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Saturday
July 2020
2:48 AM IST
News Headlines
Missing Mayor found dead in north Seoul        Heavy rain hits scenic central Japan, more damage in south        Bikru bloodbath mastermind Vikas Dubey nabbed in MP town        NIA to probe gold smuggling case, ex-Consulate woman employee moves HC for anticipatory bail        Kerala reports biggest daily spike of 339 infections,COVID-19 tally crosses 6,500 mark        Holder wins early battle with Stokes as Windies take control        Ganguly announces cancellation of Asia Cup in September        We have asked every state to adopt one sport: Rijiju        Rupee slips 9 paise to 75.02 against USD        ICICI Bank to raise up to Rs 15,000 crore to bolster capital base        Trump threatens to cut federal aid if schools don't reopen        Pak PM urges world community to share info on COVID-19 strategies as tally rises to 239,225        Enhancing global cooperation need of the hour to effectively tackle COVID-19: Prez        Kanpur encounter: 2 policemen held for 'tipping off' gangster Vikas Dubey about police action        CBSE should explain rationale behind dropping certain chapters from curriculum: Sisodia        301 test positive in Kerala,COVID-19 tally crosses 6,000 mark        Dhoni turns 39, wishes pour in from all corners        New era for cricket as England-West Indies series begins        India''s COVID-19 tally, fatality rate per million population lowest in world: Govt        Rahul asks why no mention of Galwan Valley in MEA statement on talks        
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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.


Rupee slips 9 paise to 75.02 against USD
ICICI Bank to raise up to Rs 15,000 crore to bolster capital base
Gold jumps Rs 102, silver declines Rs 249
Finmin may review capital requirement of PSU banks after second quarter
I-T dept amends TDS form, makes it more comprehensive
Pak will complete CPEC at all costs, says PM Khan
COVID-19 caused huge demand destruction overseas: Bankers
Intel Capital to buy 0.39 pc stake in Jio Platforms for Rs 1,894 cr
Sensex surges over 200 pts in early trade; Nifty tops 10,600
India's trade deficit with China reduces to USD 48.66 bn in FY20
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ONGC shares tank 4 pc after first-ever quarterly loss
Vodafone Idea shares plunge nearly 5 pc after FY20 earnings
Diesel price at new high as fuel prices hiked for 22nd time in just over 3 weeks
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Petrol price up 25 paise, diesel 21 paise; rates hiked by Rs 9.12, Rs 11.01 in 3 weeks
SBI sanctions loans to over 4 lakh MSMEs under credit guarantee scheme
Money in Swiss banks: India at 77th place, accounts for just 0.06% of all foreign funds
Asian shares advance, tracking Wall Street tech rally
Reliance Industries becomes first Indian firm to hit USD 150 bn market cap
KERALA NEWS
Kerala reports biggest daily spike of 339 infections,COVID-19 tally crosses 6,500 mark
 Thiruvananthapuram: With COVID19 cases continuing to spiral, Kerala on Thursday recorded the biggest  
Kerala reports 272 fresh cases; 68 infected through contact
Will take appropriate decision at appropriate time:Jose K Mani
Kerala reports 131 new COVID cases, 75 recoveries, 2,112 patients under treatment
INTERNATIONAL NEWS
Missing Mayor found dead in north Seoul
 Seoul: The Mayor of this South Korean capital was found dead at Bugaksan mountain here on Thursday,
Heavy rain hits scenic central Japan, more damage in south
Trump threatens to cut federal aid if schools don't reopen
Pak PM urges world community to share info on COVID-19 strategies as tally rises to 239,225
NATIONAL NEWS
Bikru bloodbath mastermind Vikas Dubey nabbed in MP town
 Ujjain: History-sheeter Vikas Dubey ? the prime accused for whom Uttar Pradesh Police had launched a
Enhancing global cooperation need of the hour to effectively tackle COVID-19: Prez
Kanpur encounter: 2 policemen held for 'tipping off' gangster Vikas Dubey about police action
CBSE should explain rationale behind dropping certain chapters from curriculum: Sisodia
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