Punjab National Bank (PNBK.NS)
Thu, Mar 22 2018
* SAYS PUNJAB NATIONAL BANK CUTS STAKE IN CO BY 1.9363 PERCENT TO 3.4344 PERCENT Source text - http://bit.ly/2IGaW1i Further company coverage:
* Expects banks' provisions to rise, smaller benefit from recap
* PNB discloses another fraud, of $1.4 million, at Mumbai branch
* EXEC SAYS CAN'T INFER ACCOUNTABILITY ONLY LIES WITH THE BANK AFTER $2 BILLION FRAUD
* Banks still in talks over who takes the PNB fraud liability (Recasts with RBI directive, adds PNB, finance minister comments)
* SAYS 9.42 BILLION RUPEES "NOT NEW FRAUD BUT RECALL OF CREDIT LIMITS"
March 13 India's Punjab National Bank (PNB) will honour claims by peer banks who issued credit to billionaire jeweller Nirav Modi and his uncle Mehul Choksi against guarantees given by PNB, but the payments come with riders, the Economic Times (ET) reported.
NEW DELHI, March 9 India's Punjab National Bank lost 28 billion rupees ($431 million) to various frauds last fiscal year, the government said on Friday, making it the biggest such loser among all state-owned banks even before it uncovered an alleged $2 billion fraud this year.
MUMBAI, March 8 India's Punjab National Bank has filed a new complaint against Nirav Modi, the diamond tycoon it has accused of being part of a near $2 billion fraud, alleging that companies he controlled had misused even legitimate loans and guarantees.
A $2 billion fraud at India's second-biggest state-run lender Punjab National Bank has shaken the nation's financial sector, triggering a massive probe and regulatory changes.