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PNB shares tank after lender detects another fraud
Posted on 8th July 2019
MUMBAI: Shares of Punjab National Bank (PNB) slumped over 7% on Monday after the lender was hit by yet another fraud, this time by Bhushan Power & Steel Ltd.

At 9.30 am, the stock was at ₹75.80 on BSE, down 5.57% from its previous close. It opened at ₹76.30 and touched a low of ₹75.80 or 7.3% lower. So far this year the stock fell 1.9%.

PNB fraud: Singapore High Court orders freezing bank account of Nirav Modi’s family
Posted on 2nd July 2019
The Singapore High Court has ordered freezing of bank deposits worth ₹ 44.41 crore, kept in that country by Punjab National Bank (PNB) fraud accused Nirav Modi’s sister and brother-in-law, as part of a money laundering probe in India, the ED said on Tuesday.

Cheap loans: ICICI Bank, PNB, Central Bank cut lending rates
Posted on 2nd July 2019
ICICI Bank, Punjab National Bank and Central Bank of India on Monday cut their marginal cost of funds-based lending rates (MCLRs) across tenures for the first time after the Reserve Bank of India (RBI) lowered the repo rate by 25 bps to 5.75% in June.

ICICI Bank, the country’s second largest private bank by assets, cut its one-year MCLR — the benchmark for most customer loans — by 10 bps to 8.65%. While the MCLR for shorter periods now stands at 8.60% for six months, 8.45% for three months, 8.40% for one month and overnight lending.

PNB fraud case: Nirav Modi to appear via videolink from prison for UK hearing
Posted on 27th June 2019
London: Fugitve diamantaire Nirav Modi is set to appear via videolink from prison for a routine remand hearing before Westminster Magistrates’ Court in London on Thursday.

The 48-year-old, who has been lodged at Wandsworth prison in south-west London since his arrest in March in connection with the nearly USD 2 billion Punjab National Bank (PNB) fraud and money laundering case,

PNB fraud case: UK High Court denies bail to Nirav Modi, to stay in jail
Posted on 12th June 2019
The UK High Court on Wednesday denied bail to diamond merchant Nirav Modi, who is fighting his extradition from Britain to India in the nearly USD 2 billion Punjab National Bank (PNB) fraud and money laundering case.

Judge Ingrid Simler at the Royal Courts of Justice said that there are substantial grounds to believe that Modi will fail to surrender. Moreover, the judge felt that there could be interference with the witnesses and obstruction of justice.

PNB remains upbeat despite incremental slippages of Rs 12,000 crore projected for FY20
Posted on 30th May 2019
Punjab National Bank has tagged the current financial year as one of ‘growth and profitability’, though the bank continues to remain troubled on the asset quality front with a projection of Rs 12,000 crore as incremental slippages for FY20.

The bank’s total fresh slippages stood at Rs 16,616 crore in FY19 against Rs 40,672 crore in FY18. As for Q4FY19, the bank’s slippages stood at Rs 5,130 crore. One large account that slipped during the last quarter was the bank’s Rs 1,600 crore exposure to IL&FS.

PNB Q4 loss at ₹4,750 crore; NPAs decline
Posted on 29th May 2019
Punjab National Bank (PNB) on Tuesday reported a narrowing of its loss by nearly 65% to ₹4,750 crore during the fourth quarter of the fiscal ended March 2019 even after making adequate provisions towards the Nirav Modi fraud and non-performing assets (NPAs).

PNB posts net loss of Rs 4750 cr in Q4 on higher provisioning for bad loans
Posted on 28th May 2019
Delhi-based Punjab National Bank has posted a net loss of Rs 4750 crore in the fourth quarter of 2018-19 on account of higher provisioning for bad loans, as per the official results announced on Tuesday.

The net loss for PNB in the same period of last financial year stoof at Rs 13,417 crore which was mainly due to reporting of fraudulent loans worth over Rs 14,000 crore to group of companies belonging to Nirav Modi and Mehul Choksi.

Big PSU bank merger on cards if Modi wins 2019 election; PNB may merge these banks with itself
Posted on 22nd May 2019
The government is planning to merge state-run Punjab National Bank with two other PSU banks — Oriental Bank of Commerce, Andhra Bank and Allahabad Bank after the new administration is in place following the 2019 Lok Sabha elections, Reuters reported citing unidentified sources. This is in a bid to keep 5-6 larger banks in the country, which the ruling Narendra Modi-government has been advocating for some time.

PNB scraps housing finance arm deal with Varde, General Atlantic
Posted on 17th May 2019
Punjab National Bank (PNB) on Thursday said it has terminated the share purchase agreements (SPAs) made with Varde Holdings and General Atlantic for a 13% stake sale in PNB Housing Finance, which was announced on March 29.

According to latest shareholding pattern on the BSE, PNB holds a 32.79% stake in the housing finance firm. Had the deal gone through, PNB’s stake would have reduced by 13% to 19.79%.

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