PNB has potential to raise capital, says Arun Jaitley

By: |
New Delhi | March 6, 2018 8:40 PM

Finance Minister Arun Jaitley on Tuesday said the fraud-hit Punjab National Bank (PNB) has "sound fundamentals" and high potential to raise capital through sale of non-core assets.

Arun Jaitley, pnb, finance minister, Nirav Modi fraud case, mehul choksi, Rajya Sabha, news on arun jaitley, latest news on healthJaitley’s statement comes in the wake of a Rs 12,600 crore fraud in the state-run PNB allegedly by accused diamantaire Nirav Modi and his uncle Mehul Choksi. (IE)

Finance Minister Arun Jaitley on Tuesday said the fraud-hit Punjab National Bank (PNB) has “sound fundamentals” and high potential to raise capital through sale of non-core assets. Jaitley’s statement comes in the wake of a Rs 12,600 crore fraud in the state-run PNB allegedly by accused diamantaire Nirav Modi and his uncle Mehul Choksi. “With a high share of current account and savings account deposits, low cost-to-income ratio, robust credit growth, stabilisation of gross non-performing assets, healthy provision coverage ratio of over 60 per cent and high potential for mobilising capital through sale of non-core assets, PNB too has sound fundamentals and strong growth potential”, the Minister said in a written reply to Rajya Sabha.

“These position PNB for sustained good performance and, going forward, generating positive market sentiment and market capitalisation gains.” PNB had earlier said that it will honour all its bonafide co

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1PNB Housing Finance, Yes Bank sign strategic co-lending pact for retail home loans
2As balance transfers rise, HFCs reprise demand for foreclosure charges
3We will end FY22 with Rs 6,000-crore loan book, says Ravi Subramanian, MD & CEO, Shriram Housing Finance