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Punjab & Sind Bank will soon write to the Finance Ministry seeking a capital support of about Rs 900 crore to fund its business growth this fiscal.
There are no plans to raise capital from the market, Mr P.K. Anand, Executive Director, Punjab & Sind Bank, said.
Currently, the Centre holds 78 per cent stake in the bank. The public sector lender had made a capital support request for a similar amount last year too, but had not received any funds from the Centre, Mr Anand said.
Biz growth
As at end March 2012, Punjab & Sind Bank had a capital adequacy ratio of 13.26 per cent. The bank expects a business growth of 21 per cent this fiscal on the back of likely pick-up in economic activity.
Credit growth was sluggish last fiscal at just six per cent. In the three years post the global financial crisis of 2008, the bank had recorded a compounded annual growth rate of 30 per cent, officials said.
That kind of growth rates are not visible now, they pointed out.
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