PNB Housing raises Rs 1,775 cr from banks, mutual funds in a tight market

Even as liquidity remains tight for non-banking finance companies in India, PNB Housing Finance said it has raised Rs 1,775 cr from various mutual funds and banks by issuing commercial paper. Commercial paper refers to short-term loans raised by companies, and are typically used to meet short-term requirements like taking care of inventory and accounts […]

Fitch downgrades PNB’s Viability Rating by two notches

Fitch Ratings has downgraded the ‘viability rating’ of scam-hit Punjab National Bank by two notches to ‘b’ from ‘bb-‘, citing a sharp rise in loan defaults. However, the bank’s ‘default rating’ has been kept at BBB-, given the high probability that the government of India will lend support in case of such an eventuality. “The […]

IndusInd Bank says only “small, two-digit exposure” to Gitanjali Gems

Private sector lender IndusInd Bank clarified that it does not have any heavy exposure to the ongoing saga of fraud and crime involving unauthorized letters of comfort issued by an employee of Punjab National Bank. “IndusInd Bank has no direct credit exposures to Nirav Modi nor any indirect credit exposures basis the LoUs issued by […]