New Delhi: Punjab National Bank (PNB), one of the leading public sector banks on Wednesday has stated that it has chosen to put more than 4,000 properties on e-auction all over India as portion of its loan recovery effort, reported by IANS.
As per the bank, activity under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act (SARFAESI) will offer assistance in accomplishing recovery of Rs 26,000 crore amid current Financial Year 2018-19.
The government is weighing the possibility of the next phase of consolidation in the public sector banking space by amalgamating three lenders —Punjab National Bank (PNB), Oriental Bank of Commerce (OBC) and Punjab & Sind Bank (P&SB), sources told FE.
“An inter-ministerial group (called Alternative Mechanism) under Union minister Arun Jaitley will take a final call on this plan.
Mehul Choksi, one of the key architect of the Rs 14,000 crore PNB fraud has surrendered his Indian citizenship. Absconding Choksi is currently in Antigua where he took citizenship last year. He has deposited his Indian passport to the Antiguan authorities. Passport number Z. 3396732 has been deposited with cancelled pages. He has also deposited the mandatory $177 dollar for leaving Indian citizenship.
The Central government has removed two Punjab National Bank (PNB) Executive Directors -- Sanjiv Sharan and K.Veera Brahmaji Rao -- for the lapses in the Rs 13,500 crore fraud allegedly perpetrated by absconding diamantaire Nirav Modi.
The PNB has intimated the action to the stock exchanges on Friday.
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.
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.
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.
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.
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 (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.
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