21
Monday
September 2020
10:38 AM IST
News Headlines
Hope the youngsters translate their talent into performance: Warner        Slovenia celebrates likely 1-2 Tour de France victory        Kohli begins hunt for elusive IPL title as RCB face Sunrisers        TCS sets up 11 COVID-19 isolation centres for staff, their dependents        Over Rs 70K crore worth of loans sanctioned to discoms under liquidity package: Govt        Virginia Commonwealth to remove Confederate names, symbols        Hefty fines for COVID-19 quarantine breaches in England        Trump to nominate female judge for Supreme Court        Sachin Pilot to campaign for Congress in MP Assembly bypolls        Farmers protest against farm bills in Haryana        Overall COVID-19 deaths per million population in India low compared to other countries: Govt        Will not sign death warrant of farmers: Cong in RS on farm bills        Burkina Faso striker Traore leaves Lyon for Aston Villa        AIFF to conduct three-day International Virtual Conference for coaches        Looking to play good brand of cricket to make this season a memorable one: KL Rahul        US stocks fall as market decline extends for third week        No decision to discontinue printing of Rs 2000 note: FinMin        Iran vows 'hit' on all involved in US killing of top general        Russia's Navalny says he's now more than 'technically alive'        Pak uses drone to weapons in J-K's Rajouri; 3 LeT terrorists arrested        
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | Health   | About Deepika 
Business News
No plans to sell non-core assets during this fiscal: PNB Chief
 
New Delhi, Jun 28 (PTI) There are no plans to sell non-core assets, including subsidiaries, in the current financial year, Punjab National Bank managing director S S Mallikarjuna Rao has said.

However, the bank intends to sell some of its real estate assets and properties, including its old headquarter building, he told PTI in an interview.

"We have a lot of real estate assets because of the merger. We are planning to sell some of them. We are planning to sell a good amount of these assets by the end of the third quarter provided the market is available. We will be not selling at a discounted price," he said.

PNB has a number of associates like PNB Housing Finance Ltd with 32.65 per cent stake and PNB MetLife with 30 per cent shares. After merger of Oriental Bank of Commerce (OBC) with PNB beginning April 1, it has some more associates in its fold including, Canara HSBC OBC Life Insurance with 23 per cent stake.

Insurance Regulatory and Development Authority of India (IRDAI) has given PNB permission to continue to hold both the companies, Rao said, adding that the lender will continue to hold stake in both PNB MetLife and Canara HSBC OBC Life Insurance.

Last year, PNB terminated the agreements with General Atlantic Group and Varde Partners to sell its stake in PNB Housing Finance (PNBHF). The bank had said it will continue to be the sole promoter of PNB Housing Finance post the termination of the pacts, and stay strategically invested in its housing finance arm.

Of the two agreements, the one with Varde Partners was terminated mutually, while the contract with General Atlantic Group was discontinued in the absence of regulatory approvals.

According to sources, the decline in the market cap of PNB Housing Finance in the aftermath of the IL&FS crisis was considered to be one of the primary reasons for aborting the deal.

Meanwhile, PNB has sanctioned Rs 6,757 crore in 2,96,753 eligible MSME accounts under 3 lakh crore Guaranteed Emergency Credit Line (GECL), out of which disbursements have been made to 59,204 accounts amounting to Rs 2,030 crore as on June 25.

Out of this, disbursement in 59,204 accounts amounting to Rs 2,030 crore have taken place, Rao said.

"PNB values its MSME customers and the bank will stand by them and support them through this crisis. This year we commit our support to overcome this crisis and reignite the country's economy," he said.

MSMEs are in need of urgent credit to reinitiate their working capital and business operation. These units have suffered losses and were unable to pay the previous loan because of the current economic distress.

The scheme will be applicable to all loans sanctioned under GECL facility during the period, from the date of announcement of the plan to October 31, or till an amount of Rs 3 lakh crore is sanctioned under the scheme, whichever is earlier.


TCS sets up 11 COVID-19 isolation centres for staff, their dependents
Over Rs 70K crore worth of loans sanctioned to discoms under liquidity package: Govt
US stocks fall as market decline extends for third week
No decision to discontinue printing of Rs 2000 note: FinMin
More Indians in Singapore returning home due to job losses: Envoy
Rupee drops 13 paise to 73.73 against US dollar in early trade
Trai grants Voda Idea time till Sep 8 to respond to priority plan show-cause notice
PVR defers capex plans to control costs amid COVID-19 disruptions
India's commitment to reform being taken seriously by foreign investors: FM
Air India to resume Mumbai-Aurangabad flights from Sep 15
Paytm FY'20 revenue rises to Rs 3,629 cr, loss narrows by 40 pc
Sensex tanks over 600 pts on global selloff; Nifty below 11,400
Tata Motors shares gain 1 pc after August sales data
India ready to work with FAO to help other nations in tackling locust problem: Agri ministry
GST collection drops for second month in Aug to Rs 86,449 cr
TCS shares decline over 1 pc
Gujarat tops Niti Aayog's Export Preparedness Index 2020
RBI sees demand recovery taking more time, dependent on govt consumption
Singapore govt, monetary authority trim stake in Zee Entertainment
Average salary increment falls to 3.6 pc this fiscal, says survey
KERALA NEWS
Take steps to attach properties of pvt financial institution; HC to govt
 Kochi: The Kerala High Court on Wednesday directed the state government to take steps to attach the  
Kerala logs single-day highest spike of 3,830 COVID-19 cases
Jaleel has committed no wrong, says Kerala CM
"My hands are clean, not accepted any gift or money" Minister
INTERNATIONAL NEWS
Virginia Commonwealth to remove Confederate names, symbols
 Richmond (US), Sep 20 (AP) A university in the former capital of the Confederacy will remove buildin
Hefty fines for COVID-19 quarantine breaches in England
Trump to nominate female judge for Supreme Court
Iran vows 'hit' on all involved in US killing of top general
NATIONAL NEWS
Sachin Pilot to campaign for Congress in MP Assembly bypolls
 Bhopal, Sep 20 (PTI) The Madhya Pradesh Congress has roped in its Rajasthan leader Sachin Pilot to c
Farmers protest against farm bills in Haryana
Overall COVID-19 deaths per million population in India low compared to other countries: Govt
Pak uses drone to weapons in J-K's Rajouri; 3 LeT terrorists arrested
Untitled Page
Rashtra Deepika LTD
Copyright @ 2020 , Rashtra Deepika Ltd.