Punjab National Bank on Monday said it is well on its course in recovery and loan upgradation initiatives for the current fiscal with almost Rs 13,000 crore recovered and upgraded in the first two quarters.
Sunil Mehta, MD & CEO, said the bank is hopeful that the Fugitive Economic Offenders Bill, 2018, when implemented, will help it recover some amount out of the Rs 14,357 crore it suffered due to fraud. Mehta said: “We have put up a target of Rs 17,500 crore worth of recovery in cash and around Rs 4,500 crore of upgradation of NPAs… for the current financial year. We have made a recovery of Rs 8,445 crore in the first quarter of FY19. If we include the second quarter – the results are yet to be announced– we can say that we are on the track, hitting at Rs 13,000 crore.”