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<keyword id="6426359" type="General" weightage="80" keywordseo="pnb-housing-finance" source="Orion">PNB Housing Finance</keyword> on Thursday reported an 11.7 per cent rise in net profit at Rs 262.63 crore for the September quarter of 2022-23 on a modest rise in core income. The non-banking finance company had logged a net profit of Rs 235.21 crore in the year-ago period. Total income increased to Rs 1,683.43 crore from Rs 1,586.41 crore in the same period of 2021-22, <keyword id="47268" type="General" weightage="100" keywordseo="pnb" source="Orion">PNB</keyword> Housing Finance said in a regulatory filing. The core interest income of the Delhi-based housing finance company rose 6.5 per cent in the quarter to Rs 1,597.54 crore as against Rs 1,499.88 crore in the year-ago period. Total expenses moved up nearly 4 per cent to Rs 1,343 crore from Rs 1,295.21 crore. Promoted by the country's second-largest state-owned lender <keyword id="62034" type="General" weightage="50" keywordseo="punjab-national-bank" source="Orion">Punjab National Bank</keyword> (PNB), the company is engaged in the business of providing loans for the purchase, construction, repairs and renovations of housing and commercial properties. On the asset front, gross non-performing assets (NPAs or bad loans) stood at 6.05 per cent of gross advances as of September 30, 2022. Net NPAs were at 3.59 per cent. PNB Housing Finance stock closed at Rs 451.10, up 4.59 per cent, on the <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-gains-67-paise-to-82-14-against-us-dollar/articleshow/95113459.cms">Rupee gains 67 paise to 82.14 against US dollar</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-markets-trade-higher-amid-mixed-cues-from-global-markets/articleshow/95113241.cms">Indian markets trade higher amid mixed cues from global markets</a>

PNB Housing Finance Q2 profit rises 12 pc at Rs 263 cr 

<ul><li><keyword id="6426359" type="COMPANY" weightage="20" keywordseo="pnb-housing-finance">PNB Housing Finance</keyword> has announced a fundraise of ₹4,000 crore.</li><li>The fundraising will be led by The <keyword id="44803" type="COMPANY" weightage="20" keywordseo="Carlyle-group">Carlyle Group</keyword> and former <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> CEO <keyword id="6406769" type="COMPANY" weightage="20" keywordseo="aditya-puri">Aditya Puri</keyword>.</li><li>Shares of PNB Housing Finance hit the 20% upper circuit, reacting to the news.</li></ul>The board of non-banking lender PNB Housing Finance has approved a fundraising of ₹4,000 crore. Former HDFC Bank chief executive officer (CEO) Aditya Puri and US-based private equity firm The Carlyle Group have emerged as the leading investors. The government-owned Punjab National Bank (PNB), which owns a little over 32% stake right now, will continue to be a promoter and a key stakeholder of the company. PNB Housing Finance said each of QIH, Pluto and Salisbury Investments will be classified as part of the “promoter group” of the company, following the completion of the transactions under Pluto SSA and Salisbury SSA, respectively. Reacting to the news, shares of PNB Housing Finance went through the roof, hitting an upper circuit of 20% at around 10:10 am. <div type="image" title="PNB Housing Finance 15_04_21 to 31_05_21." msid="83106098" hostid="261" caption="&amp;lt;p&amp;gt;PNB Housing Finance share price&amp;lt;/p&amp;gt;"></div> According to the company’s exchange filing, private equity giant The Carlyle Group, will contribute to 80% of the ₹4,000 crore capital raise. The other prominent name in the fundraise is Aditya Puri’s Salisbury Investments. Puri is the former CEO and MD of HDFC Bank, India’s largest private sector bank, which also owns the country’s largest private mortgage lender HDFC. The company notes in its exchange filing that the primary objective of the fundraise is to augment the capital adequacy, reduce the ratio of debt to equity and fund its growth objectives in the retail lending segment. The equity issue is priced at ₹390 per share, which is a discount of nearly 11% over the previous closing price. This has triggered an open offer for acquisition of over 70 million shares, representing 26% of the company’s existing equity shares. The open offer price is quoted at ₹403.22 per share, which is at a discount of nearly 8% over the previous closing price. <cmsannotation type="cmsannotation" annotationid="Fundraising has been long overdue" comment="subhead" text="Fundraising has been long overdue">Fundraising has been long overdue</cmsannotation> The fundraising announcement is long overdue for the lender. Back in November 2020, the company had announced a fundraise of ₹1,800 crore via a preferential issue of shares. However, its plans were derailed as its parent Punjab National Bank was not permitted by the Reserve Bank of India to pour in the capital into its lending subsidiary. Later, in an analyst call in April 2021, PNB Housing Finance’s CEO and MD, Hardayal Prasad, said that the company is evaluating its options. “As you are aware that we were waiting for the capital raise with participation of PNB and ₹600 crore was earmarked since then. But after, the permission was not given. So, we have initiated the process of evaluating all options and modes for the fundraise,” said Prasad. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/from-bhel-to-heg-and-cg-power-these-infrastructure-stocks-have-turned-10000-to-as-much-as-30600-in-just-six-months/slidelist/83104471.cms">From BHEL to HEG and CG Power ⁠— these infrastructure stocks have turned ₹10,000 to as much as ₹30,600 in just six months</a> <a href="https://www.businessinsider.in/business/startups/news/online-broker-zerodhas-valuation-has-doubled-from-1-billion-to-2-billion-within-a-years-time/articleshow/83037425.cms">Zerodha doubles its valuation to $2 billion within a year as millennials plough India’s stock markets</a>

Former HDFC Bank CEO Aditya Puri and Carlyle will be among the new owners of PNB Housing Finance triggering an open offer

US-based insurer Metlife Inc, through its group company, will acquire the combined 15.27 per cent stakes of I.G.E. (<keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>) Private Ltd (IGE) and <keyword id="4100068" type="General" weightage="100" keywordseo="elpro" source="Orion">Elpro</keyword> International Ltd (Elpro) in the <keyword id="12246295" type="General" weightage="20" keywordseo="pnb-metlife-india-insurance-company-ltd" source="Orion">PNB MetLife India Insurance Company Ltd</keyword> (<keyword id="1632925" type="General" weightage="80" keywordseo="pnb-metlife" source="Orion">PNB MetLife</keyword>) for about ₹1,906 crore cash. According to Elpro, it will receive a sum of about ₹1,424.69 crore while I.G.E. (India) will get about ₹481.32 crore. <keyword id="10435293" type="General" weightage="20" keywordseo="metlife-international-holdings-llc" source="Orion">MetLife International Holdings LLC</keyword> has entered into a share purchase agreement with I.G.E. (India) and Elpro for the purpose. Elpro said the tentative date for completion of the transaction is November 30, 2021 subject to regulatory approvals. With the purchase of the additional stake, MetLife's stake in <keyword id="47268" type="General" weightage="80" keywordseo="pnb" source="Orion">PNB</keyword> MetLife will go up to 47.325 per cent. "MetLife's joint venture in India has all of the hallmarks we look for in deploying capital to create long term shareholder value: a track record of consistent execution, an extensive distribution network, strong growth and an advantaged position in one of the world's most attractive life insurance markets," MetLife Asia Regional President, Kishore Ponnavolu, said. "I am pleased that this transaction supports MetLife's continued growth in India and will enable us to deliver even more value for our customers, partners and shareholders. The Dabriwala family has been a strong supporter of PNB MetLife and valued members of its board, and we thank them for their contribution to the company." Elpro Director Surbhit Dabriwala said: "We have enjoyed a strong relationship with MetLife for close to 20 years and seen PNB MetLife grow. Our involvement in PNB MetLife is part of a long tradition at Elpro of working with leading multinational partners in India, including in past ventures with GE and FANUC." On Tuesday morning, Elpro's shares shot up to ₹72.65 after closing at ₹60.55 on Monday. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/meat-and-seafood-brand-licious-is-now-worth-over-a-billion-dollars/articleshow/86775398.cms">Meat and seafood brand Licious is now worth over a billion dollars</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/oneplus-10-pro-is-rumoured-to-get-5x-optical-zoom-in-addition-to-a-periscope-lens/articleshow/86775266.cms">OnePlus 10 Pro is rumoured to get 5x optical zoom in addition to a periscope lens</a>

MetLife acquire stakes of Elpro and IGE's in PNB MetLife for ₹1,906 crore

<ul><li><keyword id="6426359" type="COMPANY" weightage="20" keywordseo="pnb-housing-finance">PNB Housing Finance</keyword>’s share price has skyrocketed over the last 10 trading days. </li><li>Every ₹10,000 invested in the stock on May 25 is now worth ₹22,000 as on June 7, 2021. </li><li>However, the potential upside could be limited from the current share price. </li></ul>Shares of PNB Housing Finance have hit the upper circuit six days in a row, more than doubling investor wealth. Had an investor put in ₹10,000 in the stock on May 25, 2021, it would be worth nearly ₹22,000 today. The incessant rally in PNB Housing Finance’s shares was triggered by the news of former <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> chief executive officer (CEO) <keyword id="6406769" type="LOCATION" weightage="20" keywordseo="aditya-puri">Aditya Puri</keyword> and US-based private equity firm The <keyword id="44803" type="COMPANY" weightage="20" keywordseo="Carlyle-group">Carlyle Group</keyword> investing in the non-banking lender. <div type="Article" hostid="261" msid="83105948" title="Former HDFC Bank CEO Aditya Puri and Carlyle will be among the new owners of PNB Housing Finance triggering an open offer" mstype="2" mssubtype="0"></div> <div type="image" title="PNB Housing Finance 25_05_21 to 07_06_21." msid="83306222" hostid="261" caption="&amp;lt;p&amp;gt;PNB Housing Finance share price&amp;lt;/p&amp;gt;"></div> Over the last 10 trading sessions, the non-banking lender’s share price has surged by over 118%. The company’s shares have been locked in the upper circuit for the last six consecutive days. But the upside could be limited, according to Kranthi Bathini, director of equity strategy at WealthMills Securities. “There has been a sharp run-up in the share price of PNB Housing Finance over the last few trading sessions. This could mean the potential upside now is limited,” Bathini told Business Insider. “The recent investment news has turned it into a momentum stock. The rally in share prices of such stocks is driven by news, and not necessarily the technicals and fundamentals,” he further added, linking the sharp rally in PNB Housing Finance’s share price to the ₹4,000 crore fundraising news. According to the company’s exchange filing, private equity giant The Carlyle Group will contribute to 80% of the ₹4,000 crore capital raise. The other prominent name in the fundraise is Aditya Puri’s Salisbury Investments. Puri is the former CEO and MD of HDFC Bank, India’s largest private sector bank, which also owns the country’s largest private mortgage lender HDFC. The company noted in its exchange filing that the primary objective of the fundraise is to augment capital adequacy, reduce the ratio of debt to equity and fund its growth objectives in the retail lending segment. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/former-hdfc-bank-ceo-aditya-puri-and-carlyle-will-be-among-the-new-owners-of-pnb-housing-finance-triggering-an-open-offer/articleshow/83105948.cms">Former HDFC Bank CEO Aditya Puri and Carlyle will be among the new owners of PNB Housing Finance triggering an open offer</a> <a href="https://www.businessinsider.in/stock-market/news/from-bhel-to-heg-and-cg-power-these-infrastructure-stocks-have-turned-10000-to-as-much-as-30600-in-just-six-months/slidelist/83104471.cms">From BHEL to HEG and CG Power ⁠— these infrastructure stocks have turned ₹10,000 to as much as ₹30,600 in just six months</a> <a href="https://www.businessinsider.in/business/startups/news/online-broker-zerodhas-valuation-has-doubled-from-1-billion-to-2-billion-within-a-years-time/articleshow/83037425.cms">Zerodha doubles its valuation to $2 billion within a year as millennials plough India’s stock markets</a>

PNB Housing Finance shares hit upper circuit six days in a row, but the potential upside could be limited now

Capital markets controller <keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">SEBI</keyword> has given <keyword id="6426359" type="COMPANY" weightage="100" keywordseo="PNB-Housing-Finance">PNB Housing Finance</keyword> a thumbs up to raise Rs 2,500 crore through an Initial Public Offering (IPO). 
 The IPO papers have been documented by the <keyword id="47268" type="ORGANIZATION" weightage="20" keywordseo="PNB">PNB</keyword> lodging Finance with SEBI in July. The markets regulater, on October 6, issued its last perceptions on the draft offer reports. 
 
The returns from the share sale would be principally utilized towards expanding its capital base by PNB Housing Finance. 
 As indicated by the <keyword id="53370" type="ORGANIZATION" weightage="20" keywordseo="Draft-Red-Herring-Prospectus">Draft Red Herring Prospectus</keyword> (<keyword id="131606" type="ORGANIZATION" weightage="20" keywordseo="DRHP">DRHP</keyword>), the company plans to raise up to Rs 2,500 crore through the underlying share sale and a portion would be reserved for the employees. 
 
"We believe that the listing of our equity shares will enhance our visibility and brand name among existing and potential customers," it added. 
 
The company plans to grow business and loan portfolio by consolidating position in key geographies as well as by expanding into specific target markets such as the affordable housing segment. 
(image: Indiatimes)

PNB Housing Finance to raise Rs 2,500 cr through IPO

<ul><li>Skeletons keep tumbling out of the Punjab National Bank's closet and the stock is down nearly 10% on Monday.</li><li>One of India's marquee government banks, PNB, revealed that it had lost another half a billion dollars to a loan fraud, this time, at <keyword id="1943934" type="COMPANY" weightage="20" keywordseo="Bhushan-Power-and-Steel">Bhushan Power and Steel</keyword>.</li><li>Bhushan Power and Steel is awaiting resolution at the National Company Law Tribunal.</li></ul>Skeletons keep tumbling out of the Punjab National Bank's (PNB) closet and the share price was down 10% on Monday (July 8). One of India's marquee government banks, PNB, revealed that it had lost another half a billion dollars to a loan fraud, this time, at Bhushan Power and Steel. Bhushan Power and Steel is awaiting resolution at the National Company Law Tribunal. PNB informed the stock exchanges on Saturday that it had written to RBI sharing its findings from a forensic report-- nearly ₹3,805.15 crore had been swindled away by the now-insolvent Bhushan Power and Steel Ltd (BPSL). The company has already set aside half of the amount from its profits to cover for the loss, if any, as per the prescribed prudential norms. However, the share price has lost nearly the entire amount in market capitalisation as investors rued the lack of adequate checks and balances. The company had "misappropriated funds and manipulated books of accounts to raise funds from consortium lender banks", PNB said. In February 2018, the ₹13,500-crore scam involving diamantaires Nirav Modi and Mehul Choksi had come to light at the PNB. It is one of the first 12 accounts identified by the RBI for insolvency proceedings. The Central Bureau of Investigation (CBI), India's premier investigative agency, is already probing Bhushan Power and Steel for alleged lapses in governance. "At present, the case is in advance stage at the National Company Law Tribunal (NCLT) and the bank expects good recovery in the account," PNB said. With inputs from IANS SEE ALSO <a href="https://www.businessinsider.in/url-budget-2019-proposals-to-improve-market-liquidity-in-banks-nbfcs/articleshow/70090570.cms" data-type="tilCustomLink" target="_blank">Indian banks will now have more cash to lend for more reasons than one</a>

The stock of Punjab National Bank has lost half a billion dollars after a loan fraud of the same amount came to light

<keyword id="62034" type="CITY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> (<keyword id="47268" type="ORGANIZATION" weightage="20" keywordseo="PNB">PNB</keyword>) Maestro debit cards holders will face a card blockage if they fail to replace it with a more secure <keyword id="726464" type="ORGANIZATION" weightage="20" keywordseo="EMV">EMV</keyword> chip based card by the end of this month, according to PTI news report. The bank will not charge anything for the replacement and it will be provided free of cost. "If you are having Maestro debit card, git replaced free of cost with a new EMV chip based debit card from any PNB branch. All Maestro cards issued by PNB will be blocked or hotlisted on July 31, 2017 for security based reasons," the bank said in a communication to its customers. The replacement is as per RBI advisory issued in 2015, asking all the banks to migrate to a much secured EMV chip based cards, an official of the bank said. The bank has identified that there are about one lakh customers with old Maestro debit cards and has started sending them SMSes as well, an official of the bank said. Presently, PNB's card base stands at around 5.65 crore. "However, we have excluded those customers who are not using these Maestro debit cards at all with not even a single transaction in a year as making of cards involves cost as well as time," the official said. As per RBI advisory, existing magnetic stripe only cards need to be replaced with EMV chip and pin based cards by December 31, 2018, irrespective of the validity period of the cards. And from January 31, 2016 onwards, banks are directed to issue only EMV based debit and credit cards. Card replacement is important, keeping in mind digital drive of the government that has led to a drastic rise in debit card usage. "Now, people are taking interest in using debit cards. Young generation definitely use it, but people over 40 years of age are also using it and taking help from children to learn card usage," the official said.1

This is why PNB Debit cards will get blocked after 31 July

New Delhi, July 13 (PIT) Punjab National Bank proposes to accelerate self-service and focus on automation with a view to optimise processes, employees and workplace and thus deal with the challenges following the outbreak of coronavirus, the lender said in a message to shareholders. "The current crisis will steer the banking industry to remote working which is likely to shape the cost structure in the days ahead", PNB's MD and CEO S S Mallikarjuna Rao said in a letter to shareholders. He noted that MSME, agriculture, agro-based industries, healthcare, among others, present ample opportunities for growth and lending. "The bank will accelerate self-service and automation initiatives through greater focus on technology to foster optimisation of processes, employee and workplace," he said. Rao said 2019-20 started with an overarching goal towards 'Year of Profitability and Creating Value', leaving the adversities of the previous financial year behind. In the last financial year, PNB's operating profit increased year-on-year by 13.4 per cent to Rs 14,739 crore. After a gap of two years, the bank registered a net profit of Rs 336 crore for 2019-20. On amalgamation of two public sector banks -- Oriental Bank of Commerce and United Bank of India -- into PNB with effect from April 1, 2020, Rao said the amalgamation process provides significant benefits to PNB and its customers besides providing scale and growth. "The amalgamation has propelled the bank to the position of the second largest pubic sector bank in the country and will enable us to realise operational, revenue and cost synergies," he told shareholders. On way forward for PNB, he said the bank's prime goal will be to strengthen the balance sheet, which will create a foundation for sustainable profitability going ahead. "The bank will continue its focus on asset quality management and capital improvement in the post- pandemic environment, apart from continuing the accelerated momentum in recovery, product leadership, technology, efficiency, and small ticket lending," Rao said. Going forward, he said PNB's endeavour will be to enhance value through multipronged digital transformation strategy and greater focus on better underwriting prudence and risk controls. He said the bank is considerably strengthened with the amalgamation. "As a bigger entity, we have revamped our products and delivery channels. It is our mission to build a global size, future-ready institution which will substantially contribute to the country's growth," Rao said. He exuded confidence that in its new avatar, PNB 2.0 will scale still greater heights and contiune its growth trajectory. The 19th Annual General Meeting of the shareholders of PNB will be held on August 4. The bank will seek shareholders' nod for raising equity capital of up to Rs 7,000 crore. NKD CS ANU ANU

PNB to focus on self-service, automation to deal with COVID-19 challenges: Rao

New Delhi, Mar 30, () Punjab National Bank (PNB) has unveiled a new logo as it merges with United Bank of India and OBC with it, with effect from April 1. The new logo will bear distinct signages of all the three public sector lenders.With this, PNB is set to become the second largest lender in the country."#PunjabNationalBank is here with #OrientalBankofCommerce &amp; #UnitedBankofIndia in an all new avatar. Be a part of the #TogetherForTheBetter journey with us and experience a smoother and smarter way of banking," PNB said in a tweet on Monday.Assuaging concerns regarding the merged entity, PNB also said there is no reason to worry as the three banks are coming together to be better, bigger and stronger."Together we are bigger, stronger &amp; faster. People &amp; Banking will now be closer than ever before. You will have products fine tuned to your needs," it said in another tweet. PNB also appealed to its customers to stay indoors due to the coronavirus outbreak and access its services through net banking and PNBONE app."Now, pay your tax, get interest certificates, track your investments and more with just one app. Have you downloaded #PNBONE app yet? #BankFromHomeAndStaySafe #COVID 18," the lender said.Ten state-owned banks are to be merged into four bigger and stronger banks with effect from April 1. KPM ANUANU

PNB unveils new logo

New Delhi, Mar 3 () PNB Housing Finance on Tuesday said its board has approved raising up to Rs 1,700 crore through qualified institutions placement (QIP) route. The decision was taken at the company's board meeting held on March 3. The board "has approved to raise equity capital aggregating up to Rs 1,700 crore through a QIP," it said in a regulatory filing. "In addition, the board also considered it advisable, subsequent to the successful closure of the QIP, to offer Quality Investment Holdings and/or its affiliates/nominees a preferential allotment of equity shares and/or permissible securities (including convertible securities/warrants) of the company," it added. The preferential allotment to Quality Investment Holdings --an investment vehicle of the Carlyle Group -- is subject to conditions, including the terms of the preferential issue being no less favourable than those offered to QIP investors. "It is clarified that QIH is not obligated to subscribe in the preferential issue at this stage. Should it choose to participate, QIH can subscribe to at least such number of agreed securities in the preferential issue as required to maintain its pre-QIP shareholding in the company," PNB Housing Finance said. PNB Housing promoter Punjab National Bank (PNB) and Carlyle Group are to sell at least 51 per cent stake in the housing finance company, in which they are the joint investors. As of December 31, 2019, PNB held 32.65 per cent stake in the company while QIH had shareholding of 32.22 per cent. The company's asset base comprises retail loans and corporate loans. The retail business focusses on organized mass housing segment financing for acquisition or construction of houses. It also provides loan against properties and loans for purchase and construction of non-residential premises. Shares PNB Housing Finance closed at Rs 341.10 apiece on the BSE, up 0.84 per cent from the previous close. KPM KPM ANUANU

PNB Housing Finance board approves Rs 1,700 cr fundraising via QIP

<ul><li><keyword id="47268" type="ORGANIZATION" weightage="20" keywordseo="PNB">PNB</keyword>, India’s second-largest government-owned bank, reported a loss of ₹134.2 billion for the quarter ended March 31st. </li><li>The bank’s provisions surged nearly five times to ₹203.5 billion because it is liable to pay back a lot of the loans that <keyword id="571991" type="PERSON" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword> has defaulted on. </li><li>Modi and his associates defrauded these banks of ₹130 billion ($1.92 billion) between 2011 and 2017- India’s biggest banking fraud. </li></ul> The name “Nirav Modi” isn’t likely to go out of news cycles anytime soon. This past February, it came to light that Modi, a prominent Indian jeweller and billionaire, had used his clout to allegedly procure fraudulent letters of undertaking from a Mumbai branch of the <keyword id="62034" type="ORGANIZATION" weightage="100" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> (PNB). He then used the letters to get loans from not only PNB, but a number of Indian banks like State Bank of India and <keyword id="6358005" type="ORGANIZATION" weightage="20" keywordseo="allahabad-bank">Allahabad Bank</keyword>, and eventually defaulted on the loans, despite issuing additional letters to pay back these loans. Modi and his associates defrauded these banks of ₹130 billion ($1.92 billion) between 2011 and 2017. This is the biggest banking fraud in India’s history. And now, it’s led to the highest quarterly loss ever by an Indian bank. PNB, India’s second-largest government-owned bank, reported a loss of <a href="https://www.pnbindia.in/downloadprocess.aspx?fid=qTvsjnzvILodoPNEqn9wCQ==">₹134.2 billion</a> for the quarter ended March 31st. Its loss even exceeded its total revenue of ₹129.5 billion. Given that PNB sanctioned the invalid letters of undertaking, it is the main bearer of liability for the loans that Modi and his partner firms have defaulted on. It will have to drum up the payments for these letters of credit itself. Hence, it’s provisions for bad loans and defaulted accounts surged 355% from the previous quarter to a staggering ₹203.5 billion. Around 40% of this figure was accounted for by the Nirav Modi fraud alone. In fact, after staying well under the ₹600 billion mark for all of 2017, the bank’s total amount of bad loans ballooned to ₹866 billion by the end of March 2018. There were around ₹291 billion of fresh bad loans in just the last quarter of fiscal 2018. The bank’s growth will be severely limited for the foreseeable future. All the capital that the managed to raise from institutional investors, <a href="https://www.thehindubusinessline.com/markets/pnb-raises-rs-5000-cr-via-qualified-institutional-placement/article9989982.ece">₹50 billion</a> in December 2017, and the government, <a href="https://www.bloombergquint.com/business/2018/03/08/over-a-dozen-state-owned-banks-to-get-rs-46000-crore-capital-infusion-this-month#gs.3aHyZcg">₹54 billion</a>, was insufficient to cover its provisions, let alone its other growth initiatives and capital expenditure. Given the dire state of PNB’s finances, it is likely to be put under the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword>’s Prompt Corrective Action watchlist (PCA). The operations of 11 of India’s 21 state-owned banks are already being monitored under the PCA programme, which imposes restrictions on fresh loans. PNB is already said to be taking steps to make credit underwriting norms more rigorous and improving its internal auditing process. Meanwhile, the Nirav Modi fraud is still being investigated by India’s Central Bureau of Intelligence and judicial authorities, and names are finally being named. A charge sheet against Modi and his uncle, Mehul Choksi, - both of whom are absconding - was filed by the investigative agency earlier this week. <a href="http://www.business-standard.com/article/current-affairs/pnb-scam-two-bank-execs-removed-allahabad-bank-chief-to-step-down-118051400782_1.html">A number of other people</a>, including senior directors at PNB and Allahabad Bank, were also charged in the filing for various breaches. The senior management of all the banks involved will likely be cleaned out and reshuffled.

How one fraudster drove Punjab National Bank to the highest quarterly loss in the history of Indian banking

<ul><li>They said the 'red notice' has been issued by the global police body on the request of the Enforcement Directorate (ED). </li><li>Once such a notice issued against a fugitive, the Interpol asks its 192-member countries to arrest or detain the person if spotted in their countries after which extradition or deportation proceedings can begin. </li><li><keyword id="6243034" type="PERSON" weightage="20" keywordseo="ami-modi">Ami Modi</keyword> is stated to have left country soon after the alleged bank fraud case came into light in 2018. </li></ul>An Interpol global arrest warrant has been issued against Ami Modi, wife of <keyword id="571991" type="ORGANIZATION" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword>, prime accused in the over USD 2 billion <keyword id="47268" type="ORGANIZATION" weightage="20" keywordseo="PNB">PNB</keyword> bank fraud case, on charges of money laundering, officials said on Tuesday. They said the 'red notice' has been issued by the global police body on the request of the Enforcement Directorate (ED). Once such a notice issued against a fugitive, the Interpol asks its 192-member countries to arrest or detain the person if spotted in their countries after which extradition or deportation proceedings can begin. Ami Modi is stated to have left country soon after the alleged bank fraud case came into light in 2018. The ED has charged Ami Modi for conspiring and money laundering with her husband and jeweller Nirav Modi apart from his uncle Mehul Choksi and others under the Prevention of Money Laundering Act (PMLA). Nirav Modi (49), is currently lodged in a UK jail after being arrested in London in March, 2019 and is currently fighting extradition to India. He has been declared a fugitive economic offender by a Mumbai court early this year and the court had also ordered confiscation of his assets. The ED has already confiscated about Rs 329 crore of his linked properties. The businessman, Choksi and others are being probed by the ED on money laundering charges in connection with an over USD 2 billion alleged bank fraud at a PNB branch in Mumbai. Similar Interpol notices have been earlier been issued against Nirav Modi's younger brother Nehal Modi and sister Purvi Modi.

Interpol issues red notice against Ami Modi, the wife of fugitive Nirav Modi, over $2 billion PNB fraud case

PNB Housing Finance on Wednesday said it has signed a pact with IIT-Delhi for developing sustainable and reusable <keyword id="2493103" type="PERSON" weightage="20" keywordseo="personal-protective-equipment">personal protective equipment</keyword> (PPE) kits for healthcare workers.Under the agreement, the <keyword id="261982" type="COMPANY" weightage="20" keywordseo="PNB-Housing-Finance-Ltd">PNB Housing Finance Ltd</keyword> (PNBHFL) will support research and development of a unique prototype material to be used in manufacturing sustainable (washable and reusable) PPE surgical gowns and masks. <div type="Article" hostid="261" msid="75571397" title="Sanofi, one of the largest drug makers, will test experimental coronavirus vaccine on humans starting September" mstype="2" mssubtype="0"></div> The PPE kits developed will then be supplied to government hospitals, PNBHFL said in a release. In managing patients afflicted with the highly-contagious COVID-19, healthcare workers rely heavily on PPE kits in protecting themselves from being infected or infecting others. But a shortage of PPE kits is exposing doctors, nurses and other frontline workers to the risk of infection while caring for COVID-19 patients. <div type="Article" hostid="261" msid="75570106" title="Long queues as Telangana re-opens liquor shops after 43 days shutdown" mstype="2" mssubtype="0"></div> <div type="Article" hostid="261" msid="75569270" title="Aarogya Setu denies privacy breach, contradicts ethical hacker’s claims" mstype="2" mssubtype="0"></div>

You Searched For "PNB" and got 13 results

PNB Housing Finance Q2 profit rises 12 pc at Rs 263 cr

PTI

Former HDFC Bank CEO Aditya Puri and Carlyle will be among the new owners of PNB Housing Finance triggering an open offer

Rounak Jain

MetLife acquire stakes of Elpro and IGE's in PNB MetLife for ₹1,906 crore

IANS

PNB Housing Finance shares hit upper circuit six days in a row, but the potential upside could be limited now

Rounak Jain

PNB Housing Finance to raise Rs 2,500 cr through IPO

BI India Bureau

The stock of Punjab National Bank has lost half a billion dollars after a loan fraud of the same amount came to light

Sriram Iyer

This is why PNB Debit cards will get blocked after 31 July

BI India Bureau

PNB to focus on self-service, automation to deal with COVID-19 challenges: Rao

PTI

PNB unveils new logo

PTI

PNB Housing Finance board approves Rs 1,700 cr fundraising via QIP

PTI

How one fraudster drove Punjab National Bank to the highest quarterly loss in the history of Indian banking

Dilsher Dhillon

Interpol issues red notice against Ami Modi, the wife of fugitive Nirav Modi, over $2 billion PNB fraud case

PTI

PNB Housing Finance signs pact with IIT Delhi to develop sustainable PPE kits

PTI

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