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Mittal highlighted the reforms over the past four years and further stated that Goods and Services Tax (GST), Insolvency and Bankruptcy Code were the most relevant reforms.
According to the filing, the branch should maintain high quality liquid asset in Hong Kong equivalent to 100 per cent of unpledged deposits.
Once BBB shortlists the applicants, the Appointments Committee of the Cabinet (ACC) will finalise the candidate.
Yesterday, the finance ministry had asked the boards of Allahabad Bank and PNB to take action against Ananthasubramanian and two executive directors of PNB.
The board of Allahabad Bank will meet tomorrow and is likely to divest its CEO and MD Ananthasubramanian of all powers. She was the managing director of PNB till May 5 last year.
The directive has come within days of the RBI imposing similar restrictions on another state-run lender Dena Bank, which is under the Prompt Corrective Action (PCA) of the central bank.
The PNB, in a late night filing to stock exchanges, said the scam has swelled by USD 204.25 million.
The wider Nifty50 of the National Stock Exchange shed 73.90 points or 0.71 per cent to close at 10,378.40 points.
The Kanpur-based company's owner Vikram Kothari had taken a loan of more than Rs 800 crore from over five state-owned banks but has not paid back.
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.
The fraudulently issued Letters of Undertaking (LoUs) from the Mumbai branch of Punjab National Bank (PNB) were in favour of Hong Kong branches of Allahabad Bank and Axis Bank.
Allahabad Bank MD and CEO Usha Ananthasubramanian and Joint Secretary in the ministry Sanjay Kumar signed the Memorandum of Understanding.
The company, in a release, said it also has outstanding loans with State Bank of India, IDBI Bank, Indian Bank, Bank of India and Religare Finvest Ltd.
Allahabad Bank posted a 7.9 per cent rise in net profit at Rs 70.20 crore for the September quarter despite rise in non-performing assets.
The government has approved the appointment of executive directors for nine public sector banks.