PNB signs MoU with CRPF to provide insurance, benefits under Rakshak Plus

PNB has signed a memorandum of understanding (MoU) with CRPF to provide insurance, financial services, and Rakshak Plus benefits to personnel, pensioners, and their families

Punjab National Bank (PNB) has signed a memorandum of understanding (MoU) with the Central Reserve Police Force (CRPF), the bank said in a press release. Under this MoU, PNB will provide a range of services, including enhanced insurance coverage and other benefits, to all serving personnel and pensioners of the CRPF through its flagship scheme, “PNB Rakshak Plus".

 

The addendum to the existing MoU was exchanged at the CRPF Directorate General office in CGO Complex, Lodhi Road, New Delhi. The MoU was formally signed by Binay Kumar Gupta, Chief General Manager, PNB, and Zaki Ahmad, IPS, Inspector General of Police (ADM), CRPF, in the presence of senior officials from both the Bank and the CRPF.   

 

 

Benefits extend to families and dependents

 

Along with the personnel and pensioners, several benefits under the Rakshak Plus scheme will also be available to the dependents and families of Rakshak account holders.

 

The bank reaffirmed its dedication to supporting the Central Armed Police Forces. “The Bank is dedicated in its commitment to the Central Armed Police Forces and will strive to continue doing the same in future as well,” the press release said.

 

PNB plans NPA sale worth ₹5,000 crore

 

PNB is preparing to sell around 100 non-performing asset (NPA) accounts to asset reconstruction companies (ARCs) in the current financial year. The total value of these accounts is estimated at ₹4,000-5,000 crore, news agency PTI reported.

 

“More than 100 accounts we have identified...the book size will be somewhere around ₹4,000 crore-₹5,000 crore. That is the outstanding book (for sale to ARCs),” PNB MD and CEO Ashok Chandra told PTI earlier this month.

 

Asked about potential recoveries, Chandra said, “We expect to recover something in the range of 40-50 per cent minimum. Through that route also, we are expecting a good recovery should happen this financial year.” He added that some accounts could see full recovery due to strong security, but on average, 40-50 per cent recovery is expected.

 

Chandra highlighted that PNB has strategies in place to reach ₹30 trillion in total business by the end of this financial year. The bank’s total business rose 11.6 per cent to ₹27.19 trillion in Q1 FY26, closely behind Bank of Baroda at ₹26.43 trillion and Canara Bank at ₹25.64 trillion.

 

“We have a target of ₹29.56 trillion for the current financial year. We may do better than our target and can touch ₹30 trillion by March next year, but let me add that we are very mindful that whatever the top line, it should add profit to my bank,” he said.

 

Chandra stressed that PNB is focused on operating profit, reporting a record ₹7,081 crore in Q1. “Whether it is deposit mobilisation or the corporate loan book, everything should add to the bottom line of the bank. Bulk deposits have been brought down, and corporate deposits curtailed to a great extent,” he added.