PNB chief expects a comeback in FY21 with 8-10% credit growth post merger

Merged entity likely to report 8-10% credit growth, better asset quality next fiscal; equity offering by December

Punjab National Bank (PNB), which has lost investor support in the last two years after the Nirav Modi fraud, hopes to see a comeback in FY21 with 8-10 per cent credit growth for the merged entity. It will rationalise branches at 500 locations where PNB and merging banks (Oriental Bank of Commerce and United Bank of India) have overlapping presence. 

“We agree that there has been a hit on the reputation. But it is past; after that the bank has done well,” Ch S S Mallikarjuna Rao (pictured), newly appointed managing director and chief executive officer at PNB, said during the