The Centre vehemently opposed a PIL, seeking an independent probe and deportation of Nirav Modi, before a bench headed by Chief Justice Dipak Misra saying "the inquiry has started and the FIRs have been registered".
The country's second-largest lender has also dismissed media reports that it has imposed restrictions on withdrawals.
Bollywood ‘Queen’ Ranaut accused Gitanjali Gems of not paying her in full for the endorsements of its brand Nakshatra
A Firstpost investigation into the Punjab National Bank-Nirav Modi fraud case shows that corruption has gone into the very bone and marrow of state-owned banks and this is not just a 'one-off' for several banks, including PNB and others like UCO and Canara, which have encountered exposure in the Modi-Mehul Choksi scam.
This is not the first time that PNB has been taken for a ride. In fact, the rate at which PNB is found embroiled in such scams, one might be forgiven for thinking this is a service the bank offers.
The central bank has also decided to constitute an expert committee under Y H Malegam, a former member of the Central Board of Directors of RBI, to look into the reasons for high divergence observed in asset classification and provisioning by banks and the steps needed to prevent it.
It has emerged that all the 20 PSBs, including PNB, do not have a workman or an officer director on its board, a mandatory practice as per the Bank Nationalisation Act.
Moody's has also placed the Delhi-based lender's Baseline Credit Assessment (BCA) and adjusted BCA of Ba3 and the Counterparty Risk Assessment (CRA) of Baa3(cr)/P-3(cr) under review for downgrade.
Nirav Modi, the jeweller at the centre of the Rs 11,400 crore PNB fraud case, has made startling claims. Read to find out.
In a letter Modi wrote on February 15/16 to the Punjab National Bank management, a copy of which PTI has seen, he pegged the money his companies owe to the bank under Rs 5,000 crore.
Modi has also requested PNB to permit salaries for FIPL and FDIPL to be paid for the 2,200 employees from the balance lying in the current accounts
Here's how the diamond businessmen got into a legal soup.
The central probe agency also conducted searches at 34 other locations in various cities, including Mumbai, Pune, Aurangabad, Thane, Kolkata, Delhi, Lucknow, Bengaluru and Surat, in connection with its probe.
Jewellers are concerned about financing and line of credit from banks going forward
Shares of UCO Bank plunged 11.26 per cent, those of Union Bank of India - 10.94 per cent, Allahabad Bank - 10.77 per cent, Bank of Baroda - 9.28 per cent, Syndicate Bank - 8.96 per cent and Bank of Maharashtra - 7.33 per cent on BSE.
The Kanpur-based company's owner had taken a loan of more than Rs. 800 crore from over five state-owned banks, including Allahabad Bank, Bank of India and Union Bank of India.
It is a messaging system, and does not hold money or manage accounts
The meeting in Delhi will also be attended by senior Finance Ministry officials and representatives of the Reserve Bank of India (RBI), sources said.
This Nirav Modi-chase last week was a déjà vu, except for different names and faces such as Vijay Mallya and Jatin Mehta. Also, barring one, rest of the defaulters hail from gems and jewellery sector
Banking sector is always buzzing. This week, the buzz was louder with Punjab National Bank revealing one of the biggest scams in the industry amounting to fraudulent transactions.
The CBI has also arrested Manoj kharat, an SWO (single window operator) at PNB and Hemant Bhat, Authorised Signatory of the Nirav Modi Group of Firms.
The CBI, immediately after registering the fresh FIR, carried out raids at 26 locations across six cities covering the premises of 18 Indian subsidiaries of Gitanjali Group owned by Choksi.
Sources tell Moneycontrol that a couple people may be arrested over the next few days and raids will continue in more places
The quantum of fraud itself is more than 8-times the bank's annual profit. The stock hit its 52-week low on both BSE and NSE today.
The MEA has asked Nirav Modi and Mehul Choksi to respond within one week.