Nehal Modi's name figured as the accused number 27 in the supplementary chargesheet filed by the CBI, which charged him for destroying evidence in Dubai to cover the tracks of the alleged crime, the officials said.
The 49-year-old jeweller, who has been lodged at Wandsworth Prison in south-west London since his arrest in March last year, is expected to be produced physically at Westminster Magistrates' Court in London.
Merged PSU bank stakes in insurance companies have to be reduced to below 10 percent to avoid violation of rules. IRDAI laws say that one bank cannot be a promoter in multiple insurance companies.
With the amalgamation coming to effect from the beginning of the current fiscal on April 1, 2020, PNB has now become the second largest bank in India.
Better data network and infrastructure must to sustain the boom in e-commerce and online transactions triggered by Covid-19
"The board of the bank has already given approval and now we are contemplating approval from the government of India" - PNB Managing Director S. S. Mallikarjuna Rao.
PNB expects about 75 percent of the fresh slippages to come from the SME (small and medium enterprises) and retail portfolios in Q4. The scenario on loan growth and future asset quality depends on how long the COVID-19 impact will be felt on the economy
The Centre has announced that the Punjab National Bank (PNB), the UBI and the Oriental Bank of Commerce (OBC) will be merged to create the second-largest lender in the country after the State Bank of India (SBI).
Unless growth picks up and credit conditions improve, the risks to bank balance sheets will linger
PNB's annualised credit cost inched up to 3.8 percent during the quarter, against 3 percent in the previous quarter.
"This is an amalgamation of equals," the bank's Chief Executive Officer and Managing Director Mukesh Kumar Jain told PTI in an interview here.
Also, the divergence in provisioning for bad loans in FY19 was to the tune of Rs 2,091 crore.
These assets include Nirav Modi’s apartment in one of Mumbai’s prominent housing society, Samudra Mahal, and 6-7 other real estate properties in South Mumbai.
Judge Emma Arbuthnot rejected his bail application despite Modi's offer to double security from 2 million pounds to 4 million pounds.
The market has done well during recent times, caution may be required in the short-term, say experts.
Credit Suisse has also cut FY21 EPS estimates of the bank by 40 percent.
Westminster Magistrates' Court Judge Nina Tempia confirmed that Modi's extradition trial is scheduled between May 11 and 15 next year. Modi must also re-appear via video link every 28 days for ‘call-over hearings’ until the trial kicks in from February next year.
PNB has identified 23 internal working groups and will soon float Request for Proposals (RFPs) to appoint a consultant for restructuring products and services that are best-suited for the customers of the merged entity.
The lender has invited bids from asset reconstruction companies (ARCs)/ NBFCs/ banks/ financial institutions for 11 NPA accounts.
In this episode of Digging Deeper, we look at the merger in some detail, what it means for the sector, and also take a look briefly at what the future could look like for the banking sector in India.
We have collated a list of stocks which remained in focus on Tuesday because of their price action. The technical outlook is limited to near and medium-term.
Moody's Investors Service also said it has affirmed the local and foreign currency deposit ratings of PNB at Ba1/NP, and affirmed the bank's baseline credit assessments (BCAs).