 "Punjab National Bank, pnb, nirav modi, mehul choksi")
Fraud-hit Punjab National Bank plans to meet capital requirements by writing back provisions after the expected sale of Bhushan Steel, said people familiar with the matter.
The lender has set aside more than the mandated money as provisions on its 49 billion rupees ($754 million) exposure to Bhushan Steel Ltd.’s delinquent account, much of which will be clawed back, the people said, asking not to be identified as the information isn’t public. The New Delhi-based bank will also sell some non-core assets, removing any need for the government to increase its 55 billion rupee capital allocation for PNB, they added.
