Tag: PNB

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 […]

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 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 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 […]

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 […]

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