PNB receives loan rejig requests of only Rs 12,000 crore, says PNB MD

Punjab National Bank, the second-largest public sector lender, has received loan restructuring requests worth Rs 12,000 crore out of the 40,000 crore it had anticipated on account of stress due to the Covid-19 pandemic on businesses and individuals, the bank's Managing Director Mallikarjuna Rao said.

Out of the total restructuring requests, restructuring sought for corporate loans has been worth Rs 9,000 crore, and these have been invoked as on December 31. The process of restructuring will be completed in the current quarter, Rao said.

In August last year, the RBI had announced a one-time restructuring for personal and corporate borrowers