Services like deposits and withdrawal at branches, cheque clearance and loan approvals remained paralysed due to the two-day strike. ATMs at different parts of the country went dry on the second day.
Zero coupon bonds: Innovative Govt tool to fund PSBs, keep deficit in check
Zero coupon bonds: The funds raised through issuance of these instruments, which are a variation of the recapitalisation bonds issued earlier to public sector banks, are being deployed to capitalise the state-run bank. Updated: January 1, 2021 12:45:28 pm
Customers at a Punjab & Sind Bank branch in New Delhi (Photographer: Anindito Mukherjee/Bloomberg)
The government has used financial innovation to recapitalise Punjab & Sind Bank by issuing the lender Rs 5,500-crore worth of non-interest bearing bonds valued at par. The funds raised through issuance of these instruments, which are a variation of the recapitalisation bonds issued earlier to public sector banks, are being deployed to capitalise the state-run bank.