|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||83.30 - 84.80|
|52-week range||72.35 - 231.60|
|PE ratio (TTM)||N/A|
|Earnings date||1 Nov 2018 - 5 Nov 2018|
|Forward dividend & yield||N/A (N/A)|
|1y target est||105.32|
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.
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. 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.
New Delhi, Aug 13 (IANS) The central government on Monday dismissed former Allahabad Bank Managing Director Usha Ananthasubramanian on the day she was to superannuate from service, according to an official notification. In May this year, Ananthasubramanian had been divested of all her powers as MD of Allahabad Bank after being named in a Central Bureau of Investigation (CBI) chargesheet in the Rs 14,000 crore Punjab National Bank (PNB) fraud allegedly committed by absconding diamantaire Nirav Modi, but had continued to remain an employee of the bank.
Punjab National Bank, which was defrauded by diamantaire Nirav Modi and Mehul Choksi, is reviewing the performance of its overseas banking operation
Mumbai, Aug 7 (IANS) State-run Punjab National Bank (PNB) on Tuesday reported a net loss of Rs 940.01 crore for the first quarter of 2018-19.
Mumbai, Aug 7 (IANS) State-run Punjab National Bank (PNB) on Tuesday reported a net loss of Rs 940.01 crore for the first quarter of 2018-19. According to the lender, its Q1 net loss stood at Rs 940.01 ...
BENGALURU/NEW DELHI (Reuters) - India's Punjab National Bank reported a second straight quarterly loss on Tuesday as it earmarked more funds to cover a massive fraud, but expects faster bad loan recovery to help it return to a profit for the full year. PNB, the fourth-biggest bank by assets among all of India's lenders, in February said it had been defrauded by two jewellery groups which raised more than $2 billion in credit overseas using fake guarantees provided by the bank's staff in Mumbai. The bank is taking every possible measure "so that we can bounce back in the shortest possible time," Chief Executive Sunil Mehta told a news conference, outlining steps for boosting recovery of bad loans, conservation of capital and further capital increase via the sale of non-core assets and stakes in units.
PNB in February said it had been defrauded by two jewellery groups that raised more than $2 billion credit overseas using fake guarantees.
Net loss was 9.40 billion rupees ($136.72 million) for the three months to June 30, compared with a profit of 3.43 billion rupees a year earlier, the bank said in a statement.
New Delhi, Aug 6 (IANS) A Parliamentary panel on Monday said the banning of Letter of Understanding (LoU)/Letter of Comfort (LoC) post Punjab National Bank (PNB) scam was a "knee-jerk reaction by the RBI" and needs to be restored at the earliest. "Discontinuation of the practice of issuance of LoU/LoC for trade credit by the RBI was a knee-jerk reaction," the Parliamentary Standing Committee on Commerce said in its report presented in Parliament on Monday. "The Committee feels that the RBI got unnerved with the PNB fraud and it hastened the decision to ban LoU/LoC without much thought and consideration," the report said.
India has asked Britain to extradite billionaire jeweller Nirav Modi, one of the main accused in the $2 billion loan fraud at state-run Punjab National Bank (PNB). Modi's whereabouts have been unknown since PNB in January said that two jewellery groups headed by Modi and his uncle, Mehul Choksi, defrauded the bank for years by raising foreign credit using fake guarantees.
India injected more than $400 million into one of its largest state-backed lenders, scrambling to avoid a potential crisis of confidence in the debt markets. said it had received 28.2 billion rupees ($408.9 million) from the government. The infusion means the bank, which earlier this year said it had suffered a $2 billion fraud, will be able to make a coupon payment due this week on 15 billion rupees of “contingent convertible” bonds, or CoCos.
Mumbai, July 23 (IANS) State-run Punjab National Bank (PNB) has received capital infusion of Rs 2,816 crore from the Central government. PNB informed the BSE in a regulatory filing on Monday that the capital ...
The Indian government will inject a total 113.36 billion rupees ($1.65 billion) in five state-run banks, including fraud-hit Punjab National Bank, in a week or so, a senior government official told Reuters on Wednesday. Punjab National Bank will get 28.16 billion rupees, while Corporation Bank, Indian Overseas Bank, Andhra Bank and Allahabad Bank are the other four lenders in which the government will inject capital in the latest round, said the official who did not want to be named.
India is preparing to infuse about 20 billion rupees ($290 million) into Punjab National Bank by next week to help it meet dues on its perpetual bonds, people familiar with the matter said. India’s third-largest state-run lender will issue preferential shares to the government, the people said, asking not to be named as the information isn’t public. PNB needs to pay about 1.35 billion rupees to cover the 8.98 percent annual interest on 15 billion rupees worth of so-called AT1 bonds sold in July 2017.
Investors are worried if Punjab National Bank will pay the coupon on its $219 million of contingent-convertible bonds next week.
New Delhi, July 4 (IANS) State-run Punjab National Bank (PNB) on Wednesday said that it has embarked on a credit restructuring exercise under which large accounts as well as lending operations will be concentrated in a "few specially designated" branches. According to the lender, to ensure better accountability and operations, the bank has decided to shift most of the borrowal accounts above Rs 50 crore to branches which will be designated "Systemically Important Branches" (SIBs). As per the statement, most of the bigger accounts will be operated from branches designated as "Large Corporate Branches" (LCBs) while regular branches will concentrate on regular savings accounts and CASA (current account and savings account).
India's central bank on Wednesday tightened rules on banks' statutory auditors saying it reserved the right to not approve appointments of such auditors for a specified period if their audit quality was not found satisfactory. The Reserve Bank of India (RBI) said it will take action against statutory auditors of banks in case of any lapses in their auditing process including instances such as misstatement of a bank's financial statement or wrong information in audit report. The banking regulator came out with these guidelines after a recent $2 billion fraud at state-run Punjab National Bank revealed several lapses in the auditing process in banks.
The Punjab National Bank (PNB) is closing nearly all its operations in a Mumbai branch that was at the heart of a $2 billion fraud, according to four sources with knowledge of the decision. The move to downsize the Brady House branch, which has come to symbolise the biggest banking scandal in the country's history, comes as India's second-largest state lender seeks to tighten controls and restore its reputation. PNB will move all big client accounts out of the branch in downtown Mumbai that according to an internal investigation saw "exceptional growth" in the past few years largely because of its controversial dealings with firms owned by two related jewellers.
The 123-year-old Punjab National Bank has lost more than half its market value since the fraud came to light in late January
Interpol has issued a red notice request to find and arrest fugitive Indian billionaire jeweller Nirav Modi, who is at the heart of a $2 billion-plus bank fraud case, the international agency said on its website. The Central Bureau of Investigation (CBI) asked Interpol last month to issue a red notice to locate Modi, who has been charged in relation to India's biggest banking fraud. The Financial Times, citing Indian and British officials, said last month that Modi had fled to Britain claiming political asylum.
For loan of a six-month tenor, the borrowing rate will be costlier by 0.10 per cent to 8.40 per cent. While for one, three and five-year loan terms, the new rates are up by 0.05 per cent each to 8.45 per cent, 8.60 per cent and 8.75 per cent, respectively.
Mumbai, June 29 (IANS) State-run Punjab National Bank (PNB) on Friday said that it has sold its entire stake in credit ratings agency ICRA for Rs 108.60 core. According to a BSE filing, the bank sold its ...
Earlier this month, the bank had announced that it would divest stake in its subsidiary PNB Housing Finance and other entities like BSE, Icra and Crisil depending on the market conditions.