Punjab National Bank (PNB), the public sector lender is likely to get around Rs 1,285 crore from the government as part of capital infusion plan. The bank has approved a fund infusion through preferential issue of shares to the government.
This infusion would raise government's stake in the bank. At present, the Government of India holds 58% stake in PNB. The board approved issuance of shares of face value of Rs 10 each on preferential basis in favour of Government of India, aggregating to Rs 1,285 crore, subject to necessary approvals.
Recently, PNB was awarded ‘Skoch Financial Inclusion Award - 2012’ by the Skoch Development Foundation on January 05, 2012. The bank has been awarded under ‘Access to Banking and Financial Services’ category for its Jana Mitra Rickshaw Scheme.
