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SBI, BoB, PSB: Track these levels while riding the rally in PSU Banks

The Nifty PSU Bank index was the top performing sector post Interim Budget on Thursday; the index was up almost 12 per cent in the last four days.

PNB board approves fund raising of Rs 7,500 cr via share sale in FY25

State-owned Punjab National Bank (PNB) on Monday said the board of the bank has given green signal for raising Rs 7,500 crore through Qualified Institutions Placement (QIP)/Follow-on Public Offer (FPO) during 2024-25. The decision in this respect was taken in a meeting held on January 29. The board gave nod for raising of equity capital for an amount aggregating up to Rs 7,500 crore in one or more tranches during FY2024-25 through Qualified Institutions Placement (QIP)/Follow-on Public Offer (FPO) or any other permitted mode or a combination, PNB said in a regulatory filing. The fund raising should be done in such a manner that the shareholding of the Government of India does not fall below 52 per cent, it added.

PNB hikes MCLR, Union Bank withdraws festive discount on vehicle loans

A PNB executive said there is intense competition for mobilising resources for which banks have and are raising deposit rates, increasing the cost of funds

State-owned PNB, BoM record double-digit loan growth during Oct-Dec quarter

State-owned Punjab National Bank (PNB) on Tuesday said it has posted a 13.5 per cent growth in advances to Rs 9.72 lakh crore for the December quarter. Total advances stood at Rs 8.56 lakh crore at the end of the third quarter of the last financial year, PNB said in a regulatory filing. Another public sector lender Bank of Maharashtra (BoM) in a separate filing said it saw a 20.28 per cent increase in loan growth to Rs 1.88 lakh crore as against Rs 1.56 lakh crore in the third quarter of the previous fiscal. The Pune-based lender recorded a 17.90 per cent improvement in deposit growth at Rs 2.45 lakh crore as compared to Rs 2.08 lakh crore at the end of December 2022. At the same time PNB's deposits rose a tad lower at 9.4 per cent to Rs 13.23 lakh crore during the quarter from Rs 12.10 lakh crore in the year-ago period, it said. As a result, the total business of the bank increased 11.1 per cent to Rs 22.95 lakh crore at the end of December 31, 2023, it added.

PNB board clears equity raise upto Rs 7,500 cr in FY25 to aid biz growth

Options open for institutional placement, follow-on issue

PNB gets board approval to raise Rs 7,500 crore through QIP or FPO

Punjab National Bank on Thursday said its board has approved a proposal to raise Rs 7,500 crore capital through QIP or FPO. The fundraising exercise will be done in one or more tranches during the next financial year, the state-owned bank said in a late-evening regulatory filing. The board of directors, during a meeting on Thursday, approved the proposal for raising equity capital for an amount aggregating up to Rs 7,500 crore in one or more tranches during 2024-25 through Qualified Institutional Placement (QIP) or Follow-on Public Offering (FPO) or any other permitted mode or a combination, it said.

RBI slaps penalty on PNB, Federal Bank, 2 other entities for non-compliance

The Reserve Bank on Friday said it has imposed a Rs 72 lakh penalty on state-owned Punjab National Bank and a Rs 30 lakh penalty on private sector Federal Bank for non-compliance with certain regulatory norms. It has also imposed a penalty of Rs 10 lakh on Mercedes-Benz Financial Services India Private Ltd (formerly known as Daimler Financial Services India Private Ltd) for non-compliance with certain provisions of the Know Your Customer (KYC) Direction, 2016. The penalty on Punjab National Bank has been imposed for non-compliance with certain provisions related to 'interest rate on advances' and 'customer service in banks', Reserve Bank of India (RBI) said in a release. Federal Bank has been penalised for contravention of certain provisions of KYC norms, the central bank said in another release. The RBI also said a monetary penalty of Rs 13.38 lakh has been imposed on Kosamattam Finance Ltd, Kottayam, for non-compliance with certain provisions of the 'Non-Banking Financial Company

Buying a car this Diwali? Here are the latest loan rates, processing fees

Some banks are offering additional interest concessions of up to 0.25 per cent for existing housing loan borrowers and corporate salary account holders

Nifty PSU Bank index soars 3% on strong Q2 earnings by PNB, Canara Bank

For the quarter ended September 2023, PNB reported a solid 327 327 per cent YoY surge in net profit, while Canara Bank's net profit grew 42.8 per cent.

Punjab National Bank profit zooms 327% to Rs 1,756 crore in Q2FY24

NII expanded by 29 per cent year-on-year to Rs 9,923 crore in Q2FY24. Sequentially, NII rose from Rs 9,544 crore in Q1FY24

PNB Q2 results: Net profit surges 327% to Rs 1,756 cr, gross NPAs at 6.9%

PNB Q2 results: The bank's gross non-performing assets (NPAs) fell to 6.96% as of September 30, as compared to 7.73% in the previous quarter

PNB, RBL, Jammu & Kashmir Bank reports robust growth in advances for Q2

PNB saw a rise in advances to Rs 1,308,719 crore, marking a 9.70 per cent increase from Rs 1,193,501 crore in the second quarter of FY24 compared to the same period in FY23

Cosmos Coop Bank merges Sahebrao Deshmukh Co-op Bank with itself

Cosmos would have 170 branches in seven states across India

IT, HDFC Bank, M&M send Sensex 202 pts down; Adani Ent gains 4%, RIL 1%

Stock Market LIVE: IT pocket led losses on the Sensex with HCL Tech, TCS, Wipro, Tech M and Infosys falling up to 1.2 per cent

PNB, Tata Motors Finance sign agreement to co-source commercial vehicles

Punjab National Bank (PNB) on Thursday said it has signed a memorandum of understanding with Tata Motors Finance Solutions for co-sourcing of commercial vehicles. The co-sourcing arrangement will provide simple and seamless financing solutions to fleet owners and commercial vehicle operators while expanding and scaling MSME businesses across geographies, PNB said in a statement. The memorandum of understanding was signed by PNB Managing Director Atul Kumar Goel and Tata Motors Finance Solutions Ltd MD Samrat Gupta.

'Enhanced monitoring has helped PNB reduce slippages and enhance recovery'

The capital adequacy of the bank is at 15.54 per cent as against the requirement of 11.5 per cent

PNB Q1FY24 results: Net profit up 307% to Rs 1,255.4 cr YoY, GNPAs at 7.73%

PNB's net NPAs also declined to 1.98% in the June quarter from 2.72% in the previous quarter

PNB launches virtual branch in the Metaverse with immersive 3D experience

State-owned Punjab National Bank (PNB) on Thursday announced the launch of a virtual branch, PNB Metaverse. It is a virtual branch of the bank, which will deliver a unique experience of banking to existing and new customers who can now explore the bank's products and services such as bank deposits, retail/MSME loans, digital products, women/senior citizens, 'Do It Yourself' and government flagship schemes, PNB said in a statement. PNB has developed the Bank's Metaverse Branch, where its esteemed customers will get exclusive access to its virtual environment from the comfort of their home or office through their mobile phones and laptops, it said. In addition, the bank will offer an immersive 3D experience to the customers while performing traditional banking activities through their digital avatars, it said. In this new phase of the internet, which evolves from a disparate collection of sites and apps into a persistent 3D environment, where moving from work to a social platform is

Jindal Steel, PNB to migrate to MF large-cap basket: Analyst report

MF industry's stock reclassification to also see entry of Canara Bank and IDBI Bank into largecap space

Punjab National Bank raises Rs 3,090 cr from bonds to fund business growth

State-owned Punjab National Bank on Friday said it has raised Rs 3,090 crore from Basel III compliant Tier-II capital Bonds to fund business growth. These bonds would carry a coupon rate of 7.74 per cent per annum, PNB said in a regulatory filing. The issue closed on June 27, and allotment of bonds was made on Friday, it added.