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Friday
November 2018
7:09 AM IST
News Headlines
Sindhu crashes out; Srikanth, Sameer enter quarterfinals of Hong Kong Open        No more chopping and changing till World Cup: Ravi Shastri        Air India eyes Rs 800 cr from sale of over 70 properties        Intel India opens design house costing Rs 1,100 cr at B'luru        US, China see rival visions for entwined Asia-Pacific region        Imran Khan to visit Malaysia next week; likely to seek monetary aid        EC removes Mizoram chief electoral officer after protests        Lankesh murder accused sent to SIT custody in Pansare case        Agri sector needs long-term solutions, loan waiver temporary: Naidu        Top India, China officials hold defence, security dialogue, agree to step up military exchanges        Jailed Om Prakash Chautala Expels Older Son For "Anti-Party Activities"        ISRO Launches Communication Satellite, Has 'Geo-Eye' To Monitor India        US Vice President Mike Pence takes Myanmar’s Aung San Suu Kyi to task over treatment of Rohingya        Sri Lankan Parliament passes no-trust vote against Rajapaksa        Mitchell Starc released from IPL contract ahead of Ashes, WC        World Championships: Older, wiser, stronger Mary Kom attempts to win 6th global title        India to host Italy on grass in Kolkata        It won't be easy for Mary Kom, says High Performance Director Nieva        Sensex rebounds 332 pts on easing crude, rupee gains        Govt mulls second round of 2,500 MW medium-term PPA auction        
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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).


Air India eyes Rs 800 cr from sale of over 70 properties
Intel India opens design house costing Rs 1,100 cr at B'luru
Sensex rebounds 332 pts on easing crude, rupee gains
Govt mulls second round of 2,500 MW medium-term PPA auction
India invites Swedish companies to explore investment opportunities
Govt cancels ED officer Rajeshwar Singh's leave
Facebook blocks 115 accounts ahead of US midterm elections
Indian norms on PCA, capital are conservative, rule-based: SBI
SBI back in black on credit growth
TN transport employees threaten to go on strike
Ease of biz ranking: Indian can improve further, says Jaitley
Rupee declines 11 paise to close at 73.27 against US dollar
Gold rises in futures trade; up 0.54% on global cues
Mistry announces startup fund on 2nd anniversary of his ouster
BSE gets Sebi's nod to launch Oman crude oil contract
Sensex cracks 34,000-mark, Nifty below 10,200 on weak global cues
Petrol pumps in Delhi on strike demanding VAT cut
RBI likely to stay on hold for rest of FY'19 : Report
Japan introduces Artificial Intelligence technology to ease business
Reliance Industries posts net profit of Rs 9516cr in Q2
KERALA NEWS
Sabarimala protests: Arrests up to 2061, Kerala HC warns police
 Thiruvananthapuram, OCT 27: As the number of people arrested for allegedly being involved in violent  
Vijayan urges UAE Keralites to back salary challenge
Sabarimala row: Protests against SC verdict continue
Balabhaskar's wife Lakshmi shifted to ICU
INTERNATIONAL NEWS
US, China see rival visions for entwined Asia-Pacific region
 Singapore, Nov 15 (AP) The US and China offered rival visions for the Asia-Pacific region Thursday a
Imran Khan to visit Malaysia next week; likely to seek monetary aid
US Vice President Mike Pence takes Myanmar’s Aung San Suu Kyi to task over treatment of Rohingya
Sri Lankan Parliament passes no-trust vote against Rajapaksa
NATIONAL NEWS
EC removes Mizoram chief electoral officer after protests
 New Delhi, Nov 15 (PTI) Accepting the demand of some civil society groups, the Election Commission o
Lankesh murder accused sent to SIT custody in Pansare case
Agri sector needs long-term solutions, loan waiver temporary: Naidu
Jailed Om Prakash Chautala Expels Older Son For "Anti-Party Activities"
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