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.

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 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 (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.

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.

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.

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.

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 (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.

Facing heat over nearly Rs 13,000 crore scam, Punjab National Bank today said money of customers is safe and asserted that there would be zero tolerance towards unethical practices.

Urging customers not to believe in any rumours, the bank assured that they can withdraw or deposit their money anytime.

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.