Banks write to RBI post LoU ban; seek relief for small and medium enterprises
Reserve Bank of India this month banned issuance of LoUs and Letters of Comfort (LoC), used extensively for trade finance, following the unearthing of Nirav Modi fraud case.
Mar 30, 2018, 14:39 PM IST
PNB fraud: ED attaches Nirav Modi's 100 acres of land as crackdown intensifies
The properties sealed included 10 offices, including two in Lower Parel worth around Rs 80 crore, six houses and two flats in Pune.
Mar 18, 2018, 16:48 PM IST
Nirav Modi Fraud: PNB to honour bonafide LoU
PNB reassured its shareholders, customers, partners and employees on the bank's capability and capacity to come out of this situation.
Mar 16, 2018, 20:56 PM IST
RBI governor Urjit Patel breaks silence on PNB scam, seeks more power to deal with bank frauds
His comments come almost a month after India's second largest lender, state-owned Punjab National Bank was allegedly defrauded of around Rs 13,000 crore.
Mar 14, 2018, 21:54 PM IST
PNB scam: ED seeks Interpol arrest warrant against Nirav Modi, Mehul Choksi
The Enforcement Directorate (ED) on Wednesday Interpol arrest warrant against Nirav Modi and Mehul Choksi in PNB fraud case
Mar 14, 2018, 15:07 PM IST
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
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
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
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
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
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
PNB official received gold, diamond jewellery as bribe from Nirav Modi: CBI
The CBI, which has arrested 14 people in the case, on Saturday for the first time said bribes were paid to at least one PNB official by Nirav Modi.
Mar 04, 2018, 10:03 AM IST
SBI's Holi gift to its customers with 0.50% rate hike on FDs
The State Bank of India offered a Holi gift to its customers by increasing the interest rate given on fixed deposits.
Mar 01, 2018, 22:39 PM IST
Arvind Kejriwal takes swipe at BJP over Fugitive Economic Offenders Bill: 'Pehle chhote Modi ko bhagaa diya, ab bill la rahe ho'
The Union Cabinet on Thursday approved a stringent Fugitive Economic Offenders Bill that provides for confiscating assets without conviction in cases where economic offenders flee the country.
Mar 01, 2018, 20:24 PM IST
Cabinet clears Fugitive Economic Offenders Bill, assets to be confiscated without conviction
Fugitive Economic Offenders Bill is aimed at deterring economic offenders like jeweller Nirav Modi from fleeing the country or not returning to face trial.
Mar 01, 2018, 18:29 PM IST
Cabinet likely to discuss tighter norms for auditors today
Cabinet may consider setting up of National Financial Reporting Authority (NAFRA) as envisaged in the Companies e meeting mAct, 2013.
Mar 01, 2018, 08:13 AM IST
More properties of Nirav Modi, Mehul Choksi attached; Blue Corner notice issued
A Blue Corner notice has been issued against absconding billionaire jeweller Nirav Modi and Gitanjali Gems owner Mehul Choksi separately by the Bureau of Immigration. The notice, issued on February 22, 2018, will remain valid at all ports of embarkation, said Income Tax sources.
Feb 28, 2018, 20:41 PM IST
PNB fraud: We have businesses abroad, so can't join investigation, Nirav Modi tells CBI
Nirav Modi is a key accused in the alleged PNB fraud which is now pegged at close to USD 2 billion.
Feb 28, 2018, 17:46 PM IST
'Thank God they spared the peon': BJP MP Shatrughan Sinha's stinger at Modi government over PNB scam
He said that as the ultimate owner of the PSU bank, the Centre should have had a clue to what was going on.
Feb 27, 2018, 11:05 AM IST
