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Fraud-hit PNB is clearing a backlog of provisions and expects to post net income in every quarter of fiscal 2020-21.
On second day of week-long hearing in London, Modi’s lawyer sought to cast doubt on allegations the jeweller fraudulently procured guarantees from PNB.
Diamond merchant Nirav Modi has been lodged at London's Wandsworth prison since his arrest this March in connection with the PNB fraud and money laundering case.
Bhushan Power and Steel had defaulted on a Rs 47,700-crore loan in 2017. Last week, PNB alleged it had also committed a Rs 3,815 crore scam.
Punjab National Bank reported the new fraud to the Reserve Bank of India. The fraud took place at its Chandigarh branch, and in its Hong Kong and Dubai offices.
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Finance ministry officials say mid-sized and small government lenders have been identified for separate merger processes with PNB and Canara Bank.
Punjab National Bank reports Rs 247 crore profit for December quarter, first since being afflicted by the Modi-Choksi scam in January last year.
The viability of the branch isn't established because of low business, particularly from the diamond sector, says CEO Rajkiran Rai Gundyadka.
A special CBI court approved her bail plea after the President had granted sanction to prosecute her.