Punjab National Bank (PNB) on Saturday said it will pick stake in the National Asset Reconstruction Company Ltd (NARCL) and has identified NPAs worth ₹8,000 crore to be transferred to the proposed bad bank for resolution. We are the second largest public sector bank after State Bank of India," PNB Managing Director S S Mallikarjuna Rao said. As of now, ₹84,000 crore worth NPAs have been identified mostly by public sector banks, to be transferred to NARCL, he said. Last month, PNB raised ₹1,800 crore by selling 53 crore shares on a private placement basis to investors like LIC and Societe Generale. Last week, the special PMLA court in Mumbai allowed the restoration of properties worth ₹5,646.54 crore to banks.

Source: Mint June 05, 2021 16:07 UTC