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Nirav Modi and Mehul Choksi, key accused in Rs. 11, 400 crore Punjab National Bank scam. (Photo: PTI)

RBI scraps LoUs from banks for trade credit

According to reports, about 30 banks had lent funds to firms related to Mr Modi and Mr Choksi based on the LoU's issued...

14 March 2018 2:00 AM IST

Reserve Bank of India

After PNB fraud, RBI bans use of Letter of Undertakings for overseas...

RBI said the decision to discontinue practice of LoUs and LoCs for trade finance comes into force with immediate effect.

13 March 2018 7:17 PM IST

The Centre said it will take action against the people, hinting at former RBI governor Raghuram Rajan (R) and ex-finance minister P Chidambaram (L) at the time who relaxed gold import norms for private trading houses during the dying days of the UPA regime which resulted in a windfall of Rs 4,500 crore to 13 such entities in just six months. (Photo: PTI)

P Chidambaram, Raghuram Rajan may face music for easing gold import...

The Centre on Monday through a commerce ministry statement announced that none involved would be spared.

13 March 2018 12:15 PM IST

CBI quizzes Firestar CFO in PNB scam

The bank alleged in its complaint that its Brady Road branch in Mumbai had extended credit faci-lities to Firestar group...

13 March 2018 2:21 AM IST

Punjab National Banks Mumbai had issued nearly 150 fraudulent letters of undertaking to Nirav Modi and his associates.

PNB officials face lie-detection

The bank alleged in its complaint that its Brady Road branch in Mumbai had extended credit facilities to Firestar group...

11 March 2018 12:43 AM IST

Reserve Bank of India, RBI, is a banking regulator. It also calculates and fixes repo rate. (Photo: AFP)

RBI turns up heat on lenders after USD 2 billion loan fraud

RBI had asked banks to connect SWIFT interbank messaging system with their core banking software by April 30.

10 March 2018 10:38 AM IST

Union Bank figures are separate from USD 300 million exposure it had previously reported on account of fraudulent PNB guarantees. (Photo: PTI)

Union Bank says has USD 45 mn direct exposure to Nirav Modi, Gitanjali...

Union Bank has direct credit exposure of about 1.2 billion rupees to companies controlled by jeweller Nirav Modi.

10 March 2018 10:14 AM IST

Eighteen opposition parties have come together to take on the government in parliament during the Monsoon Session beginning July 17 over demonetisation, GST and various other issues, according to political sources. (Photo: PTI)

House proceedings washed out for week

The first week of the second leg of the Budget Session hardly saw any business getting transacted in both Houses of...

10 March 2018 12:23 AM IST

The extent of the unravelling fraud at Indias state-run Punjab National Bank could rise beyond the nearly $2 billion mark so far outlined by the lender, according to a source involved in the probe and court documents reviewed by Reuters.

Before Nirav Modi, PNB incurred losses of over Rs 2,800 cr last fiscal...

This makes PNB the biggest such loser among all state-owned banks even before it uncovered an alleged Rs. 12,000 crore...

9 March 2018 7:15 PM IST

PNB has suspended 10 officers over the scam and referred the matter to CBI for investigation. (Photo: PTI)

PNB may be given 1 year to provision against Rs 12,646 cr fraud

Bank has written a letter to banking sector regulator seeking its opinion on making provisions for fraud.

9 March 2018 11:29 AM IST

Persistent health problem, can't return to India: Choksi to CBI

A response on similar lines was received from Nirav Modi citing that he could not travel to India to join the probe.

9 March 2018 6:13 AM IST

Fresh summons to Choksi, says can't join probe

A response on similar lines was received from Nirav, who was also issu-ed a fresh summon.

9 March 2018 12:39 AM IST