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Monday
July 2018
2:51 PM IST
News Headlines
The Union Govt's move against the Missionaries of Charity is a well-planned attempt to defame Christianity? Opinion        Shigella strikes Kozhikode; Toddler dies        The Union Govt's move against the Missionaries of Charity is a well-planned attempt to defame Christianity? Opinion        Congress to set up group on alliances: Rahul        Prepare To Fight 2019 Alone, Amit Shah Tells BJP On Rift With Shiv Sena        Money laundering scam: Zardari declared absconder by FIA        Afghan vice president Dostum escapes blast on return from exile        Sri Lanka close in on whitewash of S. Africa        Hamilton regains title lead after stunning German win        Fakhar Zaman becomes first Pakistani to hit ODI double ton        Govt slashes GST rate on several products        Third party insurance for two, four-wheeler be made mandatory: Supreme Court        Supreme Court stays Madras HC order awarding extra marks to NEET Tamil candidates        Trump invites Putin to White House in the fall        Zimbabwe vs Pakistan: Fakhar Zaman scores double century in record partnership with Imam-ul-Haq to breeze past hosts        Modi Govt Gets AIADMK Boost as No-Trust Vote Turns Into Show of Strength for 2019        IOC adds 7 medal events to 2022 Beijing Winter Games program        Indian outplay New Zealand 4-2 in hockey series opener        Samsung, Xiaomi corner 60 pc share of India's smartphone mkt in Q2: Canalys        Indo-Pacific must be free, open and and inclusive region: Swaraj        
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Business News
No plans to close operations at Brady House branch in Mumbai: PNB
 
New Delhi, Jul 3 (PTI) Fraud-hit Punjab National Bank (PNB) today said it has no plans to close operations at its Brady House branch, the fountainhead of the Rs 14,000 crore Nirav Modi scam.

Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated PNB of about Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs).

PNB's Brady House branch in Mumbai had fraudulently issued LoUs for the group of companies belonging to Nirav Modi since March 2011.

"PNB has no plans to close operations in the Brady House branch in Mumbai. Reallocation of some of the accounts is part of the regular restructuring process at PNB to strengthen internal systems and processes and centralize certain critical functions," a spokesperson of the bank said.

Retail operations for PNB customers continue to operate from the branch, the official said.

With regards to provision made for the loss incurred on account of the Nirav Modi fraud, the bank provided Rs 7,178 crore, 50 per cent of the total amount of Rs 14,356 crore, in the fourth quarter of 2017-18. The remaining amount will be covered in the three quarters of the current fiscal year.

PNB paid Rs 6,586.11 crore to other banks to discharge its liabilities towards Letters of Undertakings (LoUs) and Foreign Letters of Credit (FLCs) issued fraudulently and in unauthorised manner to certain overseas branches of Indian banks through the misuse of SWIFT system of the bank, which was then not integrated with CBS (Core Banking Solution).


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KERALA NEWS
Kerala among 13 states on thunderstorm alert
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INTERNATIONAL NEWS
Money laundering scam: Zardari declared absconder by FIA
 (Karachi, July 22, 2018):Former Pakistan President Asif Ali Zardari and his sister Faryal Tal
Afghan vice president Dostum escapes blast on return from exile
Trump invites Putin to White House in the fall
Indian man shot dead in Canada, two suspects arrested
NATIONAL NEWS
Prepare To Fight 2019 Alone, Amit Shah Tells BJP On Rift With Shiv Sena
 (Mumbai, July 22, 2018):BJP president Amit Shah told party workers in Mumbai today that they
Supreme Court stays Madras HC order awarding extra marks to NEET Tamil candidates
Mob-lynching cases: Govt asks WhatsApp for solutions beyond labelling forwards
Unidentified 'intruder' killed at Indo-Pak border: official
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