Page 7 - Punjab National Bank

Lenders likely to hike deposit rates up to 25 bps this festival season

Only those with asset-liability management mismatch would consider upward rate revisions

As credit growth outpaces deposits, banks may increase interest on FD

Bank deposits have gone up by 6.6 per cent to reach Rs 149.2 trillion during the April-August 2023 period, whereas the credit growth for the same period was 9.1 per cent

PNB introduces CBDC-UPI interoperability for seamless transactions

State-owned Punjab National Bank (PNB) on Tuesday announced the launch of Central Bank Digital Currency (CBDC) with Unified Payments Interface (UPI) interoperability feature in its digital rupee mobile application. This move is in line with the RBI's CBDC pilot project and unleashes a new potential in India's payment ecosystem, PNB said in a statement. PNB customers can now use the PNB digital rupee app to scan the UPI QR code for payment to their merchants or complete a transaction at a merchant outlet, it said. Even if the merchants do not have a CBDC Wallet, PNB digital rupee app users can utilise their CBDC wallets to conduct transactions on the UPI QR of these merchants, it added. The app with this new functionality is currently available for Android users on the Play store and will also be made live for iOS users, it said.

PNB launches app to enable MSMEs access instant loans using GST invoices

State-owned Punjab National Bank (PNB) on Wednesday said it has launched a mobile application based on the GST Sahay scheme, an endto-end digital product under which lending can be done using GST invoices. With this integration, PNB has become the first public sector bank to facilitate frictionless credit flow to MSMEs using GST invoices, the bank said in a statement. The initiative is also in line with the bank's strategy to further the development of the MSME sector and digital credit ecosystem in the country. The PNB GST Sahay App makes the entire loan process digitised and helps eliminate any manual intervention for borrowers and makes the process more cost-effective, fast, and smooth, it said. Through this service, the loan amount will be directly credited into the borrower's current account with the bank. Speaking at the launch of PNB GST Sahay App, the bank's MD Atul Kumar Goel said, "our bank has been a pioneer in serving top industrialists as well as the masses and provid

ACC, HDFC AMC, three other companies to be excluded from Nifty Next 50

Five firms, including ACC Ltd, HDFC Asset Management Company and FSN E-Commerce Ventures that runs Nykaa, will be dropped from Nifty Next 50 index from September 29. NSE Indices Ltd, an arm of the National Stock Exchange, on Thursday said that Indus Towers and Page Industries will also be dropped from the index. Punjab National Bank, Trent, Sriram Finance, TVS Motor Company, and Zydus Lifesciences will be included in the Nifty Next 50 index, NSE Indices said in a statement. NSE Indices' Index Maintenance Sub-Committee (IMSC) decided to make the changes with effect from September 29 as a part of a semi-annual review. In addition, changes have been announced in several indices -- Nifty 500, Nifty 100, Nifty Midcap 150, Nifty Small Cap 250, Nifty Midcap 50, Nifty Midcap 100, Nifty Smallcap 50, and Nifty Smallcap 100. However, no changes were announced in the NSE's benchmark index Nifty 50. NSE Indices also revised the eligibility criteria for several sectoral indices, including Nift

PNB Q1 Result: Net soars 307% to Rs 1,255 crore on interest income

Sequentially, the net profit of the Delhi-based public lender jumped 8.3 per cent from Rs 1,159 crore reported in the 2022-23 January-March quarter

'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 Housing Q1 FY24 results: Net profit rises 48% YoY to Rs 347 crore

PNB Housing Q1 results: The revenue from operations for the company also recorded a YoY rise of 20.55 per cent compared to the same period last year

PNB launches 'Project PNB PALAASH' for environmental sustainability

Punjab National Bank (PNB) on Monday announced the launch of its environmental initiative 'PNB Palaash', an eight-month period campaign to embrace sustainability. The campaign would lead to cost savings and operational efficiencies through measures such as energy and resource conservation, paper reduction, waste management and streamlined digital processes, PNB said in a statement. Acknowledging the need for integrating sustainability into every aspect of lives, PNB managing director Atul Kumar Goel said, "As a leading bank in the industry, undertaking environment-friendly initiatives not only aligns with our corporate social responsibility but also presents significant opportunities for business growth." The primary objective of this project is to actively contribute to conservation endeavours, foster the adoption of sustainable practices, and promote active employee engagement, he said. Under this initiative, it said, one lakh plus employees of PNB will plant minimum two saplings

Punjab National Bank infuses Rs 72.83 crore in its Bhutan subsidiary

State-owned Punjab National Bank on Friday said it has infused Rs 72.82 crore in its Bhutan subsidiary Druk PNB Bank Ltd via a rights issue. The investment in Rights Issue has been made on July 7, 2023 through participation in the issue of Druk PNB Bank Ltd (DPNBL), PNB said in a regulatory filing. Following the rights issue, PNB retains 51 per cent in the subsidiary as of now. DPNBL was incorporated on December 31, 2008, with FDI participation, it said. The rights issue of DPNBL of Bhutan was at a premium of Rs 7 (face value of Rs 10) -- Rs 17 per share, the filing said.

PNB announces UPI payments with IVR-based technology 'UPI 123PAY'

State-owned Punjab National Bank (PNB) on Tuesday announced the launch of UPI 123PAY, an IVR-based UPI solution. This offering aligns with the Digital Payment Vision 2025, propelling the nation towards a cashless and cardless society, PNB said in a statement. The Unified Payments Interface (UPI) has revolutionised the way transactions are conducted in India, providing customers with a seamless, secure, and real-time payment experience, it said. However, until now, UPI services were primarily accessible through smartphones or Unstructured Supplementary Service Data (USSD), reliant on robust internet connectivity, it said. This limitation hindered access to UPI for users without smartphones or residing in low internet connectivity zones, it added.

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.

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Stocks to watch on June 22, 2023: From Reliance Industries to Tata Consultancy Services, here are the top stocks to watch in Thursday's trading session

PNB, LIC, SBI and BoB looking to seek formal bids for stake sale in UTI AMC

These entities have already appointed merchant bankers to initiate the sale process in UTI AMC

FY24 to be golden year for Punjab National Bank due to steady focus: MD

The current financial year will be "a golden year" for Punjab National Bank due to its multi-pronged strategy and steady focus, its managing director Atul Kumar Goel has said. The state-owned bank's aim for FY24 is to adopt a multi-pronged strategy that seeks to build upon the existing synergies and capabilities to further scale up operational efficiency for facilitating sustainable and profitable growth, Goel said in his message to shareholders. "The strategy relies on increasing market share, which includes boosting both CASA (Current Account Savings Account) share and increasing credit offtake, especially in the RAM (Retail, Agriculture and MSME) segment; improving asset quality through increasing the rate of recoveries, minimising slippages, robust monitoring of special accounts to prevent their movement to the delinquent category and enhanced collections efficiency," he said. Besides, as per the annual report, the bank will focus on accelerating digital transformation with an .

PNB to raise funds via share sale under Employee Stock Purchase Scheme

State-owned Punjab National Bank (PNB) has proposed to raise funds from the sale of up to 15 crore shares under its Employee Stock Purchase Scheme (ESPS). At the current market price, PNB would raise up to Rs 780 crore from the scheme. The bank proposes to issue and allot up to 15 crore new equity shares of the face value of Rs 2 each, ranking pari passu with the existing equity shares for all purposes and in all respects, including payment of dividend, under an ESPS in one or more tranches, PNB said in a notice regarding the annual general meeting. The meeting will be held on June 30, according to the bank. PNB-ESPS would be issued at such price or prices, and on such terms and conditions as may be deemed appropriate by the board in such a way that the government shareholding does not come below 52 per cent. The government holding in the bank stood at 73.15 per cent as on March 31, 2023. In 2018, the bank raised Rs 500 crore from its employees under the staff stock purchase ...

CBI files case against IL&FS Transportation Network for defrauding 19 banks

The fraud done by IL&FS Transportation Network Ltd (ITNL) and its directors came to light in 2018 after the National Company Law Tribunal (NCLT) appointed a new board of directors

Surge in market valuations may give PNB, three other PSBs largecap status

Elevation expected during reclassification by Amfi next month

SBI slow in procurement from GeM portal; lags behind smaller counterparts

India's largest lender SBI was quite slow in procuring goods and services from government-owned GeM portal in 2022-23 and lagged behind smaller counterparts, including Canara Bank and Punjab National Bank, according to the government data. Canara Bank emerged as the largest buyer among the state-owned lenders in 2022-23, making total purchases of Rs 592.82 crore from the portal, the data showed. Punjab National Bank (Rs 164.57 crore) was the second largest, followed by Indian Overseas Bank (Rs 159.82 crore), State Bank of India (Rs 158.22 crore), Indian Bank (Rs 111.59 crore), Bank of India (Rs 63.81 crore), Bank of Baroda (Rs 48.63 crore), Union Bank of India (Rs 37.03 crore), Bank of Maharashtra (Rs 10.26 crore), Punjab and Sind Bank (Rs 9.98 crore), UCO Bank (Rs 5.30 crore) and Central Bank of India (Rs 4.54 crore) in 2022-23. The SBI did not respond to an email query on the subject. The GeM portal was launched on August 9, 2016, for online purchasing of goods and services by al