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PNB’s overseas operations also under fraud cloud
Posted on 19th November 2018
New Delhi: It’s not just jeweller Nirav Modi and his uncle Mehul Choksi who have run away with Rs 13,000 crore of Punjab National Bank’s money. It now turns out that the fraud-hit bank has been robbed of another Rs 271 crore by a group of businessmen in UK using similar modus operandi.

PNB Housing Finance obtains refinance sanction of Rs 3,500 crore from NHB
Posted on 13th November 2018
PNB Housing Finance (PNBHFL) on Monday said it has received a long-term loan sanction of Rs 3,500 crore refinance facility from National Housing Bank. The facility will help PNBHFL boost liquidity as well as improve its asset-liability profile.

In FY18, PNBHFL had accessed Rs 1,500 crore refinance from NHB. NHB’s refinance constituted 7.83% of PNBHFL’s source of funds in FY16, before coming down to 5.36% on September 30, 2018.

PNB Housing Finance gains for 10th straight day; surges 41% from 52-wk low
Posted on 12th November 2018
Shares of PNB Housing Finance were up 5% at Rs 978 per share on the BSE in intra-day trade after the housing finance company said that it has obtained refinance sanction of Rs 35 billion from the National Housing Bank (NHB) in October-2018.

The company said the funds will be utilised for the specific sector wise disbursements/end uses as per norms of the respective NHB refinance schemes.

PNB scam: ED arrests Mehul Choksi's close associate from Kolkata
Posted on 6th November 2018
The Enforcement Directorate on Tuesday arrested Mehul Choksi's close associate Deepak Kulkarni from Kolkata. Kulkarni was arrested after he landed in Kolkata from Hong Kong.

Deepak Kulkarni was the director of Choksi’s dummy firm in Hong Kong. A look out circular was issued against him by ED and CBI earlier.

Punjab National Bank posts net loss of Rs 4,532 crore in Q2, provisions soar 300%
Posted on 3rd November 2018
Punjab National Bank (PNB), the country’s second-largest public sector lender on Friday reported a net loss of Rs 4,532 crore in the September quarter of FY19, against a net profit of Rs 561 crore a year ago as provisions soared 300% on a year-on-year (y-o-y) basis to Rs 9,758 crore.

PNB Housing raises Rs 17.75 bn in commercial paper from MFs, banks
Posted on 22nd October 2018
PNB Housing Finance Ltd has raised Rs 17.75 billion through Commercial Papers (CP) by placing it with mutual funds and banks, amid tight liquidity and an over-cautious approach to investment into paper floated by finance companies.

Housing finance company in a statement said it raised money in the current month. But, did not specify interest rate it agreed for raising money. Funds were raised at competitive rates, it added.

PNB sells credit card outstandings worth 3% of its card portfolio
Posted on 12th October 2018
Punjab National Bank (PNB) sold non-performing credit card outstandings worth over 3% of its portfolio in the category in September, according to people aware of the development. Outstandings worth Rs 8.77 crore were put on sale out of a total outstanding of Rs 280 crore in the credit card segment.

It could not be immediately ascertained who bought the portfolio and at what price.

Amalgamation not on cards, focus on internal consolidation, says PNB MD
Posted on 8th October 2018
Ruling out the possibility of inorganic expansion, Punjab National Bank (PNB) Managing Director Sunil Mehta said the bank is currently focussed on internal consolidation and making it financially healthy.

With Rs142 billion Nirav Modi episode getting out of scene, the bank is focussing on growth and recovery of bad loans, he told PTI.

PNB scam: ED attaches jewellery, bank accounts of Nirav Modi and family worth Rs 637 crore
Posted on 1st October 2018
The Enforcement Diretorate on Monday attached properties and bank accounts of Nirav Modi and his family members worth Rs 637 crore concerning with the infamous Punjab National Bank.

"ED attaches Rs 637 crore worth of assets of Nirav Modi and family in India and four other countries in PNB fraud case", an official told PTI.

PNB to seek Rs 5,431-crore capital infusion from govt
Posted on 27th September 2018
Punjab National Bank (PNB) on Wednesday said it planned to seek Rs 5,431 crore capital support from the government a day after Finance Minister Arun Jaitley assured state-owned banks of all support from the government.

The meeting of the bank’s board will take place on Thursday for considering infusion of Rs 5,431 crore by the government by way of preferential issue of equity share and fixing date of extra-ordinary general meeting (EGM)

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