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PNB Probe: SFIO Summons ICICI Bank's Chanda Kochhar & Axis Bank's Shikha Sharma

RBI slaps penalty of Rs 3 crore on Axis Bank 2 crore on Indian Overseas Bank

A consortium of 31 banks led by ICICI bank has loaned close to Rs 5,200 crore to Choksi's Gitanjali Group.

ICICI Bank had said it did not have any exposure to Nirav Modi group of companies but was only lending working capital to the billionaire jeweller's firm along with several other banks.

The team from Axis Bank was followed by a senior manager from its larger rival ICICI Bank also going into the south Mumbai office of the agency, where he answered questions regarding its exposure to Gitanjali Gems, sources said.

"The SFIO will now likely send a more detailed questionnaire to banks asking for more information and since there are 31banks involved, it is likely that the process of collecting information itself will take a few months", said a person aware of the investigation. NS Kannan, executive director ICICI bank, was the leader of consortium of the bank that lent money to Gitanjali Group, it has been alleged. They have since fled from country.

The court, set up under the Prevention of Money Laundering Act (PMLA), had issued the NBWs on applications filed by the Enforcement Directorate (ED), one of the agencies probing the bank fraud cases registered in February.

"Calmest night" for eastern Ghouta following UN ceasefire resolution
Civil defense help a man from a shelter in the besieged town of Douma in eastern Ghouta in Damascus , Syria , February 22, 2018. He added that another concern of Moscow was that resolution was not used as a pretext to launch an invasion of Syria.

Stocks of private banks, ICICI Bank and Axis Bank were off the day's high points as investors turned cautious of developments related to Punjab National Bank (PNB) scam.

"Vipul Chitalia was picked up for questioning", a Central Bureau of Investigation (CBI) official in Delhi told IANS.

Axis Bank revealed that it has a Rs 200-crore exposure to the scam-tainted companies promoted by Nirav Modi and his uncle Mehul Choksi. Mehta is expected to appear on Wednesday, officials said.

Till date, the Enforcement Directorate (ED) has carried out searches at over 198 locations across the country and seized properties worth almost Rs 6,000 crore, while the CBI has arrested at least 18 persons in the case so far. We have not issued any Letter of Undertaking (LOU) nor do we have any buyer's credit exposure against LOUs with respect to the Nirav Modi group of companies as well as the Gitanjali group of companies... These amounts are then credited to the LoU issuing bank's Nostro accounts.

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