ASBM Business Updates is a Weekly Selective Compilation of Business News from Various Sources.
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Banking
Next, the State Bank of IndiaBSE -1.29 % declared a quarterly
loss, its first in 17 years. Finally, Punjab National BankBSE -8.28 % announced
a $1.8-billion fraud, the net liability of which to the bank (and the banking
system) is yet to be determined. Three of the largest PSBs with negative news
haveadded fresh decibel levels to the clamour for reform of PSBs.
Finance
Punjab National Bank
(PNB) MD Sunil Mehta said that the Rs 11,360 crore first started in 2011. He
insisted that it was a “standalone incident in a single branch.” “The fraud was
detected in the third week of January and a case was filed with CBI on January
30,” he said. Meanwhile, the absconding prime accused in the case, Nirav Modi,
has said that he is ready to pay back the loans to the tune of Rs 5000 crore.
On the other hand, the Finance Minister has sought a status report from the
Enforcement Directorate, sources in the agency told News18. The jewellery
designer is said to be in Switzerland but MHA is saying they cannot confirm if
he has left the country. Two PNB bank officials, retired deputy manager
Gokulnath Shetty and SWO Manoj Hanumant Kharat, were the first to be detected
as working with Nirav Modi. The duo has been named in the FIR. About 10 more
employees of the national bank have also come under the scanner of the
enforcement directorate. State-run Punjab National Bank (PNB) said on Wednesday
it had detected some "fraudulent and unauthorised" transactions worth
about $1.77 billion (Rs 11,360 crore approx) at one of its branches in Mumbai.
International Business
The proportion of international
business in the local banking sector retreated slightly in the fourth quarter
of 2017, according to statistics released yesterday by the Monetary Authority
of Macao. At the end of December 2017, the share of international assets in
total banking assets decreased to 84.2 percent from 84.6 percent at the end of
September 2017, whereas the share of international liabilities in total banking
liabilities rose to 79.4 percent from 79.2 percent.
Logistics
JD.com said it had raised $2.5 billion by selling a stake in
its logistics business, which it will use to invest in new technologies like
drones and robotics.
Source of Information for this issue: Google alert accessed on February 12,2018
Source of Information for this issue: Google alert accessed on February 19,2018
Knowledge Is Power. Be Informed, Be Knowledgeable, Be Powerful.
Best wishes
Compilation
SK ABDUL GAFFAR
Asst. Librarian
Information and Documentation Division, Chanakya Central Library
Asian School of Business Management
Shiksha Vihar Bhola,
Barang Khurda Road, Chandaka
Bhubaneswar-754012
www.asbm.ac.in
Tel:0674-2374832, 2374833
E-mail:library@asbm.ac.in,
SK ABDUL GAFFAR, Asst. Librarian, Knowledge and Information Services Unit, Chanakya Central Library, Asian School of Business Management, Bhubaneswar. library@asbm.ac.in ; www.asbm.ac.in
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