PNB to transfer Rs 8,000 crore loans to bad bank

PNB to transfer Rs 8,000 crore loans to bad bank
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Proposed National Asset Reconstruction Company (NARCL) or bad bank is expected to be operational by next month.
AFP
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State-run lender
Punjab National Bank will transfer bad loans of Rs 8,000 crore to the proposed bad bank, said its chief SS Mallikarjuna Rao. The lender on Friday declared a standalone net profit of Rs 586.33 crore for the quarter ended March 31, 2020.
National Asset Reconstruction Company or NARCL is expected to be operational by next month. “In the first tranche roughly Rs 8,000 crore of assets is identified by PNB,” said Rao, adding that bank will take equity participation in the bad bank but it will be less than 10%.

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