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PNB scam a civil transaction, being blown out of proportion: Nirav Modi
Posted on 5th January 2019
Nirav Modi, a prime accused in the multi-crore PNB fraud case on Saturday said that he has done nothing wrong and that the scam was a "civil transaction" which is now being blown out of proportion.

Modi, on Saturday, filed a response before the PMLA court opposing the Enforcement Directorate's complaint to have him declared a "fugitive economic offender" under the Fugitive Economic Offenders Act.

PNB decides national anthem will be sung at every Annual General Meeting
Posted on 26th December 2018
After being ravaged by the Nirav Modi scam earlier this year, public sector lender Punjab National Bank (PNB) has decided that the national anthem will be sung in its Annual General Meetings (AGM) and Extraordinary General Meetings (EGM), which are held for discussing and approving key decisions by shareholders.

PE Play: Carlyle eyes PNB’s stake in PNB Housing Finance
Posted on 19th December 2018
Carlyle Group is seeking to double its holding in mortgage lender PNB Housing Finance, people familiar with the matter said, reversing an earlier attempt to pare its stake in the company.

The US private equity firm is considering buying Punjab National Bank’s (PNB) shares in PNB Housing, which would give it a controlling stake, the people said, asking not to be named as the information is not public.

PNB-led consortium takes Shriram factory possession
Posted on 8th December 2018
Punjab National Bank (PNB) on Friday said a consortium led by it has taken the symbolic possession of the factory of Leitwind Shriram Manufacturing (LSML), a Shriram group company, in Chennai to recover Rs 600-crore loans the company has availed of.

Leitwind Shriram Manufacturing, according to PNB, had availed of credit facilities to the tune of Rs 600 crore from a consortium.

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.

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