Finance

PNB sets up loan recovery cells in all its 6,900 branches, says report

Updated : June 25, 2018 11:03 AM IST

According to the report, sources told the paper on June 1 that the bank had put in place a recovery cell in each branch.

It has deployed nearly 25,000 employees to recover bad loans.

PNB sets up loan recovery cells in all its 6,900 branches, says report

The Punjab National Bank (PNB) which recently uncovered the massive Nirav Modi scam has now set up recovery cells in all its 6,900 branches, reported the Indian Express.

According to the report, on June 1, their sources said that the bank had put in place a recovery cell in each branch and had deployed nearly 25,000 employees to recover bad loans.

“The bank has trained its energies on recoveries and is set to meet the target set for the quarter ended June 2018. In order to strengthen the recovery process, a recovery cell has been set up in each of the over 6,900 branches of the bank and employees within the branches who were earlier involved with other functions have been deployed in the recovery cell,” a source was quoted by the paper.

Four of its general managers have been tasked with fast-tracking the recovery of Non-Performing Assets (NPAs) under the Stressed Asset vertical created at its central headquarters on June 1, said the report.

“About 3000 personnel from various operations have been moved to the stressed asset vertical, whose sole job is to focus on recoveries,” said the sources quoted by IE.

The bank has already recovered bad loans worth Rs 7,000 crore, however, the set target is Rs 8,000 crore for this quarter which is about to end in another 10 days.

Have you signed up for Primo, our daily newsletter?

It has all the stories and data on the market, business, economy and tech that you need to know.

To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more