PNB opens second loan processing centre in Mumbai to boost recovery

Scam-hit PNB on Monday announced opening of second centralised loan processing centre (CLPC), in a Mumbai branch, aimed at strengthening the bank's internal systems and processes.

Punjab National Bank's Managing Director and Chief Executive Officer Sunil Mehta said that the lender is on track to bouncing back within six months.

Hit by over Rs 143-billion fraud, allegedly by diamond jeweller Nirav Modi, the lender embarked on Mission Parivartan in March, a 10-pronged transformation strategy to clean its balance sheet.

Under this, the bank will focus on profit maximisation, improvement of asset quality and recovery, increasing productivity, new ideas for augmenting retail business, innovative vigilance practices and reducing error and complaints.

State-owned PNB said in statement that it continues to surge ahead on the recovery path and strengthen its internal systems and processes.

The CLPC, set up at Pragati Towers, BKC, Mumbai, will ensure improved turn-around-time, separate Pre- and Post-sanction responsibility and enable qualitative credit assessment as well as efficient monitoring, the statement said.

Bank's first CLPC is located at Connaught Place branch in New Delhi.