PNB scam fallout: RBI bars banks from issuing LoUs, LoCs
The change in regulations may hit import dependent businesses and trade that are often reliant on LoUs to get bank guarantees.
Mar 14, 2018, 06:45 AM IST
Parliament stalemate continues, government, Opposition trade charges
Parliament remained deadlocked for the seventh consecutive day on Tuesday.
Mar 14, 2018, 00:51 AM IST
PNB to honour claims by banks, but with conditions: Reports
State Bank of India and three other state-run banks, Union Bank of India, UCO Bank and Allahabad Bank, are among lenders who have extended credit based on the LoUs issued by PNB that were later found to be fraudulent.
Mar 13, 2018, 12:02 PM IST
Reform state-run banks, IMF tells India after PNB fraud
IMF said that banking reforms like insolvency code and recapitalisation will be ineffective unless governance standards are improved.
Mar 12, 2018, 22:51 PM IST
Rajya Sabha fails to conduct business, adjourned for the day
The Rajya Sabha on Monday failed to conduct any business due to a continued standoff between the government and several other parties.
Mar 12, 2018, 15:48 PM IST
Congress continues attack over PNB fraud while RBI initiates special audit
Rattled by a spate of banking frauds, RBI has initiated a special audit of state-owned lenders with focus on trade financing activities, especially relating to the issuance of LoUs by them.
Mar 12, 2018, 13:48 PM IST
TMC, AAP, TDP give notice in Rajya Sabha over PNB fraud, sealing in Delhi, Andhra special status row
TMC, TDP, AAP and YSR Congress have sought a discussion on PNB scam, Delhi sealing drive and Andhra special status row.
Mar 12, 2018, 10:51 AM IST
PNB fraud: RBI initiates audit of PSBs with focus on trade finance, LoUs
Most of the big banking frauds which were unearthed in the recent past, including the one perpetuated by diamantaire Nirav Modi and his associates, pertain to trade finance.
Mar 11, 2018, 18:06 PM IST
PNB fraud overreaction may hugely hurt credit flow: Assocham
Last month, Assocham had said that the PNB fraud that has rocked the banking system should not halt the process of corporate lending.
Mar 11, 2018, 17:04 PM IST
PNB scam fallout: Government makes passport mandatory for bank loans above Rs 50 crore
Passport details of borrowers taking loans of Rs 50 crore and more have been mandatory to ensure a swift action in case of fraud and prevent fraudsters from fleeing the country, a top official said today.
Mar 10, 2018, 12:50 PM IST
PNB scam: CBI issues fresh summon to Nirav Modi, Mehul Choksi
The agency had sent three summonses on February 19, 23 and 28 asking them to join the probe at the earliest.
Mar 09, 2018, 10:15 AM IST
How am I a threat to India, Mehul Choksi asks CBI; refuses to return citing health issues
Billionaire jeweller Nirav Modi, along with his uncle Mehul Choksi, have been accused of defrauding the PNB of Rs 12,600 crore, with Rs 1,300 crore being added to the fraud kitty on February 26.
Mar 08, 2018, 13:22 PM IST
PNB scam: CBI registers fresh Rs 321 crore case against Nirav Modi
This is the second CBI FIR in which Modi has been named.
Mar 08, 2018, 09:51 AM IST
Delhi HC serves notice to ED over Nirav Modi’s plea in PNB scam, says details 'sketchy'
Issuing a notice to the investigating authority, the Delhi High Court observed that it is not clear under what authority the ED went to search the properties.
Mar 07, 2018, 10:58 AM IST
Finance Ministry directs banks to collect passport details of big borrowers in 45 days
In case the borrower does not have a passport, the bank should obtain a certificate in the form of declaration that the person does not have the passport, sources said quoting the Finance Ministry's advisory to banks.
Mar 07, 2018, 06:52 AM IST
Ek Nirav Modi hai, ek Modi Nirav hai: Rahul questions Modi’s silence again
He also talked about the protest outside and in Parliament saying a loud slogan is being heard today – “Nirav Modi, Modi Nirav”.
Mar 06, 2018, 13:58 PM IST
Opposition forces adjournment of Lok Sabha, Rajya Sabha: Top developments on Monday
Both Houses of Parliament saw adjournments on the first day of the second-half of Budget Session on Monday.
Mar 05, 2018, 23:11 PM IST
PNB scam: New evidence shows how RBI failed to detect red flags in banking system
In the three weeks since details of the alleged fraud was disclosed, authorities and the media have squarely blamed PNB and Nirav Modi.
Mar 05, 2018, 20:59 PM IST
PNB fraud: Congress responsible for rising NPAs, banking crisis, says Ravi Shankar Prasad
Union Minister Ravi Shankar Prasad on Monday said that banking scams like the Nirav Modi-linked PNB fraud took place during the UPA rule.
Mar 05, 2018, 17:15 PM IST
Breaking 20-20: CBI arrests employees of Nirav Modi, Mehul Choksi
The Central Bureau of Investigations (CBI) has made more arrests in the $2 billion fraud case involving state lender Punjab National Bank (PNB), widening the investigation of the biggest banking fraud in the country’s history.
Mar 05, 2018, 10:30 AM IST
