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Finance minister Arun Jaitley speaks during a press conference in New Delhi.(PTI File Photo)

Nirav Modi got 1,213 fraudulent guarantees in 6 years from PNB, says Arun Jaitley

Press Trust of India, New Delhi | By Press Trust of India
UPDATED ON MAR 13, 2018 07:52 PM IST
Companies linked to Nirav Modi and his uncle Mehul Choksi defrauded PNB to the tune of Rs 13,600 crore. Choksi’s Gitanjali Group defrauded Rs 7,080.86 crore while the rest is attributed to companies of Modi.
While the direct hit from the PNB fraud was $2 billion, the indirect blow to the taxpayer is an additional $6 billion of capital that will no longer be coming from noteholders.(PTI Photo)
While the direct hit from the PNB fraud was $2 billion, the indirect blow to the taxpayer is an additional $6 billion of capital that will no longer be coming from noteholders.(PTI Photo)

Road to survival: India’s banking system needs to take the private way out

Bloomberg | By Andy Mukherjee
UPDATED ON MAR 12, 2018 11:30 AM IST
The time for “corrective” action -- prompt or otherwise -- is past. To prevent bailout costs ballooning further, authorities should accept that wealthy fugitives have done them a service by showing just how operationally vulnerable India’s banking system really is.
Nirav Modi at his office in Lower Parel, Mumbai.(Aniruddha Chowdhury/Mint File Photo)
Nirav Modi at his office in Lower Parel, Mumbai.(Aniruddha Chowdhury/Mint File Photo)

PNB fraud accused Nirav Modi no longer part of India’s billionaire club in Forbes list

PTI, New Delhi | By HT Correspondent
UPDATED ON MAR 07, 2018 11:50 PM IST
Nirav Modi, who had featured in Forbes’ 2017 rich list with a fortune of $1.8 billion, could not make the cut in this year’s rankings.
After media reports that ICICI Bank managing director and chief executive Chanda Kochhar (pictured) and her Axis Bank counterpart Shikha Sharma have been summoned by SFIO regarding the case, stock exchanges had sought clarifications from both the lenders, according to PTI.(REUTERS)
After media reports that ICICI Bank managing director and chief executive Chanda Kochhar (pictured) and her Axis Bank counterpart Shikha Sharma have been summoned by SFIO regarding the case, stock exchanges had sought clarifications from both the lenders, according to PTI.(REUTERS)

ICICI Bank shares dip 3% after senior officials summoned by SFIO

Press Trust of India, New Delhi | By HT Correspondent
UPDATED ON MAR 07, 2018 11:35 AM IST
Shares of ICICI Bank opened on a weak note on Wednesday, and lost further ground to touch an intra-day low of Rs 285.30, down 3.32% over the previous close.
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