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Moody’s cuts Punjab National Bank’s deposit ratings, outlook stable

By   /  May 21, 2018  /  Business  /  No Comments

New Delhi, May 21 (IANS) Moody’s Investors Service has downgraded the local and foreign currency deposit rating of multi-crore fraud hit Punjab National Bank (PNB) to Ba1/NP from Baa3/P-3, a statement said here on Monday. At the same time, Moody’s has downgraded the bank’s baseline credit assessment (BCA) and Adjusted BCA to b1 from ba3. “These […]

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PNB scam: CBI names Mehul Choksi as ‘wanted’

By   /  May 16, 2018  /  India  /  Comments Off on PNB scam: CBI names Mehul Choksi as ‘wanted’

  The Central Bureau of Investigation (CBI) on Wednesday filed the second chargesheet in connection with the Punjab National Bank (PNB) fraud case and named main accused Nirav Modi’s uncle Mehul Choksi as ‘wanted’. The CBI in its 12000 page chargesheet charged 15 accused persons and three firms under sections 409, 420, 120B of the […]

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Fraud fallout: PNB tightens norms, to separate loan appraisal and monitoring teams

By   /  April 13, 2018  /  Business  /  No Comments

New Delhi, April 13 (IANS) To avert any future fraud, the 124-year-old state-run lender Punjab National Bank said that it has strengthened internal audit controls by having separate “pre-sanction appraisal and post sanction monitoring” teams for credit disbursal. Besides, the lending major told IANS that it will look on a quarterly basis on whatever internal accruals […]

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