BANK NEWS
PNB Board approve proposal of raising Rs 10000 crore
New Delhi: Punjab and National Bank (PNB) said its board has approved a proposal to raise Rs 10,000 crore through a mix of both equity and debt. After amalgamation with Oriental Bank of Commerce and United Bank of India, board of bank cleared the opening balance on April 1. The board decided to raise fund through equity shares for the growth and betterment in the business.
After merger with Oriental Bank of Commerce (OBC) and United Bank of India, the bank now has about 11,000 branches, more than 13,000 ATMs, one lakh employees, and a business mix of over Rs 18 lakh crore.
The RBI has accorded approval to hold these investments and the directions given by the Reserve Bank of India (RBI) will be implemented within the given timeframe, it said.
"The situation continues to be uncertain and the bank is evaluating the situation on an ongoing basis. The major challenges of the bank would arise from eroding of cash flows and extended working capital cycles. The bank is gearing itself on all the fronts to meet these challenges," it said.
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