News That Matters

Tag: bank

Punjab National Bank invites bids for two dozen NPA accounts to recover Rs 1,179 crore

Punjab National Bank invites bids for two dozen NPA accounts to recover Rs 1,179 crore

Finance
Public sector lender Punjab National Bank (PNB) has put up for sale two dozen non-performing assets to recover dues of over Rs 1,779 crore. These 24 dud loan accounts are majorly concentrated in Mumbai, Delhi and Kolkata zones of the bank. Two accounts belong to Chandigarh and Bhopal zones while one is of Patna zone, as per the sale notice on its website. "We intend to place these accounts for sale to ARCs/NBFCs/other banks/FIs etc on the terms and conditions stipulated in the banks policy, in line with the regulatory guidelines," PNB said. The bank has to make recovery of Rs 1,779.18 crore from these 24 non-performing assets (NPAs). Among the major borrowers are Vandana Vidyut with an outstanding amount of Rs 454.02 crore, Moser Baer Solar (Rs 233.06 crore), Divine Vidyut (Rs 132.66 crore...
Deutsche Bank offices raided in Panama Papers probe

Deutsche Bank offices raided in Panama Papers probe

Business
German authorities have searched Deutsche Bank offices as part of an investigation into money laundering allegations triggered by Panama Papers and Offshore Leaks disclosures. The raids at six offices in Frankfurt prompted shares in the lender to fall by over 3%.Investigators are looking into two staff members, aged 46 and 50, as well as possible suspects who have yet to be identified.Deutsche employees are said to have helped clients set up offshore companies to launder hundreds of millions of euros.Around 170 police officers, prosecutors and tax inspectors took part in the searches which saw written and electronic documents seized, the Frankfurt prosecutor's office said.Deutsche Bank said it was fully cooperating with authorities. The investigation was triggered after...
5-10 bank chiefs, including an MNC, in the fray to head Yes Bank

5-10 bank chiefs, including an MNC, in the fray to head Yes Bank

Finance
MUMBAI: A search panel entrusted with finding Rana Kapoor's successor to lead Yes Bank has shortlisted multiple names, including those serving a foreign as well as domestic lenders, two sources said Friday. Veteran banker OP Bhatt, who was a past chairman of State Bank and one of the two independent members of the search and selection committee, had resigned Thursday over potential conflicts of interest. Bhatt's resignation came a day after non-executive chairman of the bank Ashok Chawla, a former finance secretary and a past chairman of the fair trade body Competition Commission and the telecom watchdog Trai, suddenly resigned after his name cropped up in the Aircel-Maxis corruption case, being probed by the CBI. Bhatt's connections with the foreign lender, whose chief executive is among ...