Budget 2018-19

RBI chief Patel's comments came against the backdrop of Punjab National Bank being defrauded of around Rs 135.4-billion, allegedly by billionaire jeweller Nirav Modi and his uncle Mehul Choksi Breaking his silence over the Rs 135.4-billion (Rs 13,540-crore) Nirav Modi scam at Punjab National Bank (PNB) and expressing deep anguish over the recent spate of banking frauds, Reserve Bank of India (RBI) Governor Urjit Patel on Wednesday said the central bank, like the 'Neelakantha', would consume poison and face brickbats, but it would persist in its endeavour to become better with each trial. Further, calling for reforms to give the regulator the same powers to police state-run banks as it has over private lenders, the RBI chief said that the central bank had "very limited authority" over state-run banks. Patel's comments came against the backdrop of India's second-largest lender, Punjab National Bank, being defrauded of around Rs 135.4-billion, a...

As part of its probe in the PNB fraud case, ED will send judicial requests to over a dozen countries for obtaining information about the overseas businesses and assets of Nirav Modi and Mehul Choksi Nirav Modi and Mehul Choksi's overseas businesses and assets across more than a dozen countries are under the scanner of the Enforcement Directorate (ED), which will soon send judicial requests to countries like Belgium, Hong Kong, Switzerland, the United States, the United Kingdom, Dubai, Singapore, and South Africa for obtaining information about them as part of the widening of its probe into the Rs 114-billion Punjab National Bank (PNB) fraud case. Nirav Modi, his wife Ami, and uncle Mehul Choksi have been summoned by the ED to appear at its zonal office in Mumbai on Monday. According to sources, if they skip the summons, the agency could approach a special PMLA court to get non-bailable warrants issued against them. Modi has already had his luxury cars, includ...