Edition:
India

Punjab National Bank (PNBK.BO)

PNBK.BO on Bombay Stock Exchange

80.55INR
23 May 2018
Change (% chg)

Rs-1.05 (-1.29%)
Prev Close
Rs81.60
Open
Rs81.30
Day's High
Rs83.45
Day's Low
Rs79.80
Volume
2,956,041
Avg. Vol
3,168,585
52-wk High
Rs231.60
52-wk Low
Rs74.30

Latest Key Developments (Source: Significant Developments)

India's PNB Says SEBI Warns Co About Disclosures Made w.r.t Nirav Modi Group, Gitanjali Group
Thursday, 17 May 2018 

May 17 (Reuters) - Punjab National Bank ::SAYS SEBI WARNS CO IN LETTER REGARDING DISCLOSURES MADE IN RESPECT OF NIRAV MODI GROUP, GITANJALI GROUP.CO HAS NOT MADE PROVISION/DISCLOSURE W.R.T. FRAUD OF 2.80 BILLION RUPEES IN FINANCIAL STATEMENTS FOR QUARTER ENDED DEC 2017.SAYS SEBI ADVISES CO TO BE CAUTIOUS IN FUTURE IN RESPECT OF COMPLIANCES OF SEBI LODR REGULATIONS.SEBI OBSERVED DELAY OF 1-6 DAYS BY PNB IN MAKING DISCLOSURES TO EXCHANGES PERTAINING TO FILING OF REPORTS/COMPLAINTS WITH RBI, CBI.  Full Article

India's Punjab National Bank Posts March Qtr Loss
Tuesday, 15 May 2018 

May 15 (Reuters) - Punjab National Bank ::MARCH QUARTER NET LOSS 134.17 BILLION RUPEES VERSUS PROFIT OF 2.62 BILLION RUPEES LAST YEAR.CONSENSUS FORECAST FOR MARCH QUARTER NET LOSS WAS 36.77 BILLION RUPEES.MARCH QUARTER INTEREST EARNED 113.85 BILLION RUPEES VERSUS 118.87 BILLION RUPEES LAST YEAR.MARCH QUARTER PROVISIONS AND CONTINGENCIES 203.53 BILLION RUPEES VERSUS 57.54 BILLION RUPEES LAST YEAR.MARCH QUARTER PROVISIONS FOR NPAS 162.03 BILLION RUPEES VERSUS 49.10 BILLION RUPEES LAST YEAR.MARCH QUARTER GROSS NPA 18.38 PERCENT VERSUS 12.11 PERCENT PREVIOUS QUARTER.MARCH QUARTER NET NPA 11.24 PERCENT VERSUS 7.55 PERCENT PREVIOUS QUARTER.SAYS DIVERGENCE IN PROVISIONING AS ON MARCH 31, 2017 AT 7.92 BILLION RUPEES.ADJUSTED NET PAT FOR YEAR ENDED MARCH, 2017 AFTER TAKING INTO ACCOUNT DIVERGENCE IN PROVISIONING AT 5.33 BILLION RUPEES.  Full Article

ICRA Says Punjab National Bank Cuts Stake In Co By 1.9363 Pct
Thursday, 22 Mar 2018 

March 22 (Reuters) - ICRA Ltd ::SAYS PUNJAB NATIONAL BANK CUTS STAKE IN CO BY 1.9363 PERCENT TO 3.4344 PERCENT.  Full Article

Goldman Sachs Cuts India's FY19 GDP Growth Estimate To 7.6 Pct On PNB Woes - TV
Tuesday, 20 Mar 2018 

March 20 (Reuters) - :GOLDMAN SACHS CUTS INDIA'S FY19 GDP GROWTH ESTIMATE TO 7.6 PERCENT FROM 8 PERCENT ON PNB WOES - TV.  Full Article

India's cenbank blames regulatory constraints for recent fraud
Wednesday, 14 Mar 2018 

March 14 (Reuters) - Reserve Bank of India governor Urjit Patel::RBI’S VERY LIMITED AUTHORITY UNDER THE BANKING ACTS, AS WELL AS THE CUSTOM TO HOLD THE PSB BOARDS ACCOUNTABLE HAS BECOME PROBLEMATIC.MARKET DISCIPLINE MECHANISM FOR PUBLIC SECTOR BANKS IS APPRECIABLY WEAKER COMPARED TO THAT AT PRIVATE BANKS.IT IS INFEASIBLE FOR BANKING REGULATOR TO BE IN EVERY NOOK AND CORNER OF BANKING ACTIVITY TO RULE OUT FRAUDS BY “BEING THERE”.LEGAL REFORMS ARE HIGHLY DESIRABLE TO EMPOWER RBI TO FULLY EXERCISE SAME RESPONSIBILITIES FOR PSBS AS NOW APPLY TO PRIVATE BANKS.NEED TO REFOCUS ON THE BIGGER ISSUE OF STRESSED ASSETS RESOLUTION.LEGAL REFORMS ARE HIGHLY DESIRABLE TO EMPOWER RBI TO ENSURE A LEVEL PLAYING FIELD IN SUPERVISORY ENFORCEMENT.OVERALL ENFORCEMENT MECHANISM, AT LEAST UNTIL NOW, IS NOT PERCEIVED TO BE MAJOR DETERRENT TO FRAUDS RELATIVE TO ECONOMIC GAINS FROM FRAUD."WE AT THE RESERVE BANK OF INDIA ALSO FEEL THE ANGER, HURT AND PAIN AT THE BANKING SECTOR FRAUDS AND IRREGULARITIES".RBI CHIEF SUGGESTS INTERNAL PROCESSES AT PNB FAILED BY ALLOWING OPERATIONAL HAZARD TO REMAIN IN PLACE IN SPITE OF CLEAR INSTRUCTIONS TO CLOSE IT.LEGISLATIVE CHANGES TO BR ACT THAT MAKE BANKING REGULATORY POWERS FULLY OWNERSHIP NEUTRAL, NOT PIECEMEAL BUT FULLY, IS A MINIMUM REQUIREMENT.CRIMINAL INVESTIGATION OF FRAUDS AND ATTACHED PENALTIES CAN SERVE AS AN EFFECTIVE DETERRENCE.IBC WITH RBI’S REVISED FRAMEWORK WILL HELP BREAK PROMOTER-BANK NEXUS WHICH HAS LED TO CRONY CAPITALISM, ATTENDANT NPA/CREDIT MISALLOCATION.  Full Article

Punjab National Bank issues clarification regarding foreign letters of credit
Thursday, 1 Mar 2018 

March 1 (Reuters) - Punjab National Bank ::Says issues clarification.Says clarification regarding unauthorised issuance of Foreign Letters of Credit in Gitanjali Group.Says as on 02.03.2017, FLCs were issued fraudulently for 1 year.Says since FLCs issued fraudulently were not entered in bank's books of accounts, it could be detected and reported on 26.02.2018.Says "accordingly, the date of occurrence may be accepted as 26.02.2018".  Full Article

Firestar Diamond Inc files for voluntary Chapter 11 bankruptcy - court filing
Tuesday, 27 Feb 2018 

Feb 27 (Reuters) - :FIRESTAR DIAMOND, INC FILES FOR VOLUNTARY CHAPTER 11 BANKRUPTCY IN SOUTHERN DISTRICT OF NEW YORK - COURT FILING.FIRESTAR DIAMOND, INC LISTS ASSETS AND LIABILITIES IN THE RANGE OF $50 MILLION-$100 MILLION - COURT FILING.FIRESTAR DIAMOND INC IS THE FLAGSHIP COMPANY OF BILLIONAIRE NIRAV MODI.  Full Article

India finmn asks state banks to examine bad loans above 500 mln rupees for possible fraud
Tuesday, 27 Feb 2018 

Feb 27 (Reuters) - :INDIA FINMN OFFICIAL - ASKS STATE-OWNED BANKS TO EXAMINE ALL BAD LOANS ABOVE 500 MILLION RUPEES FOR POSSIBLE FRAUD.INDIA FINMN OFFICIAL - ASKS BANKS TO EXAMINE BAD LOAN FRAUDS AS WILFUL DEFAULT.  Full Article

‍Fitch says Indian ABS unlikely to be affected by PNB fraud​
Monday, 26 Feb 2018 

Feb 26 (Reuters) - Fitch::‍FITCH SAYS INDIAN ABS UNLIKELY TO BE AFFECTED BY PNB'S FRAUD​.FITCH SAYS ‍PNB STILL REMAINS ELIGIBLE AS AN ACCOUNT BANK FOR INDIAN ABS TRANSACTIONS RATED AT 'BBB-SF'​.  Full Article

India's Finance Minister Says Unethical Behaviour Of Some Borrowers Posing New Challenge
Tuesday, 20 Feb 2018 

Feb 20 (Reuters) - :INDIA'S FINANCE MINISTER SAYS UNETHICAL BEHAVIOUR OF SOME BORROWERS OF BANKS POSING A NEW CHALLENGE AFTER BAD LOANS.INDIA'S FINANCE MINISTER SAYS IF INTERNAL AND EXTERNAL AUDITORS FAILED TO DETECT, THEY WILL NEED TO REVIEW THEIR WORKING.INDIA'S FINANCE MINISTER SAYS IF INTERNAL AND EXTERNAL AUDITORS FAILED TO DETECT FRAUD, THEY WILL NEED TO REVIEW THEIR WORKING.  Full Article

ICRA ratings for Indian debt instruments-May 23

May 23 Below are the ratings awarded by Investment Information Credit Rating Agency Ltd. (ICRA) for local debt instruments as of May 22, 2018. COMPANY INSTRUMENT RATING AMOUNT MOVEMENT (RS.MLN) ------ ---------- ------ ----- --------- SHORT TERM RATINGS: ------------------- Active Char Products Pvt Ltd