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July 21, Saturday 2018 7:09 PM       

       HEADLINES: Search for Maoists in Wayanad, third captive escaped                                              Centre grants Rs 80 crore to Kerala as monsoon relief fund                                              Mother and son found hanging                                              “Government complete failure in tackling monsoon calamities”: Chennithala                                              PM’s stand towards all-party delegation calls for protest: CPM                                              Modi mocks Rahul over his gesture, says he is in 'hurry' to get PM's chair                                              Death in pothole accidents on roads 'frightening': SC                                              Ammunition room hidden in  Red Fort                                              Rape attempt: Temple priest arrested in Haryana                                              15 injured as school bus falls off bridge in Chattisgarh                                              Indian detainees in US not handcuffed, says volunteer                                              Trump invites Putin to US for talks amidst backlash over first summit in Helsinki                                              CIA: China is waging a 'quiet kind of cold war' against US                                              Heat wave has Tokyo residents concerned about Olympics                                              Ramanathan enters semifinals, Paes out of Hall of Fame Open                                              David Warner returns to cricket in Australia in Darwin                                              Kaumudi Facebook
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       No plans to close operations at Brady House branch in Mumbai:PNB
 
         Posted on :22:28:25 Jul 3, 2018
   
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       Last edited on:22:28:25 Jul 3, 2018
         Tags: No plans, Brady House branch in Mumbai
 
New Delhi: Fraud-hit Punjab National Bank (PNB) today said it has no plans to close operations at its Brady House branch, the fountainhead of the Rs 14,000 crore Nirav Modi scam.
 
Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated PNB of about Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs).
 
PNB's Brady House branch in Mumbai had fraudulently issued LoUs for the group of companies belonging to Nirav Modi since March 2011.
 
"PNB has no plans to close operations in the Brady House branch in Mumbai. Reallocation of some of the accounts is part of the regular restructuring process at PNB to strengthen internal systems and processes and centralize certain critical functions," a spokesperson of the bank said.
 
Retail operations for PNB customers continue to operate from the branch, the official said.
 
With regards to provision made for the loss incurred on account of the Nirav Modi fraud, the bank provided Rs 7,178 crore, 50 per cent of the total amount of Rs 14,356 crore, in the fourth quarter of 2017-18. The remaining amount will be covered in the three quarters of the current fiscal year.
 
PNB paid Rs 6,586.11 crore to other banks to discharge its liabilities towards Letters of Undertakings (LoUs) and Foreign Letters of Credit (FLCs) issued fraudulently and in unauthorised manner to certain overseas branches of Indian banks through the misuse of SWIFT system of the bank, which was then not integrated with CBS (Core Banking Solution).
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       BUSINESS
Next Article: Exports seem to have good performance in June: Prabhu
 
 
BUSINESS HEADLINES
HDFC Bank Q1 net up 18 pc to Rs 4,601 cr  
Rupee recovers from record lows, up 9 paise against US dollar  
Google to string undersea cable from France to Virginia  
Sensex slides 146 pts on profit-booking, political developments  
India prepared to impose 'safeguards' if steel imports rise: government source  
Nickel falls on lower demand  
May announces new 2 bn pounds UK-Italian fighter jet project  
Infosys shares soar 6% after Q1 earnings  
Rupee slips 6 paise against US dollar  
Niti Aayog working on proposal to replace LPG subsidy with cooking subsidy: Kumar  
India to be $10 trillion economy by 2030: Garg  
No question of closure of DCI; 3 ports to pick up govt stake: Gadkari  
India to be $10 trillion economy by 2030: Garg  
Markets slip from record to end flat on profit-booking  
Markets slip from record to end flat on profit-booking  
No question of closure of DCI; 3 ports to pick up govt stake: Gadkari  
Retail inflation rises to 5 percent in June  
Retail inflation soars to 5% in June, IIP presides to 3.2% in May  
Indian Army signs MoU with SBI on salary package  
US dollar ends sharply lower against rupee  
Gold, silver recover on mild demand  
BSNL starts first internet telephony service in India  
Sensex nears all-time high; TCS shines on Q1 show  
Gold futures gain 0.06% on global cues  
Goyal asks Coal India to ensure supply for power sector  
 
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