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The  logo of State Bank of India (SBI). (File photo | Reuters)
SBI discloses 212 million dollars exposure to Punjab National Bank

The Rs 11,400-crore fraud committed by billionaire jeweller Nirav Modi seems to be running far deeper and wider in the Indian banking system.

17 Feb 2018

Representational image. (File | reuters)
Punjab National Bank, Gitanjali scrips tank

On Friday, PNB shares fell 2.1 per cent to end at Rs 125.65 apiece on the BSE. During intraday trades, the stock had tanked 6.03 per cent to its 52-week low of Rs 120.60.

17 Feb 2018

Punjab National Bank | Reuters File Photo
ICAI to examine auditors’ role in PNB scam

The Institute of Chartered Accountants of India has written to the bank as well as the investigative agencies concerned -- Sebi, CBI and ED -- offering to share the information at its disposal.

17 Feb 2018

Reliance Jio .(Photo | Reuters)
Reliance Jio added more subscribers in December than rivals

Mukesh Ambani promoted Reliance Jio added more subscribers in December 2017 than all other wireless telecom operators combined, according to Trai data released on Friday.

17 Feb 2018

Banks turn cautious on gems and jewellery sector after Nirav Modi fraud case

Banks are reviewing their exposure to the gems & jewellery sector in the wake of the Rs 11,000 crore scam involving two major players — Nirav Modi and Mehul Choksi.

17 Feb 2018

Bitcoins are seen in this illustration picture. (Photo | Reuters)
Switzerland's market watchdog unveils new rules for cryptocurrencies

While some countries have shied away from the unpredictable crypto-currency sector, Switzerland appears to be embracing the opportunity.

17 Feb 2018

Image for representational purpose only.
Government mulls JV with state-run natural resource firms to acquire overseas mineral assets

The joint venture is being planned with firms Nalco, Mineral Exploration Corporation (MECL) and Hindustan Copper (HCL) to facilitate the acquisition of strategic mineral assets overseas.

17 Feb 2018

GST.
Survey finds some retailers charging GST on discounts

Despite clear guidelines from the government that consumers should not be charged the Goods and Services Tax over the Maximum Retail Price, there were complaints from buyers.

17 Feb 2018

Punjab National Bank | Reuters File Photo
PNB fraud case: Bank weighing options to clean financial mess

The Finance Ministry has advised PNB to consolidate its branches, merge smaller offices and sell foreign branches.

17 Feb 2018

Punjab National Bank | Reuters File Photo
Opposition, BJP trade charges over PNB fraud

Congress blames PM Narendra Modi for overlooking scam; BJP says swindling started during UPA rule.

17 Feb 2018

The logo of Punjab National Bank is seen outside of a branch of the bank. | REUTERS
Multiple agencies probing irregularities in PNB fraud case

The ED has summoned Modi and his business partner Mehul Choksi under the Prevention of Money Laundering Act (PMLA) and asked them to depose before the investigating officer on February 23.

17 Feb 2018

Nirav Modi (File Photo | Indulge Express)
30 banks, including PNB, to face forensic audit to trace Nirav Modi fraud case's footprint

A staggering 30 banks will be part of the forensic audit, besides Punjab National Bank, to trace and track the chain of money movement that eventually ended up as a gigantic Rs 11,400 crore fraud.

17 Feb 2018

Nirav Modi (File Photo | Indulge Express)
PNB fraud case: LoUs worth Rs 4,900 crore were issued by the bank in just two months during 2017 to Nirav Modi, family

The LoUs to Gitanjali group companies were issued by PNB from March 1, 2017 to May 2, 2017 and the total value of the defrauded amount stood at Rs 3032.12 crore (USD 473.77 million).

17 Feb 2018

Nirav Modi (File Photo | Indulge Express)
PNB fraud case: ED seizure goes up to Rs 5,649 crore; Nirav Modi, Choksi summoned

The ED summoned diamantaire Nirav Modi and his business partner and jewellery chain promoter Mehul Choksi in connection with its money laundering probe in the Rs 11,400-crore alleged PNB fraud.

16 Feb 2018

PNB fraud case: Reserve bank of India warns appropriate supervisory action; steps up probe

Regulators RBI and Sebi today stepped up probe into the massive Rs 11,400-crore fraud at PNB as law enforcement agencies intensified their hunt for billionaire diamantaire Nirav Modi and Mehul Choksi

16 Feb 2018

Interpol's diffusion Notice issued against Nirav Modi, his wife Ami Modi, brother Nishal Modi and Mehul Choksi. (File | PTI)
PNB fraud case: Income Tax Department attaches 29 properties, 105 bank accounts of Nirav Modi firms, family

The Income Tax Department today provisionally attached 29 properties and 105 bank accounts of Nirav Modi, the diamond merchant, his family and firms as part of its tax evasion probe, officials said.

16 Feb 2018

Image used for representational purpose
PNB fraud: Allahabad Bank has USD 366.87 million outstanding exposure

Punjab National Bank (PNB), the country's second largest public sector bank, had detected the $1.8 billion fraud in one of its branches in Mumbai.

16 Feb 2018

Punjab National Bank | Reuters File Photo
Jewellery sector foresees 'ripple effects' post PNB fraud case

The jewellery industry is likely to face some "ripple effects" on credit flow after state-run Punjab National Bank reported fraudulent transactions to the tune of Rs 11,400 crore.

16 Feb 2018

A Qualcomm sign is pictured at one of its many campus buildings in San Diego. (Photo | Reuters)
Qualcomm rejects USD 121 billion hostile Broadcom bid, again

Two days after a meeting of top executives of the two computer chipmakers, Qualcomm chairman Paul Jacobs said the recently revised bid remained unacceptable.

16 Feb 2018

Four banks will join the multi-bank BHIM UPI model in the coming weeks and full feature product shall be released after the beta test is successful.
WhatsApp gets NPCI nod for BHIM UPI launch

The National Payments Corporation of India today has accorded its consent to roll out WhatsApp BHIM UPI beta launch with limited user base of one million and low per transaction limit.

16 Feb 2018

Nirav Modi (in circle) with PM Narendra Modi and business delegates in Davos
PNB fraud case: It was 'impromptu', says MEA of Davos photo featuring Nirav Modi

The photograph was released by the Congress on Thursday, a day after the $1.8 billion fraud in Punjab National Bank broke out.

16 Feb 2018