Punjab National Bank (PNB) on Tuesday said there is no proposal to change the name of the bank following the merger of two other public sector lenders Oriental Bank of Commerce (OBC) and United Bank of India (UBI) with itself.
The scrip plunged 5.06 per cent to close at Rs 64.75 on the BSE. During the day, it tumbled 5.71 per cent to Rs 64.30.
Punjab National Bank (PNB) on Monday said the board will consider capital infusion of up to Rs 18,000 crore in its meeting later this week. It comes against the backdrop of the government's announcement on August 30 about merging 10 public sector banks into four entities, as part of which PNB will merge Oriental Bank of Commerce (OBC) and United Bank of India (UBI) with itself.
Leading state-owned lender Punjab National Bank and Allahabad Bank on Tuesday announced linking of their retail loans with the Reserve Bank's repo rate, which will make loans cheaper.
The Antigua and Barbuda government will extradite fugitive businessman Mehul Chokshi to India soon, confirmed the Island nation's Prime Minister Gaston Browne.
The central bank alleged that the accused willfully and deliberately gave false information in their compliance report and the PNB's core banking system was not integrated with the applications and there was no online integration of SWIFT with the RBI's Core Banking Solution.
So far this fiscal year, the once-second largest lender had made recoveries worth Rs 16,600 crore from bad loans.
PNB, which which was involved in a Rs 14,356-crore scam by Nirav Modi, had reported net profit of Rs 230.11 crore for the corresponding quarter a year ago.
The Punjab National Bank had admitted to a massive fraud, which later climbed up to around Rs 13,600 crore, shaking the foundations of the Indian banking sector.
According to news agency ANI, police have recovered the CCTV footage of the incident and an investigation is underway.
According to the list of wilful defaulters who took loans of Rs 25 lakh and more, Kudos Chemie Ltd and Kingfisher Airlines were the major borrowers with outstanding amount of Rs 1,301.82 crore and Rs 597.44 crore respectively.
Railways Minister Sheikh Rasheed Ahmad said that the share of the China-Pakistan Economic Corridor (CPEC) in the railways has been reduced from USD 8.2 billion to USD 6.2 billion.
Two of the accused suffered injuries and were hospitalised following a gun battle with the police late on Tuesday in Sector 19 of the city.
Noida: 2 security guards died after being attacked by unidentified criminals during an attempt to loot PNB
Choksi and his nephew Nirav Modi and others are being investigated by the ED and other probe agencies after the bank fraud came to light early this year.
Modi and his uncle, Mehul Choksi, are the main accused in the PNB scam and they both left India before the details of the fraud came to light on January 16
The government has sent a request to the UK for extraditing fugitive diamantaire Nirav Modi, who is wanted in the Rs 13,500 crore Punjab National Bank (PNB) fraud case
In response to diffusion notice issued by Interpol, the Antiguan authorities informed the Enforcement Directorate that Choksi arrived there this month and had taken the passport of that country, government sources said.
Choksi, in his application moved before the special PMLA court, claimed he faces a threat to his life not only from his former employees and debtors but also from jail staff and inmates (where he would be launched if he returns).
“The bank has sold its entire stake of 3,30,000 shares of Icra Ltd through block deal at exchange platform for gross sale consideration of Rs108.60 crore on June 28, 2018,” the bank said in a regulatory filing.
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