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mystery looms letter to bs on punjab national bank s rs 114 bn scam - Search

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mystery looms: letter to bs on punjab national bank's rs 114 bn scam




this refers to “rs 114bn scam: pay up dues to banks for claims against lous, rbi tells pnb” (february 16). pnb has issued letter of undertakings (lous) and not letter of credit or letter of guarantee. an lou does not contain a financial commitment. it is at best a letter of comfort. an lou does ...



news digest: pnb recap, nirav modi in dgft dock, modicare, and more




pnb 114 billion scam: govt weighs bank's recapitalisation hike the recapitalisation amount earmarked for punjab national bank (pnb) by the centre is set to increase with the unravelling of the rs 114 billion letters of undertaking (lous) scam. pnb’s performance metrics are also being reviewed to s...



news digest: 3 held in pnb scam, india and iran ink 9 agreements, and more




1. pnb scam: special court remands all three accused to cbi custody till mar 3the central bureau of investigation (cbi) has arrested a former and a current employee of punjab national bank (pnb) and one executive of the nirav modi group of companies in connection with a rs 114 billion fraud at the b...



pnb scam: uco bank has $412 mn in exposure to fraudulent transactions




india's state-run uco bank said it has $411.82 million in exposure to fraudulent transactions carried out at punjab national bank (pnb).also read: nirav modi scam at pnb: other banks also involved, alleges mamata banerjee pnb, india's second-largest state-run lender, said on wednesday that it had de...



rs 114-bn pnb scam: govt seeks rbi's view on lapses in banking system




the union government has shot off a letter to the reserve bank of india (rbi) on the alleged rs 114-billion punjab national bank (pnb) scam, asking whether at any stage the banking regulator had detected the fraud, involving letters of undertaking (lous) issued to foreign branches of indian banks on...



nirav modi scam: crisil puts punjab national bank's ratings under watch




rating agency crisil has put the scam-ridden punjab national bank's ratings on 'watch', following the rs 114 billion fraud detected by the lender at one of its mumbai branches. the fraudulent transactions were carried by the diamond jeweller nirav modi and his companies by acquiring fraudulent lette...



rs 114-bn pnb fraud happened due to failure of internal controls: rbi




the reserve bank today said it has already undertaken an assessment of control systems at scam-hit punjab national bank and will take "appropriate supervisory action". the country's second largest state-run lender has been rocked by a rs 11,400-crore fraud allegedly involving billionaire diamantaire...



scam worth rs 110 bn: pnb detects fraud transactions; stock price drops 7%




in what may turn out to be one of the biggest scams in indian corporate history, punjab national bank has detected fraudulent transactions worth around rs 110 billion from one of its mumbai branch allegedly by diamond merchant nirav modi, his relatives and business partner mehul choksi during this y...



auditors must also be sent to jail for pnb scam: letter to bs




letter of undertakings (lous) issued by the punjab national bank (pnb) are said to be a fund-based facility. the lous issued by pnb and outstanding money collected thereon, and foreign exchange paid against the lous by other banks abroad at the end of each financial year should have been reconciled ...



pnb fraud: why india's banking system is flawed and how we can fix it




to the collective dismay of the public, there is one more bank scam, which, not surprisingly, involves a public sector bank (psb) — punjab national bank. nirav modi, a flamboyant jeweller, and his uncle mehul choksi (a one-time favourite of foreign institutional investors) have allegedly pulled of...



scam-hit pnb says it has transferred 1,415 employees since feb 19




state-owned punjab national bank, which is hit by “letter of undertaking” fraud, has transferred over 1,400 employees since february 19, 2018 following advisory from central vigilance commission (cvc). the delhi-based lender claimed these transfers were made as per prevailing rotational transfer...



pnb's fy17 fund-based exposure to jewellery sector at 0.6% of loan book




punjab national bank (pnb) that has been at the centre of the rs 114 billion fraud perpetrated by nirav modi had a fund and non-fund based exposure (as a percentage of loan book) at 0.6% and 0.1% respectively in fy17, suggests a recent edelweiss securities report on the sector co-authored by kunal s...



nifty ends below 10,500, sensex down nearly 300 pts; psu banks crack 2%




pnb scam won't affect recap plan, bank can take rs 114-bn hit: govt sources   the finance ministry sources on friday said that punjab national bank (pnb) is fully capable of taking the entire hit of rs 114 billion fraud.   the state-owned corporation, which had earlier detected a $1.77 billion sca...



rs 114-bn pnb scam: auditor deloitte seeks answers from nirav modi company




deloitte touche tohmatsu india llp, the auditor to nirav modi’s holding firm firestar international pvt ltd (fipl), has sought more information from the company after it came to light that modi companies had defrauded punjab national bank of rs 114 billion. according to a source close to the devel...



pnb scam: cbi scans balance sheets of 18 mehul choksi's gitanjali branches




the cbi is examining balance sheets of 18 india-based subsidiaries of the gitanjali group of companies promoted by mehul choksi to understand the money trail of funds taken from various banks on the basis of rs 113 billion of guarantees furnished by the punjab national banks, officials said on sunda...



pnb fraud: submit concrete plan to pay dues, lender tells nirav modi




punjab national bank on thursday told nirav modi, one of the prime accused in the rs 114 billion letters of undertaking (lous) fraud, to submit “a concrete and implementable plan” to clear his liabilities. responding to a recent letter from the billionaire diamond jeweller, the scam-hit bank sai...



rs 114-billion pnb fraud: finmin to meet bankers to resolve payment issue




the finance ministry will soon call a meeting of top officials of scam-hit punjab national bank and other lenders to amicably resolve the issues concerning payment liabilities of rs 114 billion arising from the alleged fraud, sources said. india's second-largest bank pnb has said it will honour all ...



news digest: pnb fraud, vinod rai's exit, chandra's 2nd year, and more




rs 114-bn pnb scam: govt seeks rbi's view on lapses in banking system the union government has shot off a letter to the reserve bank of india (rbi) on the alleged rs 114-billion punjab national bank (pnb) scam, asking whether at any stage the banking regulator had detected the fraud, involving lette...



pnb fraud: nirav modi blames bank's 'haste' for fiasco; top 10 developments




nirav modi knows who's to blame for the losses faced by public-sector lenders due to the rs 114-billion scam at punjab national bank (pnb). according to the absconding businessman, it's pnb and its "haste" that are to blame. modi reportedly wrote to banks, saying that the firms controlled by him wer...



rs 114-bn pnb fraud case: axis bank says 'sold down' lou transactions




axis bank today said it is an active participant in the secondary market for transactions against letters of undertaking and it "sold down" certain such dealings with punjab national bank. referring to media reports about certain buyer's credit transactions with pnb, which is at the centre of a rs 1...



govt appoints executive directors in pnb, 8 other psu banks




the government has approved the appointment of executive directors (eds) for nine public sector banks.bajrang singh shekhawat has been appointed executive director of central bank of india, an order issued by the department of personnel and training (dopt) read.he is at present a general manager (gm...



come up with implementable plan to repay dues: pnb to nirav modi




scam-hit punjab national bank (pnb) today asked billionaire diamond jeweller nirav modi to come up with a concrete and implementable plan to settle the loss caused to it by fraudulent issuance of letter of undertakings (lou) through one of its branches.pnb said this in its response to a mail written...



nirav modi punches rs 113-bn hole in pnb through fraudulent transactions




in what may turn out to be one of the biggest scams in the country’s corporate history, delhi-based punjab national bank (pnb) said on wednesday it has been defrauded about rs 113 billion by globally renowned jeweller nirav modi and his relatives through a clutch of companies they own. the second-...



scam-hit punjab national bank says enough arrangements for customers




embroiled in a major fraud, state-owned pnb today assured all its customers that "enough arrangements" for their banking transactions without any inconvenience, and it has sufficient assets to meet any liability. replying to clarifications sought by stock exchanges, the punjab national bank (pnb) sa...



rate sensitive stocks trade weak post rbi policy




sbi, union bank of india, bank of baroda, punjab national bank and icici bank were down in the range 1% to 2%.