Allahabad Bank Chairman and Managing Director K R Kamath will be the new head of the Punjab National Bank (PNB), the second largest public sector lender. According to the official sources, the official announcement of the appointment of K. R. Kamath was issued on Tuesday.
Before him K C Chakrabarty was PNB head, he has been appointed as RBI Deputy Governor in June this year due to which the CMD post got vacant.
Earlier in August 2008, Kamath was appointed the CMD of Allahabad Bank he has also worked as the Executive Director of Bank of India. Now J P Dua, is likely to be promoted as CMD of the Kolkata-based bank, who is at present is the executive director of Allahabad Bank
PNB with 3.8 crore customers has a network of over 4,600 branches across the country, in 2008-09 has registered a net profit of Rs 3,091 crore. In the current fiscal for the first quarter the bank has reported a 62.39 per cent rise in net profit at Rs 832.05 crore.
During the April-June quarter bank total income increased to Rs 6,177.58 crore from Rs 4,594.62 crore in the corresponding period a year-ago.
Wednesday, October 28, 2009
Thursday, September 17, 2009
PNB plans to reschedule loans for drought hit areas
Punjab National Bank, after SBI, is planning to reschedule loans in the affected areas in addition to other measures.
This year nearly two-fifths of the districts have been affected by drought.
Gobinda Banerjee, GM, priority sector and lead bank division, PNB informed that about 15-20% of crop loans will need to be re-scheduled. He said the bank will have to convert these loans from short to medium term loans.
He told bank’s total agricultural credit portfolio amounts to Rs 200 billion, out of which crop loans accounted to Rs 120 billion.
He added bank will be rescheduling all loans as per Reserve Bank of India guidelines and instructions related to this have been issued to branches of the affected areas. He told the parts of Andhra Pradesh and Uttar Pradesh have been affected the most.
This year nearly two-fifths of the districts have been affected by drought.
Gobinda Banerjee, GM, priority sector and lead bank division, PNB informed that about 15-20% of crop loans will need to be re-scheduled. He said the bank will have to convert these loans from short to medium term loans.
He told bank’s total agricultural credit portfolio amounts to Rs 200 billion, out of which crop loans accounted to Rs 120 billion.
He added bank will be rescheduling all loans as per Reserve Bank of India guidelines and instructions related to this have been issued to branches of the affected areas. He told the parts of Andhra Pradesh and Uttar Pradesh have been affected the most.
Wednesday, September 2, 2009
PNB launched campaign opened school student accounts
A nation-wide campaign has been launched by Punjab National Bank from August 1 to September 30 for opening of current and saving accounts with an aim to bring all the sections of the society under the banking system. Under this program C.L. Mahajan, assistant general manager, Punjab National Bank, Ludhiana circle, started the process of opening of accounts at Govt Multi-Purpose Senior Secondary School, Raikhy Cinema Road.
During the program Mahajan explained the benefits of opening of accounts with Punjab National Bank to the students. He told the account of every student will be opened with zero balance. All the students will be given free ATM debit card and Internet Banking facility. Mahajan informed bank has attained 100% financial inclusion in 21174 villages. And by end of June 2009, bank had opened around 53.57 lakh “no frill” accounts. Besides this bank has also launched unique initiatives mainly focusing on the marginalized sections of the economy like projects for rickshaw pullers, vegetable vendors, dairy farmers linked to Mother Dairy and migrant construction workers etc.
At the occasion in his address HK Mayer, principal of Govt Multi-Purpose Senior Secondary School told the school was established in the year 1885 and is the oldest school in the city and also appreciated the efforts of PNB for opening accounts of students and teachers of the school.
S.K. Rajput, Senior Manager, Kesar Ganj in his address to the students said he was also the student of this school and he is feeling proud for opening the accounts of the students of his alma mater. During the campaign bank opened 100 saving accounts of the students and teachers. He stated within three days 500 more accounts of students and teachers of the school will be opened.
During the program Mahajan explained the benefits of opening of accounts with Punjab National Bank to the students. He told the account of every student will be opened with zero balance. All the students will be given free ATM debit card and Internet Banking facility. Mahajan informed bank has attained 100% financial inclusion in 21174 villages. And by end of June 2009, bank had opened around 53.57 lakh “no frill” accounts. Besides this bank has also launched unique initiatives mainly focusing on the marginalized sections of the economy like projects for rickshaw pullers, vegetable vendors, dairy farmers linked to Mother Dairy and migrant construction workers etc.
At the occasion in his address HK Mayer, principal of Govt Multi-Purpose Senior Secondary School told the school was established in the year 1885 and is the oldest school in the city and also appreciated the efforts of PNB for opening accounts of students and teachers of the school.
S.K. Rajput, Senior Manager, Kesar Ganj in his address to the students said he was also the student of this school and he is feeling proud for opening the accounts of the students of his alma mater. During the campaign bank opened 100 saving accounts of the students and teachers. He stated within three days 500 more accounts of students and teachers of the school will be opened.
Thursday, August 13, 2009
PNB offers finance for HMT farm equipment
Punjab National Bank (PNB) inked a memorandum of understanding with Hindustan Machine Tool Ltd (HMT) to provide financing for farm equipment.
In a statement release by PNB it stated under this agreement the bank will give loans to farmers for the purchase of HMT tractor.
The statement mentioned the PNB has set a target to provide finance to minimum of 1,500 tractors under this collaboration. It added along with this other facilities like crop loan and other investment credit will also be provided to the farmers.
It stated, on the other hand the farmers who will purchase HMT brand tractor by getting financed from the bank the company will give discount of Rs 8,000 to them. it further stated, PNB is offering finance for the tractors at its BPLR ( at present 11 per cent), the lowest in the banking industry.
In a statement release by PNB it stated under this agreement the bank will give loans to farmers for the purchase of HMT tractor.
The statement mentioned the PNB has set a target to provide finance to minimum of 1,500 tractors under this collaboration. It added along with this other facilities like crop loan and other investment credit will also be provided to the farmers.
It stated, on the other hand the farmers who will purchase HMT brand tractor by getting financed from the bank the company will give discount of Rs 8,000 to them. it further stated, PNB is offering finance for the tractors at its BPLR ( at present 11 per cent), the lowest in the banking industry.
Wednesday, April 22, 2009
PNB adds online trading service to its portfolio
Punjab National Bank (PNB) a public sector banks has launched its online trading service in association with two brokerage firms Networth Stock Broking and SMC.
For the current fiscal bank is hoping of achieving a record growth of 23 per cent in the net profit. It is also working on the plan of merging its primary dealership arm PNB Gilts with itself.
During the launch of the online trading facility, PNB Chairman and Managing Director K. C. Chakrabarty informed the bank’s customers will be benefited from the service; this was the only financial service missing so far in the bank’s portfolio. “We are offering three-in-one account comprising savings, demat and trading facilities at a competitive rate”.
Mr. Chakrabarty, pointed out in the beginning, the service will be offered at 109 bank branches and soon it will be extended to other branches also. Mr. Chakrabarty informed the bank has a target of achieving a 20 per cent growth in deposits, 20-21 per cent growth in advances and 22-23 per cent growth in profit this fiscal.
He further added, “We are also discussing the issue of taking over PNB Gilts with shareholders of both companies. This is a time consuming process. I hope the merger would be complete within next 12 months”.
For the current fiscal bank is hoping of achieving a record growth of 23 per cent in the net profit. It is also working on the plan of merging its primary dealership arm PNB Gilts with itself.
During the launch of the online trading facility, PNB Chairman and Managing Director K. C. Chakrabarty informed the bank’s customers will be benefited from the service; this was the only financial service missing so far in the bank’s portfolio. “We are offering three-in-one account comprising savings, demat and trading facilities at a competitive rate”.
Mr. Chakrabarty, pointed out in the beginning, the service will be offered at 109 bank branches and soon it will be extended to other branches also. Mr. Chakrabarty informed the bank has a target of achieving a 20 per cent growth in deposits, 20-21 per cent growth in advances and 22-23 per cent growth in profit this fiscal.
He further added, “We are also discussing the issue of taking over PNB Gilts with shareholders of both companies. This is a time consuming process. I hope the merger would be complete within next 12 months”.
Friday, March 6, 2009
PNB revised interest rates on non-resident deposits
Punjab National Bank has increased interest rate on Foreign Currency Non-Resident deposit schemes for dollar. The revised rates will be effective March 1.
According to PNB statement the interest rate on US dollar deposits has been increased up to 3.12 per cent for maturity period of 1-2 years from 2.98 per cent. While on the maturity of 2-3 years, the rate has been changed to 2.69 per cent against 2.57 per cent.
For tenure of 3-4 years, the interest rate has been raised to 3.07 per cent as against 2.93 per cent and on 4-5 years term deposit the revised rate is 3.40 per cent. The rate for fixed deposit for five years being offered is 3.66 per cent.
From March 1 the new NRE Term deposits, rate of interest is 3.87 per cent for maturities of one year to less than two years and 3.44 per cent for maturity in between 2-3 years.
As per statement the interest rate has been raised to 3.82 per cent for the maturity of 3-5 years.
Wednesday, February 18, 2009
PNB cut in interest rates will depend on inflation
K C Chakrabarty, Chairman of state-owned Punjab National Bank informed that bank may consider on cutting its interest rates further in case inflation continues to fall.
He stated, “Last week, PNB cut its benchmark prime lending rate by 50 basis points to 11.5 per cent, which is the lowest among public sector banks”.
Inflation is indicating lower signals moreover the Reserve Bank of India monetary easing policy, will in turn make possible for banks to cut lending rates.
At present India’s headline inflation rate is a little over 5 per cent from a 13-year high of 12.91 per cent earlier in August. This moderating trend has impelled the RBI to cut its key policy rates.
Ever since October, the central bank has cut Repo Rate by 350 bps, Reverse Repo 200 bps and Cash Reserve Ratio 400 bps with an aim to boost liquidity and lift demand in the drooping economy.
Chakrabarty informed at present the bank has no plan to match State Bank of India’s special home loan scheme, in which it has put a freeze on the interest rate on new loans taken till April 30 at 8 per cent for one year.
He stated, “Last week, PNB cut its benchmark prime lending rate by 50 basis points to 11.5 per cent, which is the lowest among public sector banks”.
Inflation is indicating lower signals moreover the Reserve Bank of India monetary easing policy, will in turn make possible for banks to cut lending rates.
At present India’s headline inflation rate is a little over 5 per cent from a 13-year high of 12.91 per cent earlier in August. This moderating trend has impelled the RBI to cut its key policy rates.
Ever since October, the central bank has cut Repo Rate by 350 bps, Reverse Repo 200 bps and Cash Reserve Ratio 400 bps with an aim to boost liquidity and lift demand in the drooping economy.
Chakrabarty informed at present the bank has no plan to match State Bank of India’s special home loan scheme, in which it has put a freeze on the interest rate on new loans taken till April 30 at 8 per cent for one year.
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