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NEW DELHI: The government is working on a road map for the overhaul of state-run lenders that involves the next round of consolidation, public offers in the next few months by banks to raise fresh capital, and changes in the hiring policy, including increased lateral entry. This could see Punjab National Bank (PNB) and Bank of Baroda taking over smaller lenders, said a senior finance ministry official.

Government-owned Punjab National Bank has (PNB) filed a complaint with the Central Bureau of Investigation (CBI) against Chandigarh-based Kudos Chemie which has defaulted to a loan of Rs 1300 crore. The action against the company follows action by investigating agencies against IDBI Bank, UB group officials in January this year for a Rs 900-crore loan default by Kingfisher Airlines.

PNB officials said it has informed the Reserve Bank of India and its board of directors about the fraud. The bank said in 2016, Directorate of Revenue Intelligence had initiated action against the company for violation of the Customs Act and the account became a non-performing asset in March last year. In between, the bank tried to sell the loan to an Asset Reconstruction Company (ARC) but it failed to file a buyer.

State Bank of India, Punjab National Bank and Allahabad Bank lead the pack of commercial banks with exposure to the agriculture sector in Uttar Pradesh, where the state government has decided to pay all crop loans owed by small and marginal farmers.

As of December 2016, nine banks (also including Union Bank of India, Bank of India and Bank of Baroda) had extended loans worth Rs 70,046 crore to the agriculture sector in the state. Of this, crop loans were Rs 49,811 crore.

Kingfisher Airlines' two prime assets, Kingfisher House in the city and Kingfisher Villa in Goa, will be auctioned on Monday by banks to recover their loans to the long-defunct airline started by defaulter businessman Vijay Mallya.

While Kingfisher House will be put under the hammer for the fourth time after three failed attempts, Kingfisher Villa is being put on sale for the third time.

PNB plans to drag 250 defaulters to NCLT
Posted on 10th February 2017
Public sector lender Punjab National Bank (PNB) plans to take at least 250 defaulters to the National Company Law Tribunal (NCLT), as part of efforts to recovering dues promptly.

The bank has asked each bank circle to identify five defaulters where it can proceed with action at the NCLT to ensure they repay their dues. PNB has 76 circles across the country. This is one of the tools the bank is looking at to bring delinquent borrowers to the table.

Punjab National Bank's net profit grew to Rs 207.18 crore in the quarter-ended December 2016 compared to the Rs 51.01 crore posted in the same period last year, up four fold.

The total income earned by the bank in the quarter grew to Rs 14,497.65 crore compared to Rs 13,891.20 crore posted in the same period last year, up 4.4%.

New Delhi: Public sector Punjab National Bank (PNB) on Friday said it will help India Post Payments Bank (IPPB) set up pilot branches.

India Post Payments Bank and PNB have signed a memorandum of understanding (MoU) to achieve strategic depth in financial inclusion (FI), PNB said in a statement.

The country’s largest bank State Bank of India (SBI) announced a steep interest rate cut in several years on Sunday, by reducing its marginal cost of funds based lending rate (MCLR) by 90 basis points (bps) across all maturities.

With this cut, SBI has passed on benefit of 200 bps since January 2015 to customers, which is more than 175 bps reduction in the Reserve Bank of India’s (RBI) policy rate cut in the same period.

Punjab National Bank (PNB) on Tuesday announced a partnership with cab aggregator Ola to aid cash withdrawals for the citizens of Delhi and the National Capital Region (NCR).

"Through the extensive network of Ola cabs present across the state, we are able to bring these mobile ATMs closer to citizens, saving them from the hassles of cash withdrawals," said Deep Singh, Business Head, North, Ola, in a statement.

PNB Gilts hit a new high of Rs 51.30, up 10% on BSE, extending its month-long rally after it reported a robust set of numbers for the second quarter ending September 30, 2016 (Q2FY17).

Since October 25, post Q2FY17 results, the stock zoomed 71% from Rs 30 as compared to 7.8% decline in S&P BSE Sensex.

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