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About 13 results for "foreign lender rsquo"

PNB reports Rs 11,400 cr fraud involving jeweller Nirav Modi, suspends 10
Rediff.com

PNB reports Rs 11,400 cr fraud involving jeweller Nirav Modi, ...

While PNB did not name the other lenders, Union Bank of India, Allahabad Bank and Axis Bank are said to have offered credit based on letters of undertaking (LOUs) issued by PNB. Foreign bank branches too are under investigation.  State-owned Punjab National Bank on Wednesday said it has detected a USD 1.77 billion (about Rs 11,400 crore) scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking from a branch in Mumbai to secure overseas credit from ... Rediff.com, 1 week ago
Rediff.com

Banks don't want changes in MCLR calculation: RBI

Banks argued that loans of most lenders are funded primarily by retail deposits and not from the wholesale market as was the practice abroad Banks are opposed to the move to link marginal cost-based lending rate (MCLR) to an external, market-linked benchmark, the Reserve Bank of India (RBI) has revealed in a rare dissemination of feedback on its website.   While it is standard practice for RBI-appointed committees to prepare their reports and seek feedback, those are not publicly ...
 Rediff.com1 week ago
Rediff.com

Has bull market entered the last lap?

After the peak of the rally, the ‘champion sectors’ tend to underperform or perform in line with the market The Indian market has been adding to last year’s stellar gains but the frenzy may not last long, said Ambit Capital in a report titled Here comes the final frenzy.   The domestic brokerage has spotted three tell-tale signs that signal an end to the rally - the pause in the rally seen at the fag-end of 2016; further spike in financial stocks, the torch-bearers of ...
 Rediff.com1 month ago
Rediff.com

Why foreign banks are going slow on India

Foreign banks were ahead in terms of technology, but that is no longer the case as Indian private banks steal the innovation march. Illustration: Uttam Ghosh/Rediff.com Foreign banks are increasingly shrinking their presence in India and are also becoming more conservative than private and public sector counterparts.   While many of them have sold some of their businesses in India as part of their global strategy, some are trying to keep their core expertise intact. Others are branching ...
 Rediff.com1 month ago
Rediff.com

India's external debt down first time since 2001-02

India’s sovereign debt is much lower than that of other emerging economies like Argentina, Indonesia, Mexico, the Philippines, and South Africa. India’s stock of external debt declined for the first-time since 2001-02, to $471.9 billion at the end of March 2017, according to the Reserve Bank of India’s December 2017 Bulletin. The country’s external debt (medium to long-term) declined to 20.2 per cent of gross domestic product (GDP) at the end of March 2017, from 23.5 ...
 Rediff.com2 months ago
Rediff.com

PNB on 'negative watch' with Fitch, on downgrade review with Moody's

Ratings agency Fitch on Tuesday placed Punjab National Bank on 'Rating Watch Negative' (RWN), reflecting a possibility of downgrade following the Rs 11,4000 crore fraud. Moody's too on Tuesday placed the lender under review for downgrade. The fraud -- the biggest ever in banking history -- has raised questions on both internal and external risk controls as well as the quality of management supervision considering that the fraud went undetected for several years, it said.  "Fitch ...
 Rediff.com2 days ago
DNA

PNB fraud in Supreme Court: Bench led by Chief Justice Dipak Misra to hear plea for probe into Nirav Modi scam on Feb 23

The Supreme Court agreed to hear a PIL for an independent inquiry to the Rs 11,400 crore PNB scam on Tuesday. Bench led by Chief Justice of India Dipak Misra will hear the Public Interest Litigation on February 23. The PIL has been filed by lawyer Vineet ...
 DNA2 days ago
Rediff.com

PNB fraud: More heads to roll in the jewellery sector

Three-four big gem and jewellery firms are showing financial weaknesses and might find it tough to withstand shocks The fraud at Punjab National Bank (PNB) is creating ripple effects in the gems and jewellery sector, and could lead to tighter regulations.   Sources said the rising stress in the industry would mean a few more casualties in the next few quarters. Three-four big gem and jewellery firms are showing financial weaknesses and might find it tough to withstand shocks, according to ...
 Rediff.com3 days ago
Rediff.com

PNB finds markets unforgiving, M-Cap plunges by Rs 8000 cr in 2 days

The benchmark Sensex rebounded by over 140 points on Thursday on value buying by investors amid encouraging inflation data.  However, PNB on Thursday extended its fall for the second straight session and ended the day 12 per cent lower at Rs 128.35 on BSE. The stock had fallen 10 per cent on Wednesday, after the lender said it had detected a Rs 11,400 crore (USD 1.77 billion) fraud at a Mumbai branch.  Stung by a massive Rs 11,400 crore fraud, state-run Punjab National Bank (PNB) has ...
 Rediff.com1 week ago

PSU banks lost Rs 227 bn to frauds in 5 years

Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.  Illustration: Dominic Xavier/Rediff.com. Public sector banks lost a total of Rs 227.43 billion due to banking fraud between 2012 and 2016, notes an IIM-Bangalore study.  Electronics and Information-Technology Minister Ravi Shankar Prasad recently told Parliament, quoting Reserve Bank of India data, there had been over 25,600 cases of banking fraud worth Rs 1.79 billion reported up to ...
 Rediff.com1 week ago
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