The RBI removed the 7 year old restriction on fresh purchase of state-owned Punjab National Bank’s shares by foreign investors.
Punjab National Bank (PNB) shares gained over 8 per cent .after the Reserve Bank of India removed the public sector bank from the caution list and allowed foreign investors to buy its shares. The scrip later closed 8.21 per cent up at Rs 127.25.
- The central bank has notified that the aggregate foreign share holdings by Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs)/Non Resident Indian (NRI)/Persons of Indian Origin (PIO)/Foreign Direct Investment (FDI)/American Depository Receipts (ADR) under Portfolio Investment Scheme (PIS) in Punjab National Bank have gone below the prescribed threshold caution limit stipulated under the extant FDI policy.
- The bank has reported a net loss of Rs 5367.14 crore for the quarter ended March 31, 2016 as compared to net profit of Rs 306.56 crore for the same quarter in the previous year on account of bad loans.
- Total income of the bank has decreased by 1.33% at Rs 13276.19 crore for quarter under review as compared to Rs 13455.65 crore for the quarter ended March 31, 2015.
Punjab National Bank
- Punjab National Bank is an Indian multinational banking and financial services company. It is a state-owned corporation based in New Delhi, Founded in 1894.
- Headquarters: New Delhi
- CEO: Usha Ananthasubramanian
