These norms are being implemented to mitigate concerns on potential stresses on asset quality and consequential impact on performance and profitability of banks.
Modi is currently lodged at Wandsworth prison in south-west London and is wanted for his alleged role in the Rs 13,570 crore loss caused to the bank along with his uncle, Mehul Choksi.
Forty-eight-year-old Modi was arrested on March 19 by Scotland Yard in connection with the case and is currently lodged in Wandsworth prison in south-west London.
Choksi and his nephew Nirav Modi, who both fled the country a year ago, are key accused in the USD 2 billion PNB fraud case. Choksi was granted citizenship of Antigua and Barbuda on January 15, 2018.
Bank of India and Central Bank of India will continue as individual entities. Indian Overseas Bank, UCO Bank, Bank of Maharashtra and Punjab and Sindh Bank will also continue to operate on their own.
The number of cases registered in State Bank of India (1,197), Punjab National Bank (99) and Allahabad Bank (381) were higher as compared to other banks.
Among the early gainers were Infosys, TCS, HCL Tech, Yes Bank, Bank of Baroda and Punjab National Bank.
London: Fugitive Indian diamantaire Nirav Modi accused in Rs 13,500 crore Punjab National Bank (PNB) fraud case has been arrested...
New Delhi: Fugitive diamond jeweller Nirav Modi on Saturday responded to special PMLA court on ED’s application to declare him fugitive...
New Delhi: Public sector lender Punjab National Bank (PNB) has put up for sale two dozen non-performing assets to recover dues...