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Punjab National Bank’s board has approved the proposed capital infusion of ₹5,908 crore by the Central government.
This will be done through the preferential allotment route, and the extraordinary general meeting (EGM) for shareholders’ approval will be held on March 28, a PNB official said.
It may be recalled that the Centre had, last week, approved a ₹48,239-crore recap of 12 public sector banks, including PNB. The bank has got Centre’s capital support, although it is not under the RBI’s Prompt Corrective Action (PCA) framework.
The capital infusion in PNB is intended to ensure that the bank remains above the regulatory capital norms of PCA. PNB had, in the just-concluded December quarter, bounced back into the black, reporting a net profit of ₹246.51 crore.
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