NEW DELHI: State-owned Punjab National Bank (PNB) recovered ₹4,000 crore from sale of stressed assets in the quarter ended March, Managing Director and Chief Executive Officer of the bank Sunil Mehta said on Tuesday. Mehta expects recovery of another ₹3,100 crore through sale of non-core assets in the first quarter of the current financial year 2019-20. Gross recovery for the bank stood at ₹16,608 crore during the first nine months of the financial year 2018-19, according to the bank’s data. Meanwhile, a consortium of lenders, comprising PNB among others and headed by State Bank of India (SBI) is negotiating the stake sale of Jet Airways and a resolution is expected soon, Mehta said. PNB is yet to announce its January-March financial results.

Source: Mint April 30, 2019 11:29 UTC