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PNB gets lion’s share of recapitalisation
Posted on 31st August 2019
Finance Minister Nirmala Sitharaman on Friday laid out the broad strokes for the recapitalisation plan for public sector banks, providing the approximate allocation breakup for about ₹55,000 crore of the ₹70,000 crore promised in the Budget.

Ms. Sitharaman, while speaking at a press conference to announce the merger of 10 public sector banks into four entities,


PNB lists property in e-auction without proper documents
Posted on 29th August 2019
If you thought acquiring a residential or commercial property through an e-auction by a PSU bank is safe, you are probably wrong. A Pune-based businessman learnt this, thanks to his proactive approach in doing a due diligence on the property and not taking the PSU bank's disclosures on face value.

Punjab National Bank, Allahabad Bank launch repo rate-linked retail loans
Posted on 28th August 2019
NEW DELHI : Public sector banks Punjab National Bank (PNB) and Allahabad Bank on Tuesday launched retail loan products that are linked to the Reserve Bank of India’s (RBI) repo rate. Linking of loans with the repo rate will make them cheaper.

Under the Punjab National Bank’s PNB Advantage scheme, effective from 27 August, the interest rate will be 0.25% less than the existing rates based on MCLR (marginal cost of funds-based lending rate).


BoB, PNB, other lenders hold 2-day meeting to generate ideas for growth
Posted on 19th August 2019
Public sector lenders, including PNB, BoB and Corporation Bank, have organised a two-day consultation process at branch level, seeking suggestions to make the sector future ready and be a catalyst in economic growth. The consultations were held over a period of two days from August 17-18 under the direction of Department of Financial Services, Ministry of Finance.

PNB recovers Rs 278-cr minimum balance penalty from poor account holders
Posted on 8th August 2019
Punjab National Bank (PNB) has recovered Rs 278.66 crore as penalty in the financial year 2018-19 from the poor account holders for not maintaining a minimum balance.

This was revealed after an RTI activist in Madhya Pradesh's Neemuch district, Chandrashekhar Gaur sought information from the PNB on the amount recovered from the account holders in the last two financial years for not maintaining a minimum balance in savings and current account.


PNB Housing raises $75 million through ECB route
Posted on 7th August 2019
One of India’s largest housing finance companies, PNB Housing Finance, has raised $75 million from Sumitomo Mitsui Banking Corporation (SMBC), Singapore, in its second external commercial borrowing (ECB) in FY20.

The housing finance company (HFC) was able to raise funds at a cheaper rate as against the prevailing domestic market rates by nearly 60 basis points (bps) — at 8.4% — for a period of three years, a company executive said.


RBI imposes Rs 50 lakh fine on PNB for delay in reporting fraud in Kingfisher Airlines account
Posted on 3rd August 2019
State-owned Punjab National Bank (PNB) on Saturday said the RBI has imposed a penalty of Rs 50 lakh on it for delay in reporting of fraud in the account of Kingfisher Airlines. “RBI observed from the fraud monitoring report-1 submitted by Punjab National Bank on July, 10 2018 that the bank had delayed the reporting of fraud in the account of Kingfisher Airlines Limited,” PNB said in a regulatory filing.

PNB revises fixed deposit (FD) rates for second time in a month. Check out the latest rates here
Posted on 2nd August 2019
Punjab National Bank (PNB) has revised interest rates on fixed deposits on select maturities with effect from 2 August 2019. PNB has lowered the interest rates by up to 50 basis points on maturity periods such as 7-14 days, 15-29 days, 30-45 days, 46-90 days and 91-179 days. On deposits maturing in 7-45 days, PNB is offering an interest rate of 5% to the general public and 5.5% to senior citizens on fixed deposits of up to ₹2 crore.

PNB Housing Finance raises $100 million from IFC
Posted on 30th July 2019
PNB Housing Finance, the fourth-largest housing finance company by loan assets and second-largest by deposits, has raised $100 million from International Finance Corporation (IFC), a member of the World Bank group, to fund small- and medium-ticket home loans.

Non-banking financial companies (NBFCs) have been facing a liquidity crunch since late last year.


PNB shares tank after lender detects another fraud
Posted on 8th July 2019
MUMBAI: Shares of Punjab National Bank (PNB) slumped over 7% on Monday after the lender was hit by yet another fraud, this time by Bhushan Power & Steel Ltd.

At 9.30 am, the stock was at ₹75.80 on BSE, down 5.57% from its previous close. It opened at ₹76.30 and touched a low of ₹75.80 or 7.3% lower. So far this year the stock fell 1.9%.


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