Prime Minister Narendra Modi will visit Jharkhand today and lay the foundation of development projects worth Rs 27 thousand crores. PM Modi, along with Jharkhand's Chief Minister Raghubar Das, will lay the foundation of All India Institute of Medical Sciences (AIIMS) at Deoghar.&nbsp;

Other projects that will be kicked off by PM Modi would include the development of Deoghar airport, gas pipeline development at Deoghar AIIMS and in Ranchi among other projects.

Jharkhand will also get around 250 medical centres all across.

According to reports, around Rs, 1103 crore has been allocated for the development of Deoghar AIIMS. Rs 441 crores has been allotted for Deoghar airport. Sindri workshop will be reopened at the expense of Rs 7,000 crores while Rs 11,668 crore will be spent for the setting up of an NTPC plant in Patratu.&nbsp;

PM Modi will travel to Sindri from Dhanbad at around 3.30pm on Friday. After unveiling the details of the development project, the Prime Minister will hold a meeting with state officials and Jharkhand CM in the evening.&nbsp;

The Prime Minister&nbsp;will also visit West Bengal today.&nbsp;

Jharkhand will get around 250 medical centres all across

Prime Minister Narendra Modi will visit Jharkhand today and lay the foundation of development projects worth Rs 27 thousand crores. PM Modi, along with Jharkhand's Chief Minister Raghubar Das, will lay the foundation of All India Institute of Medical Sciences (AIIMS) at Deoghar. Other projects that will be kicked off by PM Modi would include the development of Deoghar airport, gas pipeline development at Deoghar AIIMS and in Ranchi among other projects. Jharkhand will also get around 250 medical centres all across. According to reports, around Rs, 1103 crore has been allocated for the development of Deoghar AIIMS. Rs 441 crores has been allotted for Deoghar airport. Sindri workshop will be reopened at the expense of Rs 7,000 crores while Rs 11,668 crore will be spent for the setting up of an NTPC plant in Patratu. PM Modi will travel to Sindri from Dhanbad at around 3.30pm on Friday. After unveiling the details of the development project, the Prime Minister will hold a meeting with state officials and Jharkhand CM in the evening. The Prime Minister will also visit West Bengal today.

PM Modi to visit Jharkhand today, development projects worth Rs 27,000 crore to be unveiled

Non performing assets (NPAs) or bad loans in the banking sector are set to shoot up by at least Rs 8,000 crore as advances to the scam-hit Gitanjali Gems group have turned bad during the quarter ended March 31.

Banks will have to make provisioning of Rs 8,000 crore for Gitanjali alone as there have been no servicing of the working capital loan during the fourth quarter of last fiscal, sources said.

Gitanjali, among others, is the major account which has turned bad in the fourth quarter of 2017-18.

Gross NPAs of all the banks in the country amounted to Rs 8,40,958 crore in December, led by industry loans followed by services and agriculture sectors, as per the government estimates.

Gitanjali is promoted by Mehul Choksi, uncle of billionaire diamantaire Nirav Modi, who defrauded Punjab National Bank (PNB) of over Rs 13,000 crore by getting fake Letters of Undertaking/Credit (LoU/LoCs) issued from one of the bank's branches in Mumbai.

A special CBI court in Mumbai has issued non-bailable warrants (NBWs) against Modi as well as Choksi.

A consortium of 21 banks led by Allahabad Bank had first extended a working capital loan to it in 2010-11. In 2014, ICICI Bank became the lead banker as it had highest exposure of about Rs 900 crore and in line with the revised guidelines of the Reserve Bank of India.

Till December 2017, the loans to Gitanjali Gems were standard and regular debt servicing was being done. There is no servicing of debt in the last quarter ended March 31, so it has to be declared NPA by all banks, said a senior bank official of the consortium.

In 2015, the consortium had restructured working capital loans given to Gitanjali under the joint lenders' forum (JLF) mechanism.

The Gitanjali exposure was classified as a special mention account-2 (SMA-2) in 2014 after the company failed to fulfil its payment obligations for more than 60 days, triggering the formation of a JLF.

As a result, the company announced the consolidation of the business at the group level to improve cash flows and reduce costs in various activities such as sourcing, manufacturing, distribution, exporting and retailing.

It proposed the merger of three of its subsidiaries Asmi Jewellery India and Spectrum Jewellery with Nakshatra Brands and also the merger of Gitanjali Jewellery Retail and Gitanjali Lifestyle with GILI India.

Different investigating agencies, including CBI, I-T and Enforcement Directorate, are probing the fraud, which came to light in January, dubbed as the biggest banking scam in the country.

PNB had issued as many as 1,590 LoUs to Modi, Choksi and their associates.

The total number of LoUs issued to the companies of Modi, his relatives and the Nirav Modi Group are 1,213, while those to Choksi, his relatives and the Gitanjali Group are 377.

Banks will have to make provisioning of Rs 8,000 crore for Gitanjali alone as there has been no servicing of the working capital loan during the fourth quarter of last fiscal, sources said

Non performing assets (NPAs) or bad loans in the banking sector are set to shoot up by at least Rs 8,000 crore as advances to the scam-hit Gitanjali Gems group have turned bad during the quarter ended March 31. Banks will have to make provisioning of Rs 8,000 crore for Gitanjali alone as there have been no servicing of the working capital loan during the fourth quarter of last fiscal, sources said. Gitanjali, among others, is the major account which has turned bad in the fourth quarter of 2017-18. Gross NPAs of all the banks in the country amounted to Rs 8,40,958 crore in December, led by industry loans followed by services and agriculture sectors, as per the government estimates. Gitanjali is promoted by Mehul Choksi, uncle of billionaire diamantaire Nirav Modi, who defrauded Punjab National Bank (PNB) of over Rs 13,000 crore by getting fake Letters of Undertaking/Credit (LoU/LoCs) issued from one of the bank's branches in Mumbai. A special CBI court in Mumbai has issued non-bailable warrants (NBWs) against Modi as well as Choksi. A consortium of 21 banks led by Allahabad Bank had first extended a working capital loan to it in 2010-11. In 2014, ICICI Bank became the lead banker as it had highest exposure of about Rs 900 crore and in line with the revised guidelines of the Reserve Bank of India. Till December 2017, the loans to Gitanjali Gems were standard and regular debt servicing was being done. There is no servicing of debt in the last quarter ended March 31, so it has to be declared NPA by all banks, said a senior bank official of the consortium. In 2015, the consortium had restructured working capital loans given to Gitanjali under the joint lenders' forum (JLF) mechanism. The Gitanjali exposure was classified as a special mention account-2 (SMA-2) in 2014 after the company failed to fulfil its payment obligations for more than 60 days, triggering the formation of a JLF. As a result, the company announced the consolidation of the business at the group level to improve cash flows and reduce costs in various activities such as sourcing, manufacturing, distribution, exporting and retailing. It proposed the merger of three of its subsidiaries Asmi Jewellery India and Spectrum Jewellery with Nakshatra Brands and also the merger of Gitanjali Jewellery Retail and Gitanjali Lifestyle with GILI India. Different investigating agencies, including CBI, I-T and Enforcement Directorate, are probing the fraud, which came to light in January, dubbed as the biggest banking scam in the country. PNB had issued as many as 1,590 LoUs to Modi, Choksi and their associates. The total number of LoUs issued to the companies of Modi, his relatives and the Nirav Modi Group are 1,213, while those to Choksi, his relatives and the Gitanjali Group are 377.

Bank 'bad loans' in India to rise by at least Rs 8,000 crore in Q4

Anil Ambani-led Reliance Group on Wednesday said it has sent a Rs 1,000 crore defamation notice to Mumbai Congress president Sanjay Nirupam for making “false and baseless” allegations against the company. The company will also file a contempt petition against Nirupam in the Bombay High Court, it said.

Nirupam had on Tuesday alleged that the “takeover” of debt-ridden Mumbai power business of Reliance Infrastructure by Adani Transmission Ltd was a deal executed at the behest of the Prime Minister’s Office to “bail out” Anil Ambani.&nbsp

“Nirupam has made several false, frivolous and baseless allegations and defamatory statements in relation to the proposed sale of Reliance Infrastructure’s integrated Mumbai power business to Adani Transmission and linking it with the purchase of Rafale fighter aircraft by the government from France,” the company said in a statement here.

The Reliance wants Nirupam to immediately withdraw his allegations and apologise within 72 hours after the receipt of the notice, the statement said. The company also demanded that Nirupam “desist from making any such statements concerning the Reliance Group without first ascertaining the facts.”

RInfra had signed an agreement with Adani Transmission for 100 per cent sale of its Mumbai power business for a total consideration value of Rs 18,800 crore. With the execution of the deal, the company hopes to become debt-free and with up to Rs 3,000 crore cash surplus. “We fear that the liability of both the companies will be passed on to the 30 lakh power consumers in Mumbai suburbs, 10 lakh of whom are slum dwellers,” Nirupam had said yesterday while underlining the need for “transparency” in executing such mega deals.

When contacted on Wednesday, Nirupam said he was yet to receive any such notice. He, however, was unfazed, saying he would continue to raise such issues in future too to ensure that the people of the city are not subjected to hardships. “Does demanding transparency in the deal and seeking the proper investigation into it amount to defamation?. If this is defamation, so be it,” the Congress leader said Wednesday.

“Instead of threatening me with defamation, the company should address the issues raised by me and ensure 30 lakh electricity consumers in suburban Mumbai are not put to any hardships of power tariff hike,” he said. He added that he already has a Rs 100 crore defamation suit filed against him in Bombay High Court, which is still pending.

Nirupam had on Tuesday alleged that the "takeover" of debt-ridden Mumbai power business of Reliance Infrastructure by Adani Transmission Ltd was a deal executed at the behest of the Prime Minister's Office to "bail out" Anil Ambani.

Anil Ambani-led Reliance Group on Wednesday said it has sent a Rs 1,000 crore defamation notice to Mumbai Congress president Sanjay Nirupam for making “false and baseless” allegations against the company. The company will also file a contempt petition against Nirupam in the Bombay High Court, it said. Nirupam had on Tuesday alleged that the “takeover” of debt-ridden Mumbai power business of Reliance Infrastructure by Adani Transmission Ltd was a deal executed at the behest of the Prime Minister’s Office to “bail out” Anil Ambani. “Nirupam has made several false, frivolous and baseless allegations and defamatory statements in relation to the proposed sale of Reliance Infrastructure’s integrated Mumbai power business to Adani Transmission and linking it with the purchase of Rafale fighter aircraft by the government from France,” the company said in a statement here. The Reliance wants Nirupam to immediately withdraw his allegations and apologise within 72 hours after the receipt of the notice, the statement said. The company also demanded that Nirupam “desist from making any such statements concerning the Reliance Group without first ascertaining the facts.” RInfra had signed an agreement with Adani Transmission for 100 per cent sale of its Mumbai power business for a total consideration value of Rs 18,800 crore. With the execution of the deal, the company hopes to become debt-free and with up to Rs 3,000 crore cash surplus. “We fear that the liability of both the companies will be passed on to the 30 lakh power consumers in Mumbai suburbs, 10 lakh of whom are slum dwellers,” Nirupam had said yesterday while underlining the need for “transparency” in executing such mega deals. When contacted on Wednesday, Nirupam said he was yet to receive any such notice. He, however, was unfazed, saying he would continue to raise such issues in future too to ensure that the people of the city are not subjected to hardships. “Does demanding transparency in the deal and seeking the proper investigation into it amount to defamation?. If this is defamation, so be it,” the Congress leader said Wednesday. “Instead of threatening me with defamation, the company should address the issues raised by me and ensure 30 lakh electricity consumers in suburban Mumbai are not put to any hardships of power tariff hike,” he said. He added that he already has a Rs 100 crore defamation suit filed against him in Bombay High Court, which is still pending.

Anil Ambani’s Reliance sends Rs 1,000 crore defamation notice to Congress’s Sanjay Nirupam

Allahabad Bank has an exposure of around Rs 2,000 crore by way of Letter of Undertakings issued by Punjab National Bank to Nirav Modi, the billionaire diamond merchant in the centre of over Rs 11,000-crore fraud.

&quot;We have an exposure of around Rs 2,000 crore in the fraud detected by PNB two days back,&quot; a source in Allahabad Bank said.

PNB has said that group companies of Nirav Modi and his relative Mehul Choksi&#39;s Gitanjali Gems in collusion with two of their officials from its Brady House Mumbai branch, were fraudulently receiving LoUs since 2011.

Foreign branches of a few Indian banks gave credit against these LoUs to Nirav Modi&#39;s companies to repay overseas suppliers.

The source said that money had been credited to the Nostro account of PNB from the Hong Kong branch of Allahabad Bank.&nbsp;

The bank has already filed for claims, the source said.

Other banks which were involved in giving credit based on LoUs issued by PNB were Axis Bank, Union Bank and the SBI. &nbsp;

Allahabad Bank has an exposure of around Rs 2,000 crore by way of Letter of Undertakings issued by Punjab National Bank to Nirav Modi

Allahabad Bank has an exposure of around Rs 2,000 crore by way of Letter of Undertakings issued by Punjab National Bank to Nirav Modi, the billionaire diamond merchant in the centre of over Rs 11,000-crore fraud. "We have an exposure of around Rs 2,000 crore in the fraud detected by PNB two days back," a source in Allahabad Bank said. PNB has said that group companies of Nirav Modi and his relative Mehul Choksi's Gitanjali Gems in collusion with two of their officials from its Brady House Mumbai branch, were fraudulently receiving LoUs since 2011. Foreign branches of a few Indian banks gave credit against these LoUs to Nirav Modi's companies to repay overseas suppliers. The source said that money had been credited to the Nostro account of PNB from the Hong Kong branch of Allahabad Bank. The bank has already filed for claims, the source said. Other banks which were involved in giving credit based on LoUs issued by PNB were Axis Bank, Union Bank and the SBI.

Allahabad Bank discloses Rs 2,000 crore exposure in PNB fraud

Vijay Mallya has arrived at a UK court in London for his extradition hearing.&nbsp;

&quot;I have nothing to say, I deny all allegations. I have not eluded any court,&quot; ANI reported him as saying before his hearing.&nbsp;

&quot;I deny all allegations, I have enough evidence to prove my case in court,&quot; he said.&nbsp;

Watch video below

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<a href="https://twitter.com/hashtag/WATCH?src=hash">#WATCH</a> I deny all allegations, I have enough evidence to prove my case in court,says Vijay Mallya on arrival in London court <a href="https://t.co/n5U0sNHIhY">pic.twitter.com/n5U0sNHIhY</a>
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/874590092345491456">June 13, 2017</a></blockquote>
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Mallya, 61, who fled India last year, owes over Rs 9,000 crore to banks here.&nbsp;

Mallya is currently living in London. He is wanted in India for defaulting on loan repayments.&nbsp;

The former liquor baron -- he once owned United Breweries, the maker of the popular Kingfisher beer -- has been declared a proclaimed offender in India.

The banks pleaded for contempt proceedings against Mallya after he received $40 million from British firm Diageo Plc in February last year but transferred the money to his children, instead of repaying the loan.

'I have enough evidence to prove my case in court,' he said.?

Vijay Mallya has arrived at a UK court in London for his extradition hearing. "I have nothing to say, I deny all allegations. I have not eluded any court," ANI reported him as saying before his hearing. "I deny all allegations, I have enough evidence to prove my case in court," he said. Watch video below #WATCH I deny all allegations, I have enough evidence to prove my case in court,says Vijay Mallya on arrival in London court pic.twitter.com/n5U0sNHIhY — ANI (@ANI_news) June 13, 2017 × Mallya, 61, who fled India last year, owes over Rs 9,000 crore to banks here. Mallya is currently living in London. He is wanted in India for defaulting on loan repayments. The former liquor baron -- he once owned United Breweries, the maker of the popular Kingfisher beer -- has been declared a proclaimed offender in India. The banks pleaded for contempt proceedings against Mallya after he received $40 million from British firm Diageo Plc in February last year but transferred the money to his children, instead of repaying the loan.

Watch: 'I deny all allegations,' Mallya says before extradition hearing

The UK court hearing the extradition case against embattled Indian tycoon Vijay Mallya has given him bail till December 4. &nbsp;

The 61-year-old former chief of the erstwhile Kingfisher Airlines&nbsp;appeared before the Westminster Magistrates&#39; Court in London Tuesday.&nbsp;

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<a href="https://twitter.com/hashtag/WATCH?src=hash">#WATCH</a> Keep dreaming about the billion pounds, provided you have facts to justify your questions: Vijay Mallya after court hearing in London <a href="https://t.co/KUyHj12C0k">pic.twitter.com/KUyHj12C0k</a>
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/874602796141617153">June 13, 2017</a></blockquote>
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The court will next hear the case on July 6.&nbsp;

&quot;I have nothing to say, I deny all allegations. I have not eluded any court,&quot; ANI reported Mallya as saying before the hearing.&nbsp;

&quot;I deny all allegations, I have enough evidence to prove my case in court,&quot; he added.&nbsp;

PTI reported Mallya&#39;s defence team, which is being led by the firm Joseph Hague Aaronson LLP, as saying a second extradition request is expected from the Indian government.&nbsp;

&quot;I don&#39;t make statements to the media because anything I say is twisted. There is enough evidence, that will speak,&quot; PTI reported Mallya as saying. &quot;I go to cheer India in a cricket match and it becomes a media frenzy. It&#39;s better I don&#39;t say anything,&quot; he added.

Mallya, 61, who fled India last year, owes over Rs 9,000 crore to banks in India.&nbsp;

Mallya is currently living in London. He is wanted in India for defaulting on loan repayments.&nbsp;

The former liquor baron -- he once owned United Breweries, the maker of the popular Kingfisher beer -- has been declared a proclaimed offender in India.

The banks pleaded for contempt proceedings against Mallya after he received $40 million from British firm Diageo Plc in February last year but transferred the money to his children, instead of repaying the loan.

'I have enough evidence to prove my case in court,' he said

The UK court hearing the extradition case against embattled Indian tycoon Vijay Mallya has given him bail till December 4. The 61-year-old former chief of the erstwhile Kingfisher Airlines appeared before the Westminster Magistrates' Court in London Tuesday. #WATCH Keep dreaming about the billion pounds, provided you have facts to justify your questions: Vijay Mallya after court hearing in London pic.twitter.com/KUyHj12C0k — ANI (@ANI_news) June 13, 2017 × The court will next hear the case on July 6. "I have nothing to say, I deny all allegations. I have not eluded any court," ANI reported Mallya as saying before the hearing. "I deny all allegations, I have enough evidence to prove my case in court," he added. PTI reported Mallya's defence team, which is being led by the firm Joseph Hague Aaronson LLP, as saying a second extradition request is expected from the Indian government. "I don't make statements to the media because anything I say is twisted. There is enough evidence, that will speak," PTI reported Mallya as saying. "I go to cheer India in a cricket match and it becomes a media frenzy. It's better I don't say anything," he added. Mallya, 61, who fled India last year, owes over Rs 9,000 crore to banks in India. Mallya is currently living in London. He is wanted in India for defaulting on loan repayments. The former liquor baron -- he once owned United Breweries, the maker of the popular Kingfisher beer -- has been declared a proclaimed offender in India. The banks pleaded for contempt proceedings against Mallya after he received $40 million from British firm Diageo Plc in February last year but transferred the money to his children, instead of repaying the loan.

Watch: 'Keep dreaming about the billion pounds,' says Mallya after extradition hearing; gets bail

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