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Tuesday
October 2020
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News Headlines
ED grills Farooq Abdullah for six hours in JKCA graft case, People''s Alliance says it''s vendetta        NCW seeks explanation from Kamal Nath for his remarks against MP minister        Imran Khan incapable and clueless; betrayed people of Pakistan: Opposition leaders        Nawaz Sharif''s son-in-law arrested in Pakistan        Kerala''s Covid tally touches 3.33 lakh with 5,022 fresh cases        HC restrains Customs from arresting Sivasankar till Oct 23, suspended officer discharged from hospital        Buttler, bowlers guide RR to seven-wicket win over CSK        Punjab beat MI in second Super Over        Saina, Sindhu's biggest Graffiti in India unveiled        Trump leans into fear tactics in bid to win Midwest states        US polls: New Congress could have more Indian Americans to the House Advertisement        Active COVID-19 cases below 8 lakh for 2nd day in row; recovery rate 88.03 pc        Flood situation grim in parts of Telangana, Karnataka        Dalit woman gang-raped at gunpoint in UP        Army pressed into service in 4 flood-hit Karnataka dists; CM to undertake aerial survey        Pakistan pacer Umar Gul announces retirement from all forms of cricket        HDFC Bank Q2 net profit rises 16% to Rs 7,703 cr        Biden warns Trump wants to scrap health law        BJP govt has surrendered in front of criminals: Akhilesh        Rahul Gandhi, Capt Amarinder vow to force centre to revoke black farm laws        
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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.


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KERALA NEWS
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INTERNATIONAL NEWS
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 Karachi: Prime Minister Imran Khan is "incapable and clueless", and his government is worse than a d
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NATIONAL NEWS
ED grills Farooq Abdullah for six hours in JKCA graft case, People''s Alliance says it''s vendetta
 Srinagar: The Enforcement Directorate on Monday questioned National Conference president Farooq Abdu
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Active COVID-19 cases below 8 lakh for 2nd day in row; recovery rate 88.03 pc
Flood situation grim in parts of Telangana, Karnataka
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