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PNB fraud case: Bank employee got Rs 1 crore bribe in cheque, says CBI
Posted on 17th May 2018
MUMBAI: In the second chargesheet submitted in the Punjab National Bank (PNB) fraud case, the CBI has alleged that the bank’s retired deputy manager Gokulnath Shetty had received Rs 1 crore as illegal gratification for being part of the conspiracy.

The chargesheet alleged that the bribe amount was routed through one Debajyoti Dutta, proprietor of M/s Rishika Financials, now a witness in the case.

NPA provisioning to hit PNB results; to report loss of Rs 27 billion in Q4
Posted on 15th May 2018
Like many public-sector banks (PSBs) that have announced their March 2018 (Q4) results so far, Punjab National Bank (PNB) too is expected to report losses but of a higher magnitude. Besides higher slippages (loans turning bad) due to the Reserve Bank of India’s (RBI) new non-performing assets (NPAs or bad loans) rules and mark-to-market (MTM) provisioning for depreciation in value of government bonds due to higher yields, provisioning for the Rs 135 billion fraud reported in February is expected to have led to the poor performance in Q4.

​Punjab National Bank relies on artificial intelligence to check frauds
Posted on 7th May 2018
NEW DELHI: Punjab National Bank on Sunday said it plans to rely on artificial intelligence (AI) for reconciliation of accounts and incorporate analytics for improving audit systems as it seeks to clean up the process after the massive fraud involving Nirav Modi and Mehul Choksi.

PNB Housing Finance net profit rises 36% to Rs 2.2 billion
Posted on 4th May 2018
PNB Housing Finance has posted growth of 36 per cent in its net profit to Rs 2.2 billion in the March quarter from Rs 1.5 billion during the corresponding quarter of the previous financial year.

On an annual basis, the housing company’s net profit increased 58 per cent to Rs 8.3 billion at the end of 2017-18, from Rs 5.23 billion at the end of 2016-17.

Punjab National Bank eyes 11% growth in total business to Rs 12 trillion
Posted on 2nd May 2018
Punjab National Bank (PNB) on Tuesday said it is eyeing an 11 per cent growth in its total business to Rs 12 trillion in the current fiscal year, despite being hit by a Rs 140 billion fraud four months ago.

“The guidance from PNB leadership for financial year 2018-19 is total business of Rs 12 trillion, which will account for 10.8 per cent year-on-year growth,” PNB said in a press statement. The bank’s total business stood at over Rs 10 trillion in 2017-18.

PNB impounds passports of 150 wilful defaulters
Posted on 21st April 2018
NEW DELHI: Punjab National Bank (PNB), the country’s second-largest public sector lender + , has impounded passports of 150 wilful loan defaulters apart from lodging 37 FIRs against those who are not repaying loans as part of its recovery drive.

“The bank has already declared 1,084 wilful defaulters and published photos of 260 such defaulters in newspapers,” the bank said in a statement.

CBI probing Surya Pharmaceuticals in Rs 6.2 billion bank fraud case
Posted on 18th April 2018

Indian police have launched an investigation into a Delhi-based pharmaceutical company for allegedly defrauding state-run Punjab & Sind Bank and four other banks of 6.21 billion rupees ($94.57 million), police said.

Investigation is continuing, Central Bureau of Investigation (CBI), the federal police, said in a statement on Tuesday. The CBI said the searches were conducted at seven locations and recovered some documents.

PNB scam: India awaiting Hong Kong response on Nirav Modi
Posted on 13th April 2018
India is awaiting response from Hong Kong authorities on its request for provisional order of arrest of diamond merchant Nirav Modi, wanted in connection with the PNB loan fraud. Spokesperson of the Ministry of External Affairs, Raveesh Kumar, said India has requested the Hong Kong authorities to surrender Modi, based on the extradition agreement for surrender of fugitive offenders signed between the two sides in 1997.

SIT probe into PNB scam? Supreme Court to hear plea today
Posted on 9th April 2018
The Supreme Court will hear petition filed by a lawyer seeking SIT investigation into the alleged Rs 13,000 crore Punjab National Bank (PNB) scam on Monday, ANI reported. Already, non-bailable warrants (NBW) have been issued against prime accused billionaire diamond merchant Nirav Modi and his uncle and co-accused Mehul Choksi by the Central Bureau of Investigation on Sunday. A special court in Mumbai had issued warrants against the two yesterday.

Punjab National Bank: Not collated data on one-time settlement scheme recoveries
Posted on 4th April 2018
Punjab National Bank (PNB), the country’s second-largest public sector bank, has said it has not been collating data on recoveries made under its one-time settlement (OTS) scheme for small-ticket loans.

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