Punjab National Bank shares fell by nearly 6 percent late Thursday (June 9) after it was defrauded $491 million by one of its customers, The Wall Street Journal reported. The failed loan was granted to mortgage lender Dewan Housing Finance Limited, which has faced its...
Punjab National Bank revealed that it had been defrauded $556 million from a struggling borrower, Bhushan Power & Steel, according to a report by The Wall Street Journal. This is the second huge incident that’s come to light, as two men with the country’s largest...
The fallout from what Reuters reports described as “mega-fraud” at India’s Punjab National Bank (PNB) continues, with small- and medium-sized businesses (SMBs) still struggling to access financing as the financial institution (FI) tightens its grip against risks. The publication noted Wednesday (May 16) that the $2 billion defrauding...
With India’s banknote shortage spreading across the country, the government said Tuesday (April 17) that there is enough currency available and that there are moves being made to print more currency. According to a report in Bloomberg, the Finance Ministry had government officials come out...
July 10, 2020
Punjab National Bank shares fell by nearly 6 percent late Thursday (June 9) after it was defrauded $491 million by one of its customers, The Wall Street Journal reported. The failed loan was granted to mortgage lender Dewan Housing Finance Limited, which has faced its own financial troubles, the Journal reported. In a filing with […]
July 08, 2019
Punjab National Bank revealed that it had been defrauded $556 million from a struggling borrower, Bhushan Power & Steel, according to a report by The Wall Street Journal. This is...
April 18, 2018
With India’s banknote shortage spreading across the country, the government said Tuesday (April 17) that there is enough currency available and that there are moves being made to print more...
April 12, 2018
India’s Punjab National Bank (PNB) is conducting an internal investigation into an alleged $2 billion fraud, vowing to come down on anyone involved in the crime. “We are examining every...
