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PNB says tightened credit norms to curb frauds, ensure fair evaluation

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New Delhi:Punjab National Bank (PNB) said it has tightened bank’s credit underwriting norms to curb frauds and has put in place an off-site monitoring to identify risks.
“The bank has strengthened the process of underwriting of credit to wean out any possibility of fraudulent behaviour and ensure a fair evaluation,” the bank said in a statement.
The second largest public sector lender had reported an alleged fraud of over Rs 13,000 crore by diamantaire Nirav Modi in February-March this year.
The process is divided into four components with different employees focused on sourcing; appraisal, processing and underwriting; documentation and disbursement and recovery, PNB said.
“Internal audit process has been augmented to give higher weightage to the off-site monitoring mechanism. The analysis from the off-site monitoring mechanism will reduce dependence on physical inspection and audit to identify risks and the detachment between the front office and offline monitoring system will drive greater transparency in reporting,” the bank said during its circle head conference held here yesterday.
The guidance from PNB leadership for 2018-19 is total business of Rs 12 lakh crore which will account for 10.8 per cent year-on- year growth, the bank said.
NITI Aayog CEO Amitabh Kant, who was present at the occasion, asked PNB to stay determined, recognise gaps, recapitalise, resolve and reform.
Responding to a question on privatisation, Kant said “the government is not interested in privatisation of public sector banks (PSBs)”.
“Today, what (PNB) should aspire for is to stay competitive. It must relook at its business processes, its market positioning and understand what the competition is doing to stay ahead of the curve,” said Sunil Mehta, managing director and chief executive officer of the bank.
The ‘Mission Parivartan’ team at PNB will serve as the bank’s own think-tank to drive change, he said.
PNB has “the capability and capacity to come out of this situation”, Mehta said, highlighting various steps taken recently to curb frauds such as ‘Mission Parivartan’, revamping of credit underwriting and strengthening internal audit mechanism, he added.


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Saudi signs deals to invest USD 20 bn in cash-strapped Pakistan

Press Trust of India

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Islamabad: Pakistan and Saudi Arabia have signed a slew of investment agreements worth USD 20 billion which will provide a welcome relief to the teetering economy of the cash-strapped South Asian country.

At a ceremony in the Prime Minister House, Pakistan and Saudi officials signed MoUs for bilateral cooperation in a number of areas a process overseen by Pakistan premier Imran Khan and Saudi Crown Prince Mohammad bin Salman, who arrived in Pakistan on Sunday evening on a two-day visit.

“Today we signed MoUs. The amount of that kind of investment is USD 20 billion. It is big for phase one and definitely it (Saudi investment in Pakistan) will grow every month, every year in bigger numbers and it will be beneficial for both the countries,” the crown prince said.

 

“Pakistan is going to be very, very important country in the future and we want to be sure we are part of that,” he added.

Seven agreements, including MoUs in power, petrochemical and mining sectors, were inked as Prince Salman launched his diplomatic trip to Asia in Islamabad.

After Pakistan, the crown prince will travel to India, where he will meet Prime Minister Narendra Modi and Petroleum Minister Dharmendra Pradhan.

He is expected to finish the trip with a visit to China on Thursday and Friday.

Prince Salman said Saudi “cannot say no to Pakistan, whatever you (Pakistan) want we will do.”

“For Pakistanis, this is a great day,” the Pakistani premier said while addressing a dinner reception held in honour of the visiting Saudi guests at the PM House.

He said Saudi Arabia has always been there when Pakistan needed friends.

“I want to thank you for the way you helped us when we were in (a) bad situation,” Khan told the royal guest, adding that Pakistan and Saudi Arabia were now taking their relationship to a new level, where investment agreements would be mutually beneficial for the countries.

“The future is exciting for both Pakistan and Saudi Arabia after joining hands,” he said.

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Cement, fruit shipments from Pakistan among 10 most hit imports after duty hike

Agencies

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New Delhi: Fresh fruits, cement and leather are among the 10 main imported items from Pakistan that would take a major hit following the imposition of 200 per cent customs duty by India on products from the neighbouring country in the aftermath of Pulwama attack, say experts.

The top ten products exported by Pakistan to India include fresh fruits, cement, petroleum products, minerals, and leather. Processed minerals, inorganic chemicals, raw cotton including waste, cotton fabrics, and glass and glassware are also among such items that account for 95 per cent of the total shipments.

“After drastically hiking the import duty on goods coming from Pakistan, we will isolate them in front of trade. Hiking of the duty at this level would completely hit exporters of Pakistan,” Professor Biswajit Dhar of Jawaharlal Nehru University (JNU) said.

 

Sharing similar views, Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said that Pakistan would face significant impact due to this decision.

The two main items imported from Pakistan are fruits and cement, which attracted customs duty of 30-50 per cent and 7.5 per cent, respectively.

Domestic importers who have already placed their orders from Pakistan may face issues after this decision. They may have to pay the 200 per cent duty or undertake lot of paperwork to get their consignments, an industry source said.

Taking strong economic action against Pakistan following the Pulwama attack, India Saturday raised the customs duty to 200 per cent on all goods imported from the neighbouring country.

India’s imports from Pakistan had increased to USD 488.5 million in 2017-18 from USD 455.5 billion in 2016-17.

Hike in the duty would drastically increase the prices of Pakistani goods in Indian markets which would make them far less competitive as compared to other imported goods. Slapping an import duty of 200 per cent effectively means almost banning the imports from Pakistan.

Total India-Pakistan trade has increased marginally to USD 2.41 billion in 2017-18 as against USD 2.27 billion in 2016-17.

At least 40 CRPF personnel were killed and five injured on Thursday in one of the deadliest terror attacks in Jammu and Kashmir when a Jaish-e-Mohammad suicide bomber rammed a vehicle carrying over 100 kg of explosives into their bus in Pulwama district.

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India needs fewer but stronger, mega banks: FM Jaitley after RBI meet

Agencies

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New Delhi: Finance Minister Arun Jaitley addressed the customary post-budget meeting of the central board of the Reserve Bank on Monday.

Post the meeting, Jaitley said India needs fewer and mega banks which are strong.

“India needs fewer and mega banks which are strong because in every sense from borrowing rates to optimum utilisation the economies of scale as far as the banking sector is concerned are of great help,” Jaitley said.

 

On interim dividend, RBI Governor Shaktikanta Das said the central bank will take the decision based on the report by Bimal Jalan-led Committee.

Das also said that the RBI will discuss the issue of transmission of rate cut with bank chiefs on February 21.

Earlier this month, the Reserve Bank cut the benchmark interest rate by 0.25 per cent to 6.25 per cent.

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