Shares of rate sensitive sectors like banking, real estate and automobile companies came under heavy selling pressure on Tuesday, falling by up to 30 per cent on the National Stock Exchange (NSE).
The Nifty PSU Bank index tumbled 8 per cent in intra-day deals to 2,118, its lowest level since May 2016. Nifty Realty, too, slipped 6 per cent to 241, while Nifty Private Bank and Nifty Auto indexes down 3 per cent and 2 per cent, respectively. In comparison, the benchmark Nifty 50 index down 1.75 per cent at 11,273 points.
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,
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.
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).
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.
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.
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.
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.
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, 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.
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