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Don't see any more painful accounts in coming quarters, says PNB

Updated : July 13, 2020 01:05 PM IST

Punjab National Bank (PNB) MD and CEO SS Mallikarjuna Rao on Monday said that he does not expect any more painful accounts in the coming quarters. Rao's comments came after the bank reported fraud in the NPA account of Dewan Housing Finance Ltd (DHFL).

“For DHFL, 50 percent of the provision is already done, remaining 50 percent - we will take care in the month of June and September," Rao said.

“I don’t see any other things in the pipeline. The accounts which are already NPA - the provisioning will be taken in the next one-two quarters. I don’t see any standard advance at this point of time suddenly becoming a fraud," he added.

PNB has announced fundraising to the tune of Rs 10,000 crore of which Rs 7,000 crore will be raised as equity.

“We have taken the approval for qualified institutional placement (QIP) and all other options for increasing the equity up to Rs 7,000 crore and Rs 3,000 crore for tier-II,” Rao said.
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