Corp tax cut: PNB Housing Fin’s effective tax rate to come down by 8-9% points

NEW DELHI: PNB Housing Finance on Monday said the company’s effective tax rate will come down by 8-9 percentage points following the government’s decision to slash corporate tax rate. For 2018-19, the effective tax rate of PNB Housing Finance on consolidated basis was 31.30 per cent. On September 20, Finance Minister Nirmala Sitharaman announced slashing … Read moreCorp tax cut: PNB Housing Fin’s effective tax rate to come down by 8-9% points

Stakeholders to benefit from merger of PNB, UBI and OBC

The proposed amalgamation of Punjab National Bank, United Bank of India and Oriental Bank of Commerce will provide benefits to their stakeholders and help the country to become a USD 5-trillion economy, an official said here on Friday. Allaying apprehensions of stakeholders, United Bank of India MD and CEO Ashok Kumar Pradhan said there will … Read moreStakeholders to benefit from merger of PNB, UBI and OBC

Punjab National Bank Merged Entity To Become Operational From April 1

The government announced the merger of PNB with United Bank and Oriental Bank of Commerce last month Kolkata:  The merger of state-run lenders Punjab National Bank (PNB), United Bank of India (UBI) and Oriental Bank of Commerce (OBC) will come into effect from April 1 next year, a top official said on Saturday. The merged … Read morePunjab National Bank Merged Entity To Become Operational From April 1

F&O: Nifty50 resistance shifts lower; next key support at 10,650 level

By Chandan Taparia NSE Nifty on Tuesday opened negative and witnessed sustained selling pressure throughout the session. The index drifted sharply towards the 10,770 level in the latter part of the day and formed a strong bearish candle on daily scale, as it closed with a loss of over 200 points. Resistances are gradually shifting … Read moreF&O: Nifty50 resistance shifts lower; next key support at 10,650 level

Punjab National Bank To Consider Infusion Of Rs 18,000 Crore

Mumbai:  The Punjab National Bank (PNB) on Monday said that its board would consider capital infusion of up to Rs 18,000 crore on its board meeting on September 5. The bank, in a regulatory filing earlier, had said the board will also consider the amalgamation of the Oriental Bank of Commerce and United Bank of … Read morePunjab National Bank To Consider Infusion Of Rs 18,000 Crore

Banks may take 3 years for tech merger

BENGALURU: Banks may take 2-3 years to standardise core technology, products and customer applications after the government proposed to merge some prominent public sector lenders last week, analysts said. “The integration process would take 24-36 months. Website, mobile apps, IVR — all have to get merged into one. While you are doing this, cyber security … Read moreBanks may take 3 years for tech merger

Jet Airways stake sale: Etihad skips bidding; lenders get 3 others

MUMBAI: The lenders of Jet Airways have received only three EoIs for sale of the grounded airline’s stake, with equity partner Etihad Airways not submitting bid on the last day of the extended bidding process on Saturday. Etihad Airways holds 24 per cent stake in Jet Airways. Sources told PTI that the banksreceived Expressions of … Read moreJet Airways stake sale: Etihad skips bidding; lenders get 3 others

RBI imposes Rs 50 lakh fine on PNB for delay in reporting fraud in Kingfisher Airlines account

In exercise of the powers conferred under various sections of the Banking Regulation Act, 1949, a penalty of Rs 50 lakh was imposed by the RBI on the bank, it added. State-owned Punjab National Bank (PNB) on Saturday said the RBI has imposed a penalty of Rs 50 lakh on it for delay in reporting … Read moreRBI imposes Rs 50 lakh fine on PNB for delay in reporting fraud in Kingfisher Airlines account

Punjab National Bank reports over Rs 3,800 crore fraud by Bhushan Power & Steel Ltd

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PNB said the bank has already made provisions amounting to Rs 1,932.47 crore for the BPSL account. (File) Public sector lender Punjab National Bank said Saturday it has detected a fraud of more than Rs 3,800 crore by Bhushan Power & Steel Ltd (BPSL) and has reported it to the Reserve Bank of India (RBI). … Read morePunjab National Bank reports over Rs 3,800 crore fraud by Bhushan Power & Steel Ltd

PNB reports over Rs 3,805 crore fraud by Bhushan Power & Steel Ltd

MUMBAI: State-run lender Punjab National Bank on Saturday declared loan exposure of Rs 3805 crore to bankrupt Bhushan Power and Steel as fraudulent. In a notice to exchanges PNB said it had reported the fraud to the Reserve Bank of India on the basis of forensic audit findings. “On the basis of Forensic Audit Investigation … Read morePNB reports over Rs 3,805 crore fraud by Bhushan Power & Steel Ltd

Wilful defaults in India cross $21 billion in 2018-19

India’s state-owned banks had classified 1.50 trillion rupees ($21.76 billion) worth of loans as “wilful defaults” in 2018-19, with the biggest lender State Bank of India accounting for nearly a third, the finance minister said in the parliament. Under Indian law, wilful defaulters are classified as firms or individuals who own large businesses and deliberately … Read moreWilful defaults in India cross $21 billion in 2018-19

UK court extends Nirav Modi’s remand till July 25

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The UK High Court on June 12 rejected Nirav Modi’s bail application, his fourth attempt to get bail. (Fail) A UK court on Thursday extended till July 25 the remand of fugitive diamond merchant Nirav Modi, who is wanted in India in connection with the nearly USD 2 billion Punjab National Bank (PNB) fraud and … Read moreUK court extends Nirav Modi’s remand till July 25

jet airways: Decision on funding to Jet Airways to be on collective basis, says PNB

MUMBAI: State-run Punjab National Bank (PNB) Wednesday said any decision to provide emergency funds to cash-strapped Jet Airways will be taken collectively by the lenders and not on a standalone basis. The assertion comes in the backdrop of media reports that PNB had approved Rs 2,050 crore of emergency funding to Jet Airways, for which … Read morejet airways: Decision on funding to Jet Airways to be on collective basis, says PNB

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