Data from the state-owned PNB covers the big wilful defaulters who are not paying back their loans despite having the capacity to do so.
Hong Kong branches of PNB, IOB under supervisory oversight as capital ratio slip below RBI norms.
The transaction could take place within the next year and a half.
“At present, the Nifty is trading well above all crucial moving averages. Hence, a buy-on-dips strategy is advised,” says Jaydeb Dey of Stewart & Mackertich Wealth Management
Nirav Modi fraud-hit Punjab National Bank (PNB) is hopeful of Rs 8,000 crore recovery from bad loans in the first quarter of the current fiscal.
The former RBI governor, who headed the central bank from 2003 to 2008, said it is the taxpayers who pay for the losses due to such banking frauds.
A bad bank is an entity or structure that buys non-performing assets (NPAs) or distressed loans from banks and recovers them
“Nifty may continue to face resistance on a rise around 10,630,” says Jaydeb Dey, Technical Analyst at Stewart & Mackertich Wealth Management
ICICI Bank and other banks followed PNB and SBI to raise lending interest rates, thereby making loans costlier for new and old borrowers
Fraud-hit bank is relying on recovery of dues under the IBC and proceeds from sale of its non-core assets to reduces losses.
Considering it’s the end of the month, the bank strike is likely to affect salary withdrawals
The plants earn up to Rs 5 crore a year due to share purchase agreement with Rajasthan's state electricity board
Shares of SBI have risen over 10.7 percent since Tuesday, the day it announced its results, while those of PNB have shot up by over 11 percent since the fraud-hit bank declared its quarterly numbers on May 18.
A more than $2 billion fraud at India's second-biggest state lender, Punjab National Bank, disclosed less than four months ago, not only left a hole but also underlined how weak the banks' grip on risk is.
On RBI’s diktat, banks had to make provisions of 40 percent (earlier 50 percent) toward such accounts. Any recovery will boost banks’ profitability
“Don’t rule out the possibility of a counter pullback in Nifty towards 10,630 levels,” says Jaydeb Dey, Technical Analyst at Stewart & Mackertich Wealth Management
The top gainers among Nifty constituents were Tata Motors, Bajaj Auto, Bajaj Finserv, State Bank of India and Coal India.
The bank which posted a record loss of more than Rs 13,400 crore for the last quarter of 2017-18 closed the fiscal with big wilful defaults of Rs 15,171.91 crore, according to the PNB data.
The Enforcement Directorate said it has seized over 34,000 pieces of jewellery worth Rs 85 crore from the Gitanjali Group, owned by diamantaire Mehul Choksi, in connection with the Rs 13,000-crore PNB fraud case.
The PNB was defrauded of over USD 2 billion allegedly by diamond trader Nirav Modii and his associates by fraudulent use of Letters of Undertakings (LoUs) and Foreign Letters of Credit (LoC) in connivance with certain bank officials.
The market capitalisation of PNB Housing Finance stood at Rs 21,199.07 crore. The m-cap of Punjab National Bank was at Rs 20,842.33 crore.
As on March 31, the bank had net non-performing loans totaling over Rs 48,000 crore on its books, against a net worth of around Rs 41,000 crore.
Ananthasubramanian was the MD and CEO of PNB from 2015 to 2017 and was questioned recently by the CBI in connection with the case.
The market breadth was in favour of the declines with 753 stocks advancing while 834 declined and 442 remained unchanged. On the other hand, in the BSE, 937 stocks advanced and 961 declined and 78 remained unchanged.
60 stocks hit new 52-week low including names like Alok Industries, Chennai Petro, EROS International, HUDCO, NBCC, MRPL and Vakrangee among others.