Skip to content 
Search

Latest Stories

Fraud-hit India's Punjab National Bank records loss of £7.26 billion in Q1

Fraud hit India’s second largest state run bank, Punjab National Bank (PNB) continued with its loss for the second consecutive quarter ended in June for the financial year 2018-19. The bank recorded a net loss of 7.26 billion GBP during April to June period, compared with a profit of 2.65 GBP during the same period last year.

PNB recorded its second biggest quarterly loss after it reported a quarterly loss of 103.64 billion GBP in the last quarter of the financial year 2017-18. The bank reported heavy loss on the back of multi crore fraud cases involving business giants Nirav Modi and Mehul Chowski.


The total revenue of the bank rose to 116.43 billion GBP from 111.76 billion GBP a year ago. Meanwhile, non-performing assets of the bank rose from 18.38 per cent to 18.26 per cent.

PNB is moving ahead with its corrective measures and has looked at the ways to ensure that the systems are strengthened meeting our expectations, said managing director and chief executive officer of PNB Sunil Mehta in a press conference held on Tuesday (7) in New Delhi.

In the first quarter of the financial year 2018-19, the total recovery by the bank stood at 65.24 billion GBP against 56.17 billion GBP recorded in the entire financial year 2017-18, Mehta added.  The company aims to recover 154.49 billion GBP in the first half of the current  financial year. In the first quarter, PNB recovered 24.72 billion GBP through the declaration of the Bhushan Steel Ltd and Electrosteel Steels Ltd insolvency cases.

In an attempt to preserve its capital, PNB aims to monetizing assets from the sale of non-core assets and this has reached 1.29 billion GBP in the first quarter. The bank has also tried to get approval from reserve Bank of India (RBI) and the government for raising money from employees through stock options.

On Bombay Stock Exchange (BSE), PNB shares opened at 1.02 pound and touched an intraday high of 1.03 GBP to close at 0.93 pound, a loss of Rs  8.10% on Tuesday (8).

In February this year, PNB became the victim of India’s biggest ever fraud in which some officers at a single branch of the bank had illegally sanctioned 1.37 GBP fraudulent loan to companies, most of them controlled and managed by billionaire jeweler Nirav Modi. According RBI data, among the government owned banks in India, PNB topped in the list of loan fraud cases reported across India in recent years.

More For You

modi-trump-getty
Modi shakes hands with Trump before a meeting at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)
Getty Images

Indian exporters watch closely as Trump says trade deal with India likely

THE US could reach a trade deal with India that would help American companies compete more easily in the Indian market and reduce tariff rates, President Donald Trump said on Tuesday. However, he cast doubt on a similar deal with Japan.

Speaking to reporters on Air Force One, Trump said he believed India was ready to lower trade barriers, potentially paving the way for an agreement that would avoid the 26 per cent tariff rate he had announced on April 2 and paused until July 9.

Keep ReadingShow less
Kolhapuri sandal sales surge in India post Prada controversy

Customers shop for 'Kolhapuri' sandals, an Indian ethnic footwear, at a store in New Delhi, India, June 27, 2025. REUTERS/Adnan Abidi

Kolhapuri sandal sales surge in India post Prada controversy

INDIAN footwear sellers and artisans are tapping into nationalist pride stoked by the Prada 'sandal scandal' in a bid to boost sales of ethnic slippers with history dating back to the 12th century, raising hopes of reviving a struggling craft.

Sales are surging over the past week for the 'Kolhapuri' sandals that have garnered global attention after Prada sparked a controversy by showcasing similar designs in Milan, without initially crediting the footwear's origins.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy grew 0.7 per cent in Q1 2025, fastest in a year

THE UK economy expanded at its fastest pace in a year during the first quarter of 2025, driven by a rise in home purchases ahead of a tax deadline and higher manufacturing output before the introduction of new US import tariffs.

Gross domestic product rose by 0.7 per cent in the January-to-March period, the Office for National Statistics (ONS) said, confirming its earlier estimate. This was the strongest quarterly growth since the first quarter of 2024.

Keep ReadingShow less
modi-trump-getty
Trump shakes hands with Modi during a joint press conference at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)
Getty Images

Key issues in India, US trade talks

TRADE talks between India and the US have hit a roadblock over disagreements on duties for auto components, steel and farm goods, Indian government sources said to Reuters, dashing hopes of reaching an interim deal ahead of president Donald Trump's July 9 deadline to impose reciprocal tariffs.

Here are the key issues at play:

Keep ReadingShow less
Anil Agarwal

Vedanta Resources, which is based in the UK and owned by Indian billionaire Anil Agarwal, has been working on reducing its debt. (Photo credit: Getty Images)

Getty Images

Anil Agarwal’s Vedanta Resources signs £438 million refinancing deal

VEDANTA LTD said on Thursday that its parent company, Vedanta Resources, has signed a loan facility agreement worth up to £438 million with international banks to refinance existing debt.

The refinancing move, where old loans are replaced by new ones, often at better terms like lower interest rates, has led ratings agencies such as S&P Global Ratings and Moody's to upgrade their outlook on the company this year.

Keep ReadingShow less