PNB recoveries on track; Rs 130 bn recovered, upgraded in Q1, Q2: MD & CEO

The bank is expecting major recoveries from matters referred to the NCLT in the third quarter

Punjab National Bank (PNB) is well on its way to achieving its target of recovery and loan upgradation for the financial year with almost Rs 130 billion recovered and upgraded in the first two quarters, said Sunil Mehta, managing director and CEO of the bank. The bank is also expecting that the Fugitive Economic Offenders Bill, 2018, once implemented, will help it recover some amount from the Rs 130 billion related to the alleged Nirav Modi scam.     

"We have put up a target of Rs 175 billion of recovery in cash and around Rs 45 billion of upgradation of NPAs (non-performing assets), which