Tags ₹8,000 cr. for 1st-tranche transferPunjab National Bank (PNB) on Saturday said it will pick up a 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. “NARCL is being formed by all the banks whereupon some of the NPA advances will be transferred to that ARC for recovery,” MD S.S. Mallikarjuna Rao said. In the first tranche, roughly ₹8,000 crore is identified to be transferred to NARCL, he said. The bank said it was expecting an almost threefold jump in its net profit to ₹6,000 crore in the current financial year as the consolidation process was over.

Source: The Hindu June 05, 2021 17:28 UTC