News digest: PNB recap, Nirav Modi in DGFT dock, Modicare, and more

PNB 114 billion scam: Govt weighs bank's recapitalisation hike The recapitalisation amount earmarked for Punjab National Bank (PNB) by the Centre is set to increase with the unravelling of the Rs 114 billion letters of undertaking (LoUs) scam.

PNB’s performance metrics are also being reviewed to see if it requires to be put on the Reserve Bank of India’s list for prompt corrective action (PCA), sources familiar with the developments said. Read More... PNB scam: DGFT to examine violations by Nirav Modi, Mehul Choksi firms The Directorate General of Foreign Trade (DGFT) has initiated an internal probe to examine whether companies belonging to Nirav Modi and Mehul Choksi, the prime accused in the Rs 114 billion Punjab National Bank (PNB) fraud case, followed foreign trade guidelines while taking loans from banks. Read More... Insurers ask govt to rework math for National Health Protection Scheme Insurance companies have advised the government they will not be able to bid for the National Health Protection Scheme (NHPS) within the proposed pricing pattern, which they described as “highly inadequate”. Read More... ONGC, OIL may get to choose partners by auctioning in select blocks State-run Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) may gain rights to choose their partners by auctioning select blocks to private players as part of the government’s production enhancement policy. Read More... Creditors reject Liberty House bid for Bhushan Power and Steel The Committee of Creditors has rejected the bid of UK-based Liberty House to acquire Bhushan Power and Steel Ltd, leaving Tata Steel and JSW Steel in the race for taking over the assets of the bankrupt firm, a source said. Read More...