Tag Archives: Punjab National Bank

PNB may sell s take in housing finance unit

Reported by | Updated: August 31, 2017

Punjab National Bank is proposing to sell up to 10% in its housing finance company. According to the bank’s MD and CEO Sunil Mehta, the bank now holds 38.8% in PNB Housing Finance, which has a market capitalization of nearly Rs25,000 crore. PNB Housing Finance is considered the most valuable investment ever made by the […]

Govt moves out heads of 2 top PSU banks

Reported by | Updated: May 8, 2017

The government moved heads to two top public sector banks to second level banks and appointed 5 news MDs and CEOs at the state-run banks. The changes were effected in a matter of hours after the government promulgated an ordinance empowering the Reserve Bank of India to initiate action against loan defaulters apart from forcing […]

PNB may have its own wage structure for employees

Reported by | Updated: November 9, 2016

Punjab National Bank is planning to have its own wage structure for employees, instead of the IBA-sponsored wage structure in order to retain talent. Usha Ananthasubramanian, MD and CEO of the bank, said a committee of general managers of the bank has been set up to examine the proposal and how effective it would be. […]

RBI fines 3 banks in forex scam

Reported by | Updated: July 26, 2016

The Reserve Bank of India has imposed penalties on three banks for their involvement in a foreign exchange scam unearthed in 2015. Bank of Baroda was fined Rs 5 crore, Punjab national bank, Rs 3 crore and HDFC Bank Rs 2 crore. The central bank said the penalties have been levied for weaknesses and failures […]

RBI lifts ban on foreign investment in PNB

Reported by | Updated: July 9, 2016

The Reserve Bank of India has lifted the ban on the fresh purchase of shares of Punjab National Bank by foreign investors. This brings an end to almost seven-year-old restriction on shareholding of foreigners in the bank. RBI said the aggregate foreign share holdings by foreign institutional investors/NRIs /PIOs/FDI and others under Portfolio Investment Scheme […]

PNB Housing to go for IPO

Reported by | Updated: June 15, 2016

PNB Home Finance is preparing for an IPO in this financial year. It has already engaged three investments banks for the purpose. With the IPO, the stake of Punjab National Bank, which at present holds 51% in the housing finance company, may come down to 30%. The other 49% is held by Carlyle Group, the […]