Friday, 20 May, 2022
TopicPunjab National Bank

Topic: Punjab National Bank

Nirav Modi fraud cost Rs 14,357 crore, says PNB

The bank Tuesday posted its largest-ever quarterly loss of Rs 13,416.91 crore for the January-March period, mainly on account of high provisioning for bad loans.

Staff crunch making probe into PNB-Nirav Modi scam difficult, CBI tells court

‘We are short-staffed, need more expert hands to probe voluminous PNB case,’ it says while asking for permission to let sub-inspectors probe the case.

PNB’s long journey from being the first swadeshi bank to the Nirav Modi fraud

The image of Punjab National Bank, whose clientele once included Nehru, Shastri and Indira Gandhi, has taken a major hit with the Nirav Modi fraud.

How blockchain could have prevented a PNB-Nirav Modi scam

There were plenty of systems in place to prevent the Punjab National Bank-Nirav Modi case, but they failed. A blockchain-based system might have been more effective at preventing it. 

TalkPoint: Is it impossible to fix India’s disastrous PSU banks?

Experts weigh in on the astounding 11,000 crore fraud in Punjab National Bank and how it reflects on the state of public sector banks in India.

We can’t do away with bank scams. But we can aim for an India where they are fewer

Money is about accounting entries. Modern scams are all about stealing accounting entries, when the system has a “reconcilement” problem.

The Nirav Modi case has played out before in this book

A case of an Indian celebrity jeweller named Nirav accused of being involved in banking fraud has taken place before: in a recent book.

If Modi wants a real legacy, he must undo Indira Gandhi’s disastrous bank nationalisation

From Jimmy Nagarwala’s Rs 60 lakh from SBI to Nirav Modi’s Rs 11,000 crore-plus from PNB, India has a 47-year record of scams in govt banks. Why do all govts still love them?

BJP claims PNB scam began under UPA govt, CBI FIR says it happened in 2017

Investigators suspect there could be more LOUs, since bank employees accused of the fraud didn’t keep an official record.

On Camera

YourTurn

Representative image of an ethanol-blended fuel station plug | Wikimedia Commons

Ethanol blended fuel to power vehicles. Will it hurt your car’s engine?

India’s reliance on ethanol blended fuel is only set to increase in the wake of rising crude oil prices. But are we going to adapt in time?
A shopkeeper arranges stock at a grocery store in Bengaluru | Representational image | Bloomberg Photo

Inflation raised monthly expenses of 92% Indian families in last 3 months, finds online survey

A LocalCircles poll found that 70% of respondents felt their monthly household budget increased by 10% while 55% expected expenses to go up by another 10% in the next 3 months.

Defence

File photo of a defence personnel armed with a SiG 716 rifle near the Line of Control | Photo: Snehesh Alex Philip | ThePrint

India to ink ‘repeat order’ deal for 73,000 SiG 716 rifles from the US

In February 2019, 72,400 SiG 716 rifles of 7.62 x 51mm calibre were contracted from SIG Sauer Inc, USA, under government's 'Buy (Global) category', through fast track procedure.

How Congress is like the Ambassador & why Indian politics needs a brand new set of wheels

Like the car, nothing the party has done to reinvent itself has worked. Only way forward is to offer something looking towards the future, not in image of glorious past.
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