, have maintained 'Buy' ratings on the stock, revising target price upwards in some cases, owing to the stock's recent underperformance relative to its peers.
Following are comments from economists at leading financial institutions, banks and rating agencies on the interim Budget:
Public sector banks' cumulative profit crossed the Rs 1 lakh crore-mark in the financial year ended March 2023, with market leader State Bank of India (SBI) accounting for nearly half of the total earnings. From posting a total net loss of Rs 85,390 crore in 2017-18, the Public Sector Banks (PSBs) have come a long way as their profit touched Rs 1,04,649 crore in 2022-23, according to an analysis of their financial results. These 12 PSBs witnessed 57 per cent increase in total profit compared to Rs 66,539.98 crore earned in 2021-22.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances