Page 3 - Pnb

PNB asks some bond customers to visit bank branches, verify accounts

Instruction meant for customers of sovereign gold and RBI bonds in case of unclaimed interest or principal of more than six years

PNB RuPay debit cardholders will have to re-register on merchant websites

Process needs to be done again as company is strengthening its systems

State-owned Punjab National Bank raises Rs 5,000 crore through QIP issue

State-owned Punjab National Bank (PNB) has raised Rs 5,000 crore through an issue of equity shares to qualified institutional players. The bank allocated about 48.19 crore equity shares at an issue price of Rs 103.75 per share, which was at a discount of 4.96 per cent to the floor price of Rs 109.16 per share, PNB said in a statement. The bank's QIP issue was open for subscription from September 23 to 26, 2024, it said. "The bank received Bids from Qualified Institutional Buyers (QIBs) including Mutual Funds, Foreign Portfolio Investors (FPIs), Insurance Companies, etc., to the tune of Rs 41,734 crore for the QIP Issue, which is 16.7 times the base issue size of Rs 2,500 crore and 8.3 times the total issue size of Rs 5,000 crore," it said. The amount of capital raised through QIP issue will augment the bank's CET-1 Ratio and the overall Capital Adequacy Ratio, it added.

13 candidates in fray for PNB top job; FSIB may hold interviews next month

Among the contenders are two executive directors (EDs) from Bank of Baroda, one ED each from Union Bank of India, Indian Overseas Bank, and Canara Bank, and several deputy MDs from SBI

PNB fixes floor price of Rs 109.16 per share for its share sale via QIP

State-owned Punjab National Bank (PNB) on Monday fixed a floor price of Rs 109.16 per share for its share sale through qualified institutional placement (QIP). The bank had taken board approval last year for raising up to Rs 7,500 crore via share sale in one or more tranches during 2024-25. The board approved and adopted the preliminary placement document together with the application form in connection with the issue, PNB said in a regulatory filing. It also approved the floor price Rs 109.16 per share based on the pricing formula as prescribed under Regulation 176 of the Sebi ICDR Regulations, it said. The bank may offer a discount of not more than 5 per cent on the floor price so calculated for the issue, it said. The issue price will be determined by the bank in consultation with the book running lead managers appointed in relation to the issue, it added.

ACC, IRCTC: 4 stocks turn bearish even as Sensex, Nifty scale new highs

Technical chart suggests that ACC, IRCTC, PND and Aarti Industries could slide up to 28% from present levels owing to formation of 'Death Cross' on the daily chart; a long-term bearish indicator.

PNB revises savings account service charges from October 1: Check details

PNB is switching the maintenance of average balance from quarterly to a monthly basis

FinMin clears decks for PNB, BoM to raise Rs 10,000 cr via QIP in FY25

Receives similar proposals from Union Bank of India, UCO Bank, Indian Overseas Bank

PNB users can download statement & interest certificate through WhatsApp

The new features includes balance inquiries, mini statements, cheque book requests, emergency services and more

K'taka puts circular prohibiting dealings with SBI, PNB on hold for 15 days

The Karnataka government on Friday kept its circular in abeyance for 15 days, which prohibited all business transactions with the State Bank of India (SBI) and the Punjab National Bank (PNB). The decision came after Chief Minister Siddaramaiah considered the two banks' requests. A government circular issued on August 12 ordered all its departments, boards, corporations, public sector units and universities to withdraw all their deposits and investments in the SBI and the PNB and stop transacting any business with these institutions. "After considering the banks' requests, the Honorable Chief Minister has directed officials of the Finance Department to keep the circular in abeyance for 15 days," the state government said in a release. It said that putting the previous circular on hold "will allow the banks sufficient time to address the issues and redress the concerns of the government." The government is committed to ensuring transparency and accountability in all its dealings, sa

SBI, Punjab National Bank in talks with Karnataka to resolve issues

One incident involved PNB's Rajajinagar branch, where the Karnataka State Industrial Board had fixed deposits of approximately Rs 25 crore, but PNB released only Rs 13 crore on maturity

PNB customers must update KYC by August 12, 2024 to avoid restrictions

KYC update is applicable only for those customers whose accounts were due for KYC updation as of March 31, 2024

Jigar S Patel of Anand Rathi recommends buying these three stocks today

Recently, PNB has found a support level, forming a bottom around the Rs 114-116 range. This suggests that stock has likely reached a point where selling pressure is reducing & buyers are stepping in.

PNB Q1FY25 results: Net profit jumps 159% to Rs 3,252 cr, NII up 10.23%

PNB Q1FY25 results: Gross Non-Performing Asset (GNPA) ratio of the bank improved by 275 basis points (bps) on a Y-o-Y basis to 4.98 per cent as on June 24 from 7.73 per cent as on June 23

PNB, UCO Bank submit Rs 1,527 crore dividend cheques to Finance Ministry

Earlier, four public sector banks, including Canara Bank and Indian Bank, presented dividend cheques worth Rs 6,481 crore to Finance Minister Nirmala Sitharaman for the financial year 2023-24

PNB launches 'Safety Ring' to enhance security for internet, mobile banking

State-owned Punjab National Bank (PNB) on Tuesday introduced a new security feature 'Safety Ring' within its internet banking system and mobile banking system in response to the increasing number of cyber frauds. This mechanism provides an additional safety layer to minimise potential losses in case of unauthorised access by fraudsters, PNB said in a statement. Safety Ring is an optional feature that allows customers to set a daily transaction limit with respect to term deposits (TDs) on online closure or availing overdraft facility on TDs up to the set limit amount, it said. The limit set by the customer should be the consolidated digital channels limit up to which the customer can close the TD or avail overdraft facility on TD, it said. Once set, it said, the safety feature Safety Ring' ensures that TD cannot be closed, withdrawn, or used for loans (overdraft) beyond the customer-defined limit through any digital channels.

PC Jewellers gets PNB clearance for one-time settlement of outstanding dues

PC Jeweller Ltd on Sunday said that Punjab National Bank has given its approval for one-time settlement of its outstanding dues. In a regulatory approval, PC Jeweller informed that "Punjab National Bank, the third largest bank after State Bank of India amongst consortium banks of the company in terms of its exposure, has conveyed its approval to the One Time Settlement (OTS) proposal submitted by the company." PC Jeweller had opted for OTS to settle the outstanding dues with a consortium of banks. The terms and conditions of approved OTS include cash and equity components payable under settlement, release of securities and mortgaged properties etc, the filing said. PC Jeweller did not mention the outstanding dues with all banks and also the details of OTS. In an investor presentation in late May, PC Jeweller mentioned that the withdrawal of the petition from the National Company Law Tribunal (NCLT) by SBI and favourable consideration of its OTS proposal by the banks are positive .

Bank of Baroda, PNB log slower deposit growth than industry trend in Q1

The outstanding deposits of Delhi-based PNB stood at Rs 14.08 trillion at the end of June 2024

PNB partners with IIFCL to provide financing for infrastructure projects

Punjab National Bank (PNB) and India Infrastructure Finance Company Ltd (IIFCL) on Monday signed an agreement to offer long-term financial assistance to viable infrastructure projects. With this, both the institutions will collaborate to fund the infrastructure projects wherein the parties can mutually participate under consortium/multiple lending arrangements to provide financial support to the prospective borrowers subject to due diligence and on a case-to-case basis, a joint statement said. A signing ceremony for the Memorandum of Understanding (MoU) took place in the presence of Atul Kumar Goel, MD & CEO of PNB, and Padmanabhan Raja Jaishankar, MD of IIFCL, it said. This MOU would be a milestone in finding new avenues of lending to the infrastructure projects of the country and they assured full participation from both sides in this endeavour, it said.

Interest rates have peaked, moderation expected towards year-end: PNB MD

Days before RBI's monetary policy, Punjab National Bank (PNB) managing director Atul Kumar Goel said interest rates have peaked and are expected to see a reversal by the end of this year. The Monetary Policy Committee, which is expected to keep the policy rate unchanged for the eighth time in a row, is scheduled to begin its meeting on June 5. The decision of the rate-setting panel will be announced on June 7. "Interest rates are contingent upon so many factors like growth, inflation, monetary policy stance of other countries. I think rates have reached the peak. I think after some time maybe by the end of this year, we can see some reduction in the rate of interest," he told PTI. There should not be an increase in the deposit rate as 95 per cent of deposits have already been repriced, he said. Goel said the Retail, Agriculture and MSME (RAM) segment is going to be the focus area for the bank but would not shy away from financing good corporate loans. "RAM is about 55 per cent of