The bank has enough resources and capability to meet the challenges posed by the fraud of this nature, he said. "We said this is problem of the bank and we will solve it ourself. We are not seeking government's help by way of capitalisation," he said, when asked if the bank has sought help from the majority shareholder to tide over the problem of fraud.
India's Minister of State for External Affairs V K Singh told parliament last week that "the ministry has sought the provisional arrest of Nirav Deepak Modi by the government of the Hong Kong Special Administrative Region (HKSAR), the People's Republic of China."
The decision to build a highway will push up prices of land adjoining the road. That does not mean the government is in cahoots with land owners. Similar is the case with the 80:20 scheme.
CBI has questioned officers from Allahabad Bank’s Hong Kong branch in relation to the extension of credit facilities on the basis of letter of undertaking (LoUs) issued by PNB.
The bank has received tremendous support from the government, other stakeholders and employees to come out of the situation, Mehta told PTI in an interview
Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated PNB of over Rs 13,000 crore through fraudulent Letters of Undertaking
A lot happened in banking this week.
The whereabouts of Modi and his uncle Mehul Choksi, the other person accused in India's biggest banking fraud at the country's second-largest state lender, have been unknown since the Central Bureau of Investigation (CBI) launched an investigation in February.
The Ministry of External Affairs has submitted a request to Hong Kong authorities for provisional arrest of Nirav Modi, wanted in connection with PNB loan fraud, the government said today.
We list some of the biggest financial scams in India
PNB has argued that the “truncated” sale of assets proposed by Firestar Diamond and other firms will affect the recovery of creditors.
The bank's first phase of integration of the SWIFT platform with its own core banking solution will become operational from April 3.
In an response to Mumbai-based RTI activist Anil Galgali the bank has cited section 8(1)(h) of the RTI Act to deny the information sought by him.
The bank is exploring all options for the recovery, including participating in the bankruptcy proceeding of Firestar Diamond Inc, sources said.
Officials said the Enforcement Directorate along with the CBI launched fresh searches on March 22 at the Samudra Mahal luxury residential flats of Modi in Mumbai's Worli area which resulted in the recovery of fresh valuables.
SWIFT said GPI accounts for 10 percent of cross border payment traffic and is enabling more than a hundred billion dollars to be transferred across the world rapidly and securely every day
A case in point is the Union Cabinet’s decision to set up the National Financial Reporting Authority (NFRA) to oversee accounting and auditing practices at all listed and large unlisted companies.
The state-owned PNB has been defrauded of over USD 2 billion by fraudulent use of Letters of Undertaking (LoUs) allegedly by Nirav Modi and his associates.
Some of the ideas being considered include having a separate pre-sanction appraisal and post sanction monitoring teams for credit disbursal to ensure better governance and transparency, official sources said.
The Enforcement Directorate has evidence suggesting that Gitanjali Gems and Nirav Modi companies routed Rs 2,000 crore back into the country through the hawala route, a senior official who did not want to be named, told Moneycontrol.
Choksi had earlier written a similar letter to CBI, in which he had said that he was facing threats from people who he had business relations with.
The submission that Nirav Modi was "indirectly" challenging the case through his company Firestar Diamonds, was made by the ED before a bench of Justices S Muralidhar and I S Mehta.
In case, a person with Director Identification Number (DIN) does not have a passport, the ministry plans to obtain a certificate in the form of declaration that the person does not have the passport, sources said.
A group of over 200 farmers, who arrived in bullock carts at the tract of land at Khandala in Karjat tehsil, ploughed a part of it using a tractor as a symbolic reclaiming of possession.
Attorney General KK Venugopal opposed a suggestion mooted by the top court that the government should submit a stays report on investigation in a sealed cover envelope.