|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||78.45 - 80.50|
|52-week range||58.65 - 197.60|
|Beta (3Y monthly)||2.37|
|PE ratio (TTM)||N/A|
|Earnings date||4 Feb 2019 - 8 Feb 2019|
|Forward dividend & yield||N/A (N/A)|
|1y target est||73.58|
The Centre has sacked two executive directors of $2-billion Nirav Modi scam-hit Punjab National Bank (PNB) for their alleged failure in exercising proper control over the functioning of the bank.
The government has sacked two executives of the state-run Punjab National Bank (PNB) for allegedly failing to prevent a $2 billion fraud, two sources said on Sunday, nearly a year after the country's biggest bank scam came to light and also dragged the government into the controversy. The firing of the two executive directors, whom the CBI have accused of breaching the Reserve Bank of India (RBI) guidelines, is the first instance of sacking of the bank's employees since it said that billionaire diamond jeweller Nirav Modi and his uncle had for years fraudulently raised billions of dollars in foreign credit by conspiring with staff at the bank. Modi and his uncle Mehul Choksi, who left India before the fraud was discovered, have denied the accusations.
New Delhi, Jan 10 (IANS) The personal accident and air accident insurance covers for serving army personnel and veterans have been increased to Rs 30 lakh and Rs 1 crore, respectively, under an MoU signed here on Thursday by state-run Punjab National Bank and the Indian Army, PNB said. PNB said it has offered concessional rates of interest on home loans, personal loans, educational loans and car loans.
The Central Bureau of Investigation (CBI) said on Wednesday eight employees of state-run Punjab National Bank and two directors of a Mumbai-based private firm had been arrested in a $1.4 million fraud case. The case is separate from a much bigger one involving billionaire jeweller Nirav Modi and his associates, although it centres on the same branch of the bank, a spokesman of the Central Bureau of Investigation said. "The case was registered on the allegations of defrauding of Punjab National Bank ... in the matter of dishonest and fraudulent issuance of two Letters of Undertakings aggregating to the said amount," the CBI said in a statement.
Interestingly, most of these PNB officials were also named as accused -- and later, on arrested by the agency -- in the Nirav Modi fraud case.
The Carlyle Group is considering buying Punjab National Bank's shares in PNB Housing, which would give it a controlling stake, the report added. The U.S-based firm is keen on expanding its holding after valuations for the housing finance company turned attractive, the report said, citing people familiar with the matter. Reuters had reported in July that Punjab National Bank and Carlyle Group were jointly looking to sell at least 51 percent of their stake in PNB Housing.
Mumbai, Nov 25 (IANS) Rounding off the year of India's biggest banking fraud on state-run Punjab National Bank (PNB), British professional services multinational Deloitte on Sunday said such frauds will continue to rise with banks continuing to "lack a holistic anti-financial crime compliance programme". In February, PNB reported the Rs 14,000-crore fraud on it committed by accused diamantaire Nirav Modi and his uncle Mehul Choksi, both of whom have absconded overseas. The overwhelming majority of the Deloitte survey respondents "identified the top four types of frauds experienced by them as -- fraudulent documentation, cybercrime, overvaluation/ non-existence of collateral and siphoning/ diversion of funds," it said.
New Delhi, Nov 2 (IANS) State-run Punjab National Bank (PNB) on Friday reported a loss of Rs 4,532.35 crore for the second quarter ending September caused by major increase in provisioning for bad debts and higher slippages. In a stock exchange filing, PNB said it had incurred a loss of Rs 940 crore in the previous quarter, and a profit of Rs 560 crore in the same quarter a year ago. Provisioning and contingencies for the quarter in consideration rose sharply to Rs 9,758 crore from Rs 5,758 crore in the previous quarter and Rs 2,440 crore in the corresponding period last year.
Punjab National Bank for the quarter ended September reported wider than expected net loss of Rs. 4,532 crore in comparison to profit of Rs. 560.58 in the year ago period. The widened net loss is on account of higher provisioning
PNB said earlier this year that staff at a Mumbai branch issued fake bank guarantees between 2011 and 2017 to help the firms of Indian diamond magnate Nirav Modi and his uncle Mehul Choksi raise billions of dollars in foreign credit. Including 32.95 billion rupees the lender set aside to cover the fraud, total provisions in the quarter nearly quadrupled to 97.58 billion rupees. PNB owes banks a total 143.57 billion rupees for the illegal guarantees.
Oct 25 (Reuters) - India's Enforcement Directorate : * INDIA'S ENFORCEMENT DIRECTORATE ATTACHES VALUABLES WORTH 2.55 BILLION RUPEES IN HONG KONG UNDER PMLA BELONGING TO NIRAV MODI * INDIA'S ENFORCEMENT ...
New Delhi, Sep 27 (IANS) State-run Punjab National Bank (PNB)'s board on Thursday approved a proposal for capital infusion of Rs 5,431 crore from the Central government by way of preferential issue of equity shares. Following the board meeting, the PNB said in a stock exchange filing that the capital infusion by the Centre would be through the preferential allotment of the bank's equity shares at a price determined as per the capital market regulator Securities and Exchange Board of India (SEBI) regulations.
MUMBAI/NEW DELHI (Reuters) - India's largest law firm, Cyril Amarchand Mangaldas (CAM), is being scrutinized by federal agents after they seized documents related to the $2 billion fraud at state-run Punjab National Bank (PNB) from CAM’s premises in February, a lawyer representing the government and a police source told Reuters. In what has been dubbed as India's biggest bank fraud, PNB in January alleged that billionaire diamond jeweller Nirav Modi and his uncle had for years fraudulently raised billions of dollars in foreign credit by conspiring with staff at the bank. In mid-February, Modi's aides packed cartons of documents at one of his diamond firm’s offices in Mumbai and sent them to CAM’s office nearby, from where police seized them within a week on Feb. 21, a review of the Central Bureau of Investigation's (CBI) court filings and witness testimonies showed.
New Delhi, Sep 14 (IANS) State-run Punjab National Bank (PNB) on Friday bagged the "Rajbhasha Kirti" award for outstanding performance in implementing the Official Language Policy during 2017-18, ...
New Delhi, Sep 13 (IANS) State-run Punjab National Bank (PNB) has put 21 non-performing assets (NPAs), or bad loan accounts, on sale to recover over Rs 1,320 crore with the e-bidding auction process slated ...
New Delhi, Sep 13 (IANS) State-run Punjab National Bank (PNB) has put 21 non-performing assets (NPAs), or bad loan accounts, on sale to recover over Rs 1,320 crore with the e-bidding auction process slated later this month.
Swift -- system, has been ranked as the best PSU bank in the overall digital transactions category in India. The bank said in a statement on Saturday: "Based on the recent findings of DFS (Department of Financial Services), PNB is ranked the number 1 PSU bank in digital transactions in India." A Rs 13,500-crore fraud came to light in January, when it was found that the financial messaging system SWIFT was manipulated.
Swift -- system, has been ranked as the best PSU bank in the overall digital transactions category in India. A Rs 13,500-crore fraud came to light in January, when it was found that the financial messaging system SWIFT was manipulated.
New Delhi, Aug 25 (IANS) A central government report has ranked Punjab National Bank (PNB) as the best PSU bank in the overall digital transactions category in India. According to a PNB statement on Saturday, the report card on the banking sector's performance in digital transactions as on July 31, 2018 was prepared by the Ministry of Finance.
New Delhi, Aug 13 (IANS) State-run Punjab National Bank (PNB) on Monday said it will continue to strengthen its internal systems to foil any future attempts at fraud despite demonstrations by the employees' union of the lender at some centres. "PNB is taking all required steps to check any kind of gap, loopholes and deviations in system and procedures," the company said in a statement on Monday. "The norms are being strengthened and standard operating procedures are being revisited." Recently, PNB has taken several steps to strengthen its internal systems such as a credit restructuring exercise under which large accounts as well as lending operations will be concentrated in a "few specially designated" branches.