PNB, UBI, OBC merger: Outside expert may be roped in to decide logo of new entity

KOLKATA: With three state-run lenders — Punjab National Bank (PNB), United Bank of India (UBI) and Oriental Bank of Commerce (OBC) — heading for an amalgamation, an outside expert may be engaged to decide the logo of the merged entity, an official said. The proposed merger, expected to be effective from April 1 next year, … Read morePNB, UBI, OBC merger: Outside expert may be roped in to decide logo of new entity

The biggest lessons for India from the PMC Bank fiasco

When Kiran Gupte saw televised images of anguished depositors breaking down and weeping outside the branches of Punjab and Maharashtra Co-operative Bank (PMC) over the last fortnight, bitter feelings came flooding back. Since 2014, whenever he has heard of someone considering depositing money in a cooperative bank, he has advised them against it, because he … Read moreThe biggest lessons for India from the PMC Bank fiasco

Mehul Choksi cheated Punjab & Sind Bank of Rs 44 crore

MUMBAI: The public sector Punjab & Sind Bank (PSB) has revealed around Rs 44-cre loan exposure to the absconding diamantaire Mehul Chinubhai Choksi, here on Saturday. This is the first time the 111-year-old bank has come clean on the default perpetrated by Choksi, who has now settled as a citizen of Antigua & Barbados, the … Read moreMehul Choksi cheated Punjab & Sind Bank of Rs 44 crore

Ex-MD reveals how six officials pulled off the Rs 6,500 crore fraud at PMC Bank

What made the Punjab and Maharashtra Cooperative Bank trust a shantytown developer with almost 70% of its loan book? Even as the Mumbai Police on Monday filed an FIR against the PMC Bank, a confession letter by suspended managing director Joy Thomas has exposed just how comfortable the relationship between the bank and Wadhawan family … Read moreEx-MD reveals how six officials pulled off the Rs 6,500 crore fraud at PMC Bank

CBI arrests PNB manager for taking Rs 1 lakh bribe to disburse loan to purchase buffaloes

A loan amount of Rs 24.72 lakh to the complainant was approved by the Animal Husbandry Department for running a dairy unit in Kushpura, according to the FIR. (Representational Image) The CBI arrested a Punjab National Bank senior manager and his accomplice on Tuesday for taking a bribe of Rs one lakh for disbursing loans … Read moreCBI arrests PNB manager for taking Rs 1 lakh bribe to disburse loan to purchase buffaloes

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

IT and HR synergy are key challenges for PNB-OBC-UBI merger

KOLKATA: Integration of technology platform will remain the key challenge for the merger of Punjab National Bank, Oriental Bank of Commerce and United Bank of India, senior executives of these banks said, even as the government has selected the merger partners on the basis of their IT compatibilities rather than geographical synergy. Harmonising human resource … Read moreIT and HR synergy are key challenges for PNB-OBC-UBI merger

18 PSBs hit by 2,480 cases of fraud of Rs 32,000 cr in Q1: RTI

A total of 2,480 cases of fraud involving a huge sum of Rs 31,898.63 crore rattled 18 public sector banks in the first quarter of this fiscal, an RTI query has revealed. The country’s largest lender State Bank of India (SBI) remained the biggest prey to frauds with 38 per cent share, Neemuch-based activist Chandrashekhar … Read more18 PSBs hit by 2,480 cases of fraud of Rs 32,000 cr in Q1: RTI

Patanjali to infuse Rs 3,438 crore in Ruchi Soya to settle dues

NEW DELHI: Baba Ramdev-led Patanjali Ayurved, which got the NCLT approval last week to acquire Ruchi Soya in an insolvency process, will infuse over Rs 3,438 crore as equity and debt to settle dues of creditors of the debt-laden firm. Ruchi Soya informed the exchanges that the National Company Law Tribunal (NCLT), Mumbai in its … Read morePatanjali to infuse Rs 3,438 crore in Ruchi Soya to settle dues

PNB puts up for sale 11 NPA accounts to recover dues of Rs 1,234 crore

NEW DELHI: State-owned Punjab National Bank (PNB) has put up for sale nearly a dozen non-performing assets (NPA) to recover dues of more than Rs 1,234 crore. The lender has invited bids from asset reconstruction companies (ARCs)/ NBFCs/ banks/ financial institutions for 11 NPA accounts. The accounts include Visa Steel, which has irrecoverable dues of … Read morePNB puts up for sale 11 NPA accounts to recover dues of Rs 1,234 crore

I didn’t flee to London, groundwork ready for refund to NSEL claimants: Jignesh Shah

New Delhi: Beleaguered businessman Jignesh Shah, who had to exit all his exchange businesses after a massive Rs 5,600 crore payment default engulfed his spot exchange NSEL, has said he became a target of political and corporate conspiracy but always maintained his faith in the judiciary. “I did not flee to London… And my stand … Read moreI didn’t flee to London, groundwork ready for refund to NSEL claimants: Jignesh Shah

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

Bank employees stage protest against Centre’s decision to merge PSU banks

Chennai: Members of the All India Bank Employees’ Association on Saturday staged a protest here against the Centre’s decision to merge 10 public sector banks into four entities. Employees of all public and private sector banks wore black badges to work as a mark of protest to the government’s decision. The Association’s General Secretary, C … Read moreBank employees stage protest against Centre’s decision to merge PSU banks

New merger formula for ‘Gen Next Banks’; technology over geographical compatibility

MUMBAI: The second wave of bank mergers, contrary to the traditional modes of consolidation, has been based on technology integration rather than geographical compatibilities. The amalgamated entities will, as a result, have strong regional presence even as their cost of operations would reduce on the back of branch rationalisations due to overlaps. “We want to … Read moreNew merger formula for ‘Gen Next Banks’; technology over geographical compatibility

Planning to buy bank stocks post mega mergers? Read this first

Mumbai: Finance Minister Nirmala Sitharaman on Friday announced four major bank mergers, by consolidating Punjab National Bank, Oriental Bank of Commerce and United Bank to create India’s second-largest lender; merging Canara Bank with Syndicate Bank to create the fourth-largest PSU lender, bringing together Union Bank of India, Andhra Bank and Corporation Bank and Allahabad Bank … Read morePlanning to buy bank stocks post mega mergers? Read this first

SBI, PNB, Bank of Baroda under ED scrutiny in Ratul Puri bank fraud case

NEW DELHI: The Enforcement Directorate’s investigation into the Ratul Puri’s bank loan money laundering case has revealed that several government banks, including the State Bank of India, Punjab National Bank and Bank of Baroda, have larger loan exposure to Puri’s Moser Baer group other than the Central Bank of India which has approached the CBI … Read moreSBI, PNB, Bank of Baroda under ED scrutiny in Ratul Puri bank fraud case

Customs dept cracks down on ‘rough diamonds’, industry cries foul

A packet of stones bearing the label ‘rough diamonds’ recently found its way to the customs department in Mumbai. It was part of a consignment for a city-based diamantaire, one of many similar packages. The accompanying shipping bill pegged its value as high as any high-yielding, rough-cut diamond lode. But the stones in this particular … Read moreCustoms dept cracks down on ‘rough diamonds’, industry cries foul

What Modi govt can do to save PSU banks

Just a day before Neil Armstrong and Edwin Aldrin took a ‘giant leap for mankind’ to leave the first human footprints on another world half a century ago, Indira Gandhi’s India embarked on an uncharted journey to reform its failure-prone banking system through state ownership. But even five decades later, the need for reforms is … Read moreWhat Modi govt can do to save PSU banks

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

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