Business

Bank stocks continued to face selling pressure on Monday, with many hitting their 52-week lows amid concerns over the alleged Rs 11,400 crore PNB fraud case involving billionaire diamantaire Nirav Modi. Shares of UCO Bank plunged 11.26%, those of Union Bank of India – 10.94%, Allahabad Bank – 10.77%, Bank of Baroda – 9.28%, Syndicate Bank – 8.96% and Bank ...

The Reserve Bank said it has already undertaken an assessment of control systems at scam-hit Punjab National Bank and will take “appropriate supervisory action”. The country’s second largest state-run lender has been rocked by a Rs 11,400-crore fraud allegedly involving billionaire diamantaire Nirav Modi. In a statement, the central bank said it has already undertaken a supervisory assessment of control ...

DAINIK NATION BUREAU How did two employees try to fool a stodgy bank in the largest diamond house fraud that surfaced on Valentine’s Day, when thousands of pearls and gems change hands across the world? In raising funds and moving money out of Punjab National Bank, the two employees of the state-owned lender directly used SWIFT — the global financial ...

DAINIK NATION BUREAU At least three more Indian banks – two from the public sector and one private – are likely to have been caught in the Rs 11,000-crore fraud that hit the Punjab National Bank on Wednesday. Union Bank of India, Allahabad Bank and Axis Bank are  said to have offered credit based on letters of undertaking (LOUs) issued by ...

Punjab National Bank, the second largest public sector bank in India, has detected a $1.8 billion fraud in one of its branches here, the bank said in a regulatory filing to the stock exchanges on Wednesday. “The bank has detected some fraudulent and unauthorised transactions (messages) in one of its branch in Mumbai for the benefit of a few select ...

The Minister of Road Transport & Highways, Shipping and Water Resources, River Development and Ganga Rejuvenation Nitin Gadkari released India’s first ever Highway Capacity Manual in New Delhi today. The manual, known as Indo-HCM, has been developed by CSIR – CRRI on the basis of an extensive, country-wide study of the traffic characteristics on different categories of roads like single ...

DAINIK NATION BUREAU Stock exchanges on Friday said they will immediately stop the trading of indices of Indian securities on foreign bourses as part of a joint effort to stymie migration of liquidity to overseas markets. The decision of the three exchanges — BSE, NSE and Metropolitan Stock Exchange of India (MSEI) — came after Sebi asked them to suspend ...

Stocks suffered heavy losses in opening trade with the BSE Sensex dropping below the 34,000- mark by slumping about 564 points and Nifty sinking over 1.6 per cent on widespread sell-off triggered by a rout in global equity markets. The BSE 30-share barometer dived 563.51 points, or 1.63 per cent, to 33,849.65, wiping out its gains of 330.45 points in ...

DAINIK NATION BUREAU Reserve Bank of India has kept the interest rate unchanged and lowered economic growth porjection to 6.6 percent for the year 2017-18. Market benchmark BSE Sensex was trading lower by about 69 points at 34,127.31 in late afternoon trade after the RBI kept its key policy rate unchanged and lowered economic growth projection for 2017-18. The central ...

DAINIK NATION BUREAU Idea Cellular said on Wednesday that it has suspended interconnect services with Aircel for non- payment of dues “despite several reminders”. Idea said it will restore interconnect services immediately after Aircel makes the payment, but did not specify the outstanding amount. “Idea Cellular has suspended interconnect services with Aircel Ltd, due to non-payment of dues,” Idea said ...