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Punjab National Bank

Punjab National Bank Fundraise News Boosts Stock; Hits 52-Week High | Stock Market News

Punjab National Bank Fundraise News Boosts Stock; Hits 52-Week High | Stock Market News

Fri, Dec 29, 2023

Punjab National Bank (PNB) shares surged in morning trade after announcing a Rs 7,500 crore capital raise plan. The stock jumped to a new 52-week high of Rs 96.55 but later retreated amidst profit booking. Analysts foresee potential further gains, with targets of Rs 110 if the stock surpasses Rs 100 on closing basis.

Exclusive: In conversation with SS Mallikarjuna Rao, MD and CEO, PNB

Exclusive: In conversation with SS Mallikarjuna Rao, MD and CEO, PNB

Fri, Dec 06, 2019

In conversation with SS Mallikarjuna Rao, MD and CEO of Punjab National Bank. To know more watch the video

PNB's NPA slippages will be restricted within Rs19,000 crore levels by end of this fiscal year: SS Mallikarjuna Rao, MD & CEO

PNB's NPA slippages will be restricted within Rs19,000 crore levels by end of this fiscal year: SS Mallikarjuna Rao, MD & CEO

Fri, Nov 08, 2019

The accounts that turned up to be an NPA account and added to the slippage in this quarter include Jet Airways. Besides, the retail, agriculture and MSME (RAM) has a contribution of around Rs3,000 crore to the slippage of the quarter. Thus, total slippage stands around Rs11,000-12,000 crore in the first half of the year.

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With debt hitting Rs 2,244 cr mark, Moser Baer Solar assets put on block

With debt hitting Rs 2,244 cr mark, Moser Baer Solar assets put on block

Wed, Apr 25, 2018

The resolution professional for Moser Baer Solar has invited bids for assets of the renewable energy company that owes Rs 2,244 crore to eight lenders as on March 8.

Bhushan Steel sale: Liberty House back in race; UltraTech hopes up too in Binani Cement case

Bhushan Steel sale: Liberty House back in race; UltraTech hopes up too in Binani Cement case

Tue, Apr 24, 2018

Liberty House Group Pte had earlier filed an application with the NCLT with a prayer to declare illegal, a decision of the CoC of Bhushan Power and Steel which had refused to entertain an application for resolution plan submitted by Liberty in February.

PNB scam: Govt intervenes in Nirav Modi firms' bankruptcy case in US

PNB scam: Govt intervenes in Nirav Modi firms' bankruptcy case in US

Sun, Apr 22, 2018

Diamond merchants Nirav Modi and his uncle Mehul Choksi are alleged to have perpetrated the country's biggest banking sector scam at Punjab National Bank, mainly by way of issuance of fraudulent Letters of Undertaking ( LoUs ). Against the backdrop of multi-agency probe into the case, Chaudhary said that some Nirav Modi firms filing for bankruptcy in the US would jeopardise the interests of Punjab National Bank

Nirav Modi fraud: PNB move Hong Kong court; plans legal action in others countries

Nirav Modi fraud: PNB move Hong Kong court; plans legal action in others countries

Sun, Apr 22, 2018

PNB plans to approach other jurisdictions where Nirav Modi and his associates have assets and properties as part of recovery process, a senior PNB official said. Hong Kong authorities have been approached and recovery writ has been filed against companies of Nirav Modi, the official said without disclosing other details.

'Name and shame' campaign: Under 'Mission Gandhigiri', PNB targets Rs 150 cr/month recovery from defaulters

'Name and shame' campaign: Under 'Mission Gandhigiri', PNB targets Rs 150 cr/month recovery from defaulters

Sat, Apr 21, 2018

The state-owned lender, which has been at the receiving end of the over Rs 13,000 crore fraud involving diamond merchants Nirav Modi and Mehul Choksi, today said it is intensifying the initiative, amid rising concerns over non-performing assets in the banking system. Under 'Mission Gandhigiri', a recovery mechanism launched by PNB in May 2017, a team visits the borrower's office or residence and sits there silently

From bad to worse, S&P Global Ratings sends warning on Indian banks situation

From bad to worse, S&P Global Ratings sends warning on Indian banks situation

Fri, Apr 20, 2018

In a report titled 'India's Banks Are Bracing For Weak Fiscal 2018 Results', S&P said it believes that at a system level the ratio of stressed assets is realistically around 13-15 per cent, compared with 12.3 per cent in the first half of fiscal 2018.

PNB fraud case: Now, Nirav Modi firm Firestar under US scanner

PNB fraud case: Now, Nirav Modi firm Firestar under US scanner

Mon, Apr 16, 2018

US bankruptcy court is the latest addition to the list of entities that have launched an investigation into the over $2-billion fraud involving now fugitive Nirav Modi and some employees of Punjab National Bank (PNB).

Raghuram Rajan says don't need to be clever in Indian system to make away with billion dollars

Raghuram Rajan says don't need to be clever in Indian system to make away with billion dollars

Thu, Apr 12, 2018

On demonetisation, Rajan rejected the claim that the Reserve Bank of India had not been consulted by the government before it went on to declare 1,000 and 500-rupee currency notes as illegal tender in November 2016. He, however, reiterated that the move to cancel 87.5 per cent of the currency value was "not a good idea".

PNB fraud case: Scam-hit bank refused CVC's advice against its corrupt staff

PNB fraud case: Scam-hit bank refused CVC's advice against its corrupt staff

Tue, Apr 10, 2018

PNB fraud case: The non-compliance of the advice has been mentioned in the CVC's annual report for 2017 tabled in Parliament recently. The report comes at a time when the bank is facing multiple agency probe in the over Rs 13,000 crore loan fraud allegedly committed by billionaire jeweller Nirav Modi and his uncle, Mehul Choksi, the promoter of Gitanjali Gems

PNB fraud case: Bank hires lawyers to represent itself in bankruptcy proceedings of Nirav Modi firm in US

PNB fraud case: Bank hires lawyers to represent itself in bankruptcy proceedings of Nirav Modi firm in US

Sun, Apr 08, 2018

Firestar Diamond approached a bankruptcy court in New York court in February. "We have just engaged lawyers to represent our bank in the US bankruptcy petition as part of recovery process. If money has gone from our system and parked in that company, our bank's views should be heard before deciding about insolvency petition," PNB Managing Director Sunil Mehta told PTI in an interview.

PSBs privatisation: Here is what Nobel laureate Muhammad Yunus has to say

PSBs privatisation: Here is what Nobel laureate Muhammad Yunus has to say

Sun, Apr 08, 2018

PSBs privatisation: Several experts, including Chief Economic Advisor Arvind Subramanian and former Niti Aayog Vice Chairman Arvind Panagariya, had pitched for privatisation of PSBs after spate of frauds were unearthed in state-owned banks, including over Rs 13,000 crore scam in the Punjab National Bank (PNB). The Bangladesh-based champion of micro-finance Muhammad Yunus also said that ways have to be found to stop frauds in the banking sector

SBI, PNB put 15 NPAs of Rs 1,063 crore on sale

SBI, PNB put 15 NPAs of Rs 1,063 crore on sale

Sun, Apr 08, 2018

SBI and PNB said they will conduct the e-auction on 20th of this month. SBI has put up a total of 12 accounts with total outstanding of Rs 848.54 crore for sale. "...We place these accounts for sale to asset reconstruction companies (ARCs)/banks/NBFCs/financial intuitions," said SBI, the country's largest bank

PNB fraud crisis: Lender rushes to assure, says customers' money safe with us

PNB fraud crisis: Lender rushes to assure, says customers' money safe with us

Mon, Apr 02, 2018

Facing heat over nearly Rs 13,000 crore fraud, Punjab National Bank today said money of customers is safe and asserted that there would be zero tolerance towards unethical practices. Urging customers not to believe in any rumours, the bank assured that they can withdraw or deposit their money any

PNB fraud case: RBI says conducted scrutiny, matter under examination for enforcement action

PNB fraud case: RBI says conducted scrutiny, matter under examination for enforcement action

Sun, Apr 01, 2018

PNB fraud case: Replying to an RTI query, the central bank also said it has been issuing necessary instructions to banks from time to time on a variety of issues of prudential supervisory concern, including the management of operational risks inherent in the functioning of banks. Asked to provide details of action taken by the RBI after receiving input of suspected fraud at PNB and steps being taken to check such recurrences, the banking sector regulator said a confidential circular on time-bound implementation and strengthening of 'SWIFT' related operational controls was issued to public and private banks on February 20

PNB fraud case: ED approaches Interpol to locate Nirav Modi, family

PNB fraud case: ED approaches Interpol to locate Nirav Modi, family

Thu, Mar 29, 2018

PNB fraud case: Nirav Modi, a regular on the lists of rich and famous Indians since 2013, along with his group companies -- Diamond R US, Stellar Diamond and Solar Exports -- and others have been implicated in the Rs 13,500 crore scam which was admitted by the PNB in February, leading to a massive upheaval in the country`s banking system. The CBI in February also approached the Interpol with a request of issuing a Diffusion Notice against Modi to locate him.

Nirav Modi fraud case: PNB agrees to clear all LoU liabilities due till March 31

Nirav Modi fraud case: PNB agrees to clear all LoU liabilities due till March 31

Wed, Mar 28, 2018

PNB`s board today approved payment over the fraudulent guarantees due by end-March to seven banks. It will also honour any subsequent maturing guarantees when they are due, the bank said. "This measure will ensure that India`s banking system at large has the least possible disruption owing to the unfortunate fraud and banking operations will continue to function smoothly," PNB said in a statement.

PNB fraud case: Bank not providing information on Nirav Modi under RTI, says activist

PNB fraud case: Bank not providing information on Nirav Modi under RTI, says activist

Wed, Mar 28, 2018

PNB fraud case: The Punjab National Bank has refused to provide any information pertaining to absconding scamster , diamantaire Nirav Modi, to queries sought under RTI, an activist said here on Tuesday.

CEA Arvind Subramanian pitches for radical reforms in banking sector

CEA Arvind Subramanian pitches for radical reforms in banking sector

Fri, Mar 23, 2018

Pitching for radical reforms in the banking sector, Chief Economic Adviser (CEA) Arvind Subramanian today said that time has come for rethinking on the ownership of public sector banks (PSBs) in India.

Banking crisis in India: S&P has this to say about turnaround

Banking crisis in India: S&P has this to say about turnaround

Wed, Mar 21, 2018

Banking crisis in India: In a report titled 'Will the global economic recovery lift banks in major emerging markets', S&P said government has taken steps by splitting the post of Chairman and Managing Director but more concrete steps would be needed to reform the banks and strengthen their internal control systems.

PNB fraud case: Mehul Choksi refuses to join CBI probe

PNB fraud case: Mehul Choksi refuses to join CBI probe

Tue, Mar 20, 2018

In his latest letter to the CBI dated March 16, Mehul Choksi also mentioned his medical condition, suspended passport, media trial to decline the agency's communication asking him to join the probe. The agency had asked him to appear before it for questioning in connection with first FIR in which Choksi is named as an accused along with his nephew Nirav Modi, Ami Modi, Nishal Modi

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