PNB seeks $2.5 billion via FCNR-B deposits, has $425 million
Business
Punjab National Bank (PNB) is aiming to raise $2.5 billion from its Foreign Currency Non-Resident (FCNR-B) deposits, tapping into strong interest from places like the UK Dubai, and GIFT City.
The bank has already pulled in $425 million and hopes this boost will build on its recent profit surge.
Ashok Chandra says PNB not stressed
Even with delayed monsoons making crop sowing tricky, PNB's managing director Ashok Chandra says the bank isn't feeling any immediate financial stress, though he admits a longer dry spell could cause problems later this year.
To keep growing, PNB is doubling down on digital loans (every second loan now happens online) and looking to expand further into southern India while staying strong up north.