Page 12 - Pnb

PNB posts net loss of Rs 492 cr in Q3; gross NPAs down at 16.3%

PNB had last reported a loss in the September-ended quarter of 2018-19 when its net loss was Rs 453 cr

PNB seeks IRDAI forbearance for paring stake in Canara HSBC OBC Life

State-owned Punjab National Bank is seeking IRDAI forbearance on cutting down stake in Canara HSBC OBC Life Insurance, which will come to the lender's fold after its merger with Oriental Bank of Commerce (OBC), sources said. OBC currently holds 23 per cent stake in Canara HSBC OBC Life Insurance. Besides, another public sector lender Canara Bank has 51 per cent stake and HSBC Insurance (Asia Pacific) Holdings Limited as foreign partner owns 26 per cent. As per the extant guidelines, one promoter cannot hold more than 10 per cent stake in two insurance ventures, sources said. After the merger of OBC, expected in April, PNB will automatically get 23 per cent stake in Canara HSBC OBC Life Insurance also. Already, PNB is a promoter of PNB Metlife Insurance with highest stake of 30 per cent. Founded in 2001, PNB Metlife's other shareholders include US-based Metlife with 26 per cent, Elpro (21 per cent) and M Pallonji & Company (18 per cent). The sources said PNB has requested the ...

SBI to divest 8.25% in UTI AMC share sale; BoB, LIC and PNB may follow suit

The total dilution in the IPO could be 33 per cent

Banks Board Bureau recommends BoB's Sanjiv Chadha for the post of MD & CEO

The bureau has also suggested the names of L V Prabhakar and Atanu Kumar Das for Canara Bank Bank of India chiefs, respectively

PNB reports net profit of Rs 507 crore in Q2; finances under stress

Provisioning related to bad loans went up to Rs 3,253 crore in Q2, up from Rs 2,147 crore in the previous quarter

Post-merger preparations: PNB seeks time to offload stake in insurance JV

Union Bank holds around 46 per cent stake in Star Union Dai-ichi Life Insurance and Andhra Bank is a part of IndiaFirst Life Insurance with 30 per cent stake

PNB-UBI-OBC merger: Automated HR integration to quell staff discrimination

All transfers and promotions for next financial year will be decided by respective banks, not by the merged entity

Top events of the day: Modi to meet Iran Prez, One Plus 7T launch and more

From India, US, Japan naval exercise to Vivo V9 Pro launch, Business Standard brings you the top events of the day to keep an eye on

Top events today: Jio Fiber launch, PNB to consider capital infusion & more

From Reliance Jio Fiber launch to SC hearing of P Chidambaram's plea, Business Standard brings you top events of the day

Moody's upgrades PNB's outlook to 'positive' from 'stable'

It also affirmed the local and foreign currency deposit ratings of Canara Bank, OBC, Syndicate Bank and Union Bank at Baa3/P-3

PNB recovers Rs 278-cr minimum balance penalty from poor account holders

This amount has been recovered from about 12.7 million customers across the country

PNB Housing Finance raises Rs 690 crore from IFC through ECB route

This is the maiden fundraising via the ECB route in 2019-20 by PNB Housing Finance. The company further said that other ECB proposals are in the pipeline

Punjab National Bank plans to raise Rs 5,000-crore equity capital

The decision in this regard was taken in the board meeting held Thursday, PNB said in a regulatory filing

Allahabad Bank reports Rs 1,744-cr fraud by Bhushan Power & Steel to RBI

Allahabad Bank further said it has been observed that the company has misappropriated bank funds, and manipulated books of accounts to raise funds from consortium lender banks

PNB detects Rs 3,800-cr fraud by Bhushan Power & Steel Ltd, reports to RBI

Public sector lender Punjab National Bank said Saturday it has detected a fraud of more than Rs 3,800 crore by Bhushan Power & Steel Ltd (BPSL) and has reported it to the Reserve Bank of India (RBI). PNB said Bhushan Power & Steel Ltd misappropriated bank funds and manipulated its books of accounts to raise funds from consortium lender banks. "On the basis of forensic audit investigation findings and CBI filing FIR, on suo moto basis, against the company and its directors, alleging diversion of funds from banking system, a fraud of Rs 3,805.15 crore is being reported by bank to RBI," Punjab National Bank (PNB) said in a regulatory filing. "It has been observed that the company has misappropriated bank funds, manipulated books of accounts to raise funds from consortium lender banks. At present, the case is at NCLT which is in advance stage and the Bank expects good recovery in the account," PNB added. PNB said the bank has already made provisions amounting to Rs 1,932.47 crore,

PNB scam: Singapore HC freezes Nirav Modi' sister's bank account

The high court had ordered freezing the balance of $6.122 million (Rs 44.41 crore) on the request of the Enforcement Directorate (ED)

SC to consider Centre's plea against HC order on Choksi's medical report

The high court had taken note of the submission that Choksi was not keeping well and had sought his medical report

PNB to mop up Rs 10,000 crore from non-core asset sale, rights issue

In 2018-19, PNB's recovery more than doubled to Rs 20,000 crore from Rs 9,666 crore in 2017-18

PNB decides not to sell stake in housing finance wing, calls off pact

The bank, in a filing to the exchange, said it will continue to be the sole promoter of PNB Housing Finance post the termination of the pact

PNB to sell part stake in housing finance arm for Rs 1,852 crore

Both VardePartners and General Atlantic Group will buy 1.089 crore shares each at Rs 850 per share in the housing finance company