PNB has crossed Business turnover of Rs 11 Lakh crore

PNB’s total business crosses Rs 11-lakh crore

Public sector lender Punjab National Bank (PNB) today said it has crossed a total business turnover of Rs 11 lakh crore and going forward profit will be the main focus of the bank.

“Punjab National Bank, the 123-year-old largest nationalised bank, has achieved another milestone by crossing its total business of Rs 11 lakh crore,” the bank said in a regulatory filing.

The country’s second largest public sector lender said that in line with the rationalisation call by the government, the bank is in the process of rationalisation of some of its branches.

“Ultimately, profit is now going to be the main focus of the bank,” it said.

Bank’s capital adequacy ratio stands above 9 per cent against the requirement of 8 per cent, it added.

From January 1, the bank also raised interest rates on fixed deposits of select maturities by up to 1.25 per cent.

Besides, in under its ‘New Year Bonanza’ scheme, it has fully waived documentation and processing fee requirement for housing, car and two wheeler loans.

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