PNB joins hands with IIT Kanpur to set up Fintech Innovation Centre
NEW DELHI: Punjab National Bank (PNB) on Thursday announced an alliance with IIT Kanpur and the Foundation for Innovation & Research in Science & Technology (FIRST) for establishing an innovation centre at the institute’s campus. Under this partnership, PNB and IIT Kanpur will set up a ‘Fintech Innovation Centre (FIC)’ as a vehicle to research […]
RBI imposes Rs 1 crore penalty on PNB for unauthorised ATM operations
NEW DELHI: State-run Punjab National Bank (PNB) on Friday said the RBI has imposed a penalty of Rs 1 crore on it for contravention of the Payment and Settlement Systems Act. “RBI has observed that the Bank was operating a bilateral ATM sharing arrangement with Druk PNB Bank Ltd, Bhutan, (international subsidiary of the Bank), […]
PNB buys 3 Audi cars for top management amid COVID-19 induced downturn
NEW DELHI: At a time when the financial sector is passing through a rough patch and looking at ways to conserve capital, country’s second largest lender Punjab National Bank (PNB) has bought three Audi cars to ferry its top management. According to sources, the PNB took the delivery of these high-end luxury cars worth approximately […]
Mallikarjuna Rao appointed as MD of PNB; Bisoi appointed Secretary of Postal Dept
NEW DELHI: Ch S S Mallikarjuna Rao was on Tuesday appointed the Managing Director (MD) and Chief Executive Officer(CEO) of Punjab National Bank, an official order said. Rao, 57, currently the Managing Director and Chief Executive Officer of Allahabad Bank, has been appointed to the new post up to September 18, 2021. “The Appointments Committee […]
PNB detects Rs 3,800 crore fraud by Bhushan Power & Steel Ltd, reports to RBI
NEW DELHI: Public sector lender Punjab National Bank said on Saturday it has detected a fraud of more than Rs 3,800 crore by Bhushan Power & Steel Ltd (BPSL) and has reported it to the Reserve Bank of India (RBI). PNB said Bhushan Power & Steel Ltd misappropriated bank funds and manipulated its books of […]
PNB to sell NPAs worth over Rs 1,000 crore, six accounts put on block
NEW DELHI: State-owned Punjab National Bank (PNB) has put on sale six non-performing loans amounting to over Rs 1,000 crore, including two accounts of Vandana Vidyut and Visa Steel. Asset reconstruction companies (ARCs), non-banking financial companies (NBFCs), other banks and financial institutions can submit binding bids till June 26. The bids will be opened on […]
PNB Q4 loss narrows to Rs 4,750 crore; NPA declines
NEW DELHI: State-owned Punjab National Bank (PNB) Tuesday reported narrowing of its loss by nearly 65 per cent to Rs 4,750 crore during the fourth quarter of fiscal ended March 2019 even after making adequate provisions towards the Nirav Modi fraud and non-performing assets (NPAs). The scam-hit lender had posted highest ever loss of Rs […]
PNB decides not to sell stake in housing finance wing, calls off pact
NEW DELHI: State-run Punjab National Bank (PNB) on Thursday said it has terminated the agreements with General Atlantic Group and Varde Partners to sell its stake in PNB Housing Finance (PNBHF). The bank, in a filing to the exchange, said it will continue to be the sole promoter of PNB Housing Finance post the termination […]
PNB to sell stake in PNB Housing to General Atlantic, Varde Partners for Rs 1,851 crore
NEW DELHI: State-run Punjab National Bank (PNB) on Friday said it will sell its partial stake in PNB Housing Finance to global private equity firm General Atlantic Group and alternative investment firm Varde Partners for Rs 1,851.6 crore. PNB has entered into agreements in relation to the said transactions Friday, the public sector bank said […]
Now SBI chases Mehul Choksi for Rs 405 crore loan default
MUMBAI: In a new development, the State Bank of India (SBI) on Wednesday moved to recover loan outstandings of Rs 405 crore from absconding diamantaire Mehul Choksi, his family and companies. This is the first time the country’s biggest bank’s exposure has been revealed in the case involving Choksi, who is among the prime accused […]
Indian Army signs MoU with and PNB
NEW DELHI: On 08 Jan 2019, a Memorandum of Understanding (MoU) was signed between the Indian Army and PNB on the Defence Salary Package. The signing ceremony was chaired by the Adjutant General, Lt Gen Ashwani Kumar and was attended by top dignitaries of PNB headed by Mr Naveen Kumar. A number of additional facilities […]
PNB Housing Finance raises Rs 2,450 crore through commercial papers
NEW DELHI: PNB Housing Finance it has raised Rs 2,450 crore through commercial papers (CP) amidst reports of tight liquidity situation in the market. This is in addition to Rs 1,775 crore raised earlier in October totalling to Rs 4,225 crore of CPs raised in October 2018, the mortgage firm said in a statement. The […]
PNB plans to sell non-core assets of over Rs 8,000 crore this fiscal
NEW DELHI: The India’s second largest public sector lender Punjab National Bank (PNB) has identified various assets, including its housing finance arm, for sale and hopes to realise ₹8,600 crore from these non-core assets during the current fiscal. The bank has already sold some of the fixed assets and have realised ₹400 crore from these […]
Amalgamation not on cards; focus on internal consolidation: PNB MD
NEW DELHI: Ruling out possibility of inorganic expansion, Punjab National Bank (PNB) Managing Director (MD) Sunil Mehta said the bank is currently focussed on internal consolidation and making it financially healthy. With Rs 14,000 crore Nirav Modi episode getting out of scene, the bank is focussing on growth and recovery of bad loans, he told […]