Business

Scam-hit Punjab National Bank had issued as many as 41,178 Letters of Undertaking (LoUs) since 2011, of which 1,590 were given to Nirav Modi, Mehul Choksi and their associates, the finance ministry has said. Fraudulent LoUs of the state-owned PNB were used by diamantaire Nirav Modi and his associates to defraud the bank of about Rs 13,000 crore. Following the ...

he Supreme Court today asked the embattled realty firm Jaiprakash Associates Limited (JAL) to deposit Rs 200 crore in two installments by May 10. The bench headed by Chief Justice Dipak Misra asked the real-estate major to deposit Rs 100 crore by April 6 and the rest by May 10. The bench, comprising justices A M Khanwilkar and D Y ...

After the reports of data leak surfaced, where the whole world is shocked on one side, on the other hand, the data leak of millions of users on the other side has also caused a major setback to Facebook. According to reports, on Monday, shares of the American social media gaint fell nearly 7 percent. Because of this, Facebook CEO ...

Mumbaikars hoping to travel by app-based cabs run by Ola or Uber on Monday may find it difficult to find a ride, as thousands of independent drivers working with the aggregators will go on an indefinite strike from midnight on Sunday against the companies’ policies. In Mumbai, the strike is being spearheaded by the Maharashtra Navanirman Sena (MNS). Driver-owners in ...

DAINIK NATION BUREAU The BSE Sensex today dived almost 510 points — its biggest single day fall since February 6 — due to a major sell-off amid political concerns after the Telugu Desam Party (TDP) decided to quit the NDA and moved a no-confidence notice against the government. Other Asian markets were also in the negative zone as investors fret ...

DAINIK NATION BUREAU On February 22, when tax officers raided the tiny office of Rajesh Tiwari in Airoli, a commercial suburb in Navi Mumbai, and took his testimony, the findings were an eye-opener even to seasoned income tax officials. Tiwari — aged under 40, who could never clear the examination to become a chartered accountant but nonetheless continued to masquerade as ...

DAINIK NATION BUREAU In a major decision, RBI on Tuesday banned banks from issuing Letters of Undertaking (LoUs) — instruments used allegedly by diamantaire Nirav Modi and his uncle Mehul Choksi to defraud state-owned PNB of Rs nearly 13,000 crore in connivance of bank officials. The RBI said the decision to discontinue the practice of LoUs and Letters of Comfort ...

The State Bank of India today reduced its charges on non-maintenance of an average monthly balance (AMB) in savings account by up to 75 per cent, effective April 1. The charges for non-maintenance of AMB for customers in metro and urban centres have been reduced from a maximum of Rs 50 per month plus goods and services tax (GST), to ...

Passport details of borrowers taking loans of Rs 50 crore and more have been made mandatory to ensure a swift action in case of fraud and prevent fraudsters from fleeing the country, a top official said on Saturday. Passport details will help banks to take timely action and inform the relevant authorities to prevent fraudsters from fleeing the country. “Next ...

The Reserve Bank may provide four quarters to Punjab National Bank (PNB) for making provisions against the country’s biggest ever banking fraud of Rs 12,646 crore allegedly masterminded by billionaire diamantaire Nirav Modi. The bank has written a letter to the banking sector regulator seeking its opinion on making provisions for the fraud, sources said. Although there is a direction ...