Clarification sought from Punjab National Bank
The Exchange has sought clarification from Punjab National Bank with respect to news article appearing on NDTV - February 28, 2018 titled "Internal Auditor Of PNB Mumbai Branch, Ground Zero Of Rs. 11,400 Crore Scam, Arrested".The reply is awaited. Clarification sought from Punjab National Bank
The Exchange has sought clarification from Punjab National Bank with respect to news article appearing on The Economic Times- February 28, 2018 titled "PNB Appoints BDO for Forensic Audit of 5 Nirav Modi Cos ".The reply is awaited. Don't try to catch PNB's falling knife: Analysts
The market capitalisation of the country's second-largest public sector bank has fallen to Rs 23,856 crore. PNB scam: How do you make regulators accountable?
It is time the concept of independent evaluation offices for different regulators Announcement under Regulation 30 (LODR)-Updates
Intimation regarding appointment of Group Chief Risk Officer PNB scam: Govt fast-tracks bill to seize assets of defaulters fleeing India
Currently, confiscation can be done through multiple laws but it is a complicated process Announcement under Regulation 30 (LODR)-Updates
Punjab National Bank has informed the Exchange regarding 'Price sensitive information. Announcement under Regulation 30 (LODR)-Newspaper Publication
The exchange is hereby clarified on the news items. Clarification sought from Punjab National Bank
The Exchange has sought clarification from Punjab National Bank with respect to news article appearing on Times of India - February 23, 2018 titled "CBI unearths fraud at Barmer PNB, files FIRs against branch's ex-boss".The reply is awaited.
Share price of Punjab National Bank continues to fall, hitting a new year low
Share price of PNB has continued to decline, hitting a new year low today as questions continue to swirl around how the bank failed to detect the $1.77 billion fraud engineered by Nirav Modi, Mehul Choksi and their various shell companies. The Reserve Bank of India (RBI) has asked all banks to integrate their core banking solutions with the SWIFT messaging network by 30 April, and have spotlighted it as one of the reasons the fraud took place. However, the fraudulent transactions at PNB took place in the Nostro account without being mirrored in the Core Banking System, which is highly irregular and not in line with banking practices. The auditors, supposed to regularly monitor transactions, also failed to catch the fraud, even while PNB topped the number of loan fraud cases over the last few years. The auditors instead signed off on balance sheets presented to investors which had clean seeming numbers, with no significant risks highlighted. PNB is currently in multiple bearish screeners, including oversold by MFI. It is likely to continue trending downwards in the coming weeks.