Air India has tied up with Punjab National Bank (PB) and IndusInd Bank in order to secure loans for meeting working capital requirements. The airline expects the two banks to disburse the amount by next week. Earlier this month, Air India had floated tenders for availing government guarantee backed short-term loans totaling up to Rs 3,250 crore in the first phase to meet its urgent working capital. Punjab National Bank and IndusInd bank have won the mandate to lend loans worth Rs 3,250 crore.
PNB is one of the oldest banks in India having a virtual presence in every important center of the country. The Bank caters to a wide variety of audience through spectrum of services including corporate and personal banking, industrial finance, agricultural finance and international finance.
