Nirav Modi Fraud: PNB to beef up its system, processes for lending

Mar 22 2018

Hit hard by the Rs 13,000 crore scam, PNB has decided to tighten loan disbursement and set up a monitoring mechanism to check loan slippages and fraud.

PNB issued over 41k LoUs since 2011: Finance ministry

Mar 22 2018

PNB had issued as many as 41,178 LoUs since 2011, of which 1,590 were given to Nirav Modi, Mehul Choksi and their associates, the finance ministry has said.

Nirav Modi Fraud: PNB to honour bonafide LoUs

Mar 16 2018

PNB said it will honour all "bonafide" Letter of Undertakings, an instrument which was used by billionaire diamantaire Nirav Modi to defraud the bank of Rs 12,968 crore.

Nirav Modi Fraud: Banks expect PNB to honour LoUs

Mar 15 2018

Public sector banks want PNB to honour its commitment with regard to LoUs allegedly issued by it to Nirav Modi and its associates, said SBI Deputy MD M S Sastry.

Bank stocks fall up to 2 percent on renewed fraud worries

Mar 15 2018

Bank stocks fell as much as 2 percent today amid concerns over fresh case relating to "fraudulent" issuance of LoUs.

Except for PNB, no unauthorised LoUs issued by PSBs: SBI official

Mar 15 2018

All PSBs have verified LoUs issued by them, and there are no other unauthorised authority letters except for those issued by PNB, a senior SBI official said.

Scrapping of LoUs by RBI will raise cost of credit: CII

Mar 14 2018

Reacting to RBI's decision to scrap the system of issuing LoUs and LoC, industry body CII said it would have a disruptive impact on the buyers credit market.

RBI stops use of LoUs for trade credit for imports

Mar 13 2018

RBI banned banks from issuing LoUs instruments used allegedly Nirav Modi and Mehul Choksi to defraud PNB of Rs nearly 13,000 cr in connivance of bank officials.

Nirav Modi got 1,213 fraudulent guarantees in six yrs: FM

Mar 13 2018

Jaitley said Nirav Modi obtained his first fraudulent guarantee from PNB's Brady House branch on March 10, 2011 and managed to get 1,212 more such guarantees in six yrs.

RBI initiates special audit of PSBs with focus on trade finance

Mar 11 2018

RBI has initiated special audit of state-owned lenders with focus on trade financing activities, especially relating to issuance of LoUs by them, banking sources said.

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Stocks In News



Acquires Cynosure Inc and Cynosure Interface Solutions for $31mn and Rs13cr respectively

To add platform capabilities in the insurance segment which contributes 15% of total business

The Acquisition is expected to close within the next 3 months


Sells Essar Steel loan to Deutsche Bank

Has sold its $385 mn Foreign currency loan extended to Essar Steel

Bank has taken a 38% haircut

Rs 1600 cr is expected earnings to the bank from the deal

Economic Times Reports


To Sell 50% stake in prime Mumbai office assets to Blackstone for $1.3bn

The co is also in discussions to sell its residential and commercial projects in Chennai

To convene shareholder’s meet on 23rd March in regard to the proposed divestment

Mint Reports


Gets Order Worth Rs 230 Cr From NTPC

To perform the pressure part metallurgy upgradation for 3 660MW super critical steam generators

Will help NTPC commission the 3x 660MW plant started 12years


Declared L1 bidder for EPC Project in UP worth Rs 677cr from NHAI

The completion period for the project is 30 months

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