Punjab National Bank (PNB) has raised Rs 1,500 crore by issuing Basel III compliant bonds. The bank will use the funds for business expansion. The bank has issued and allotted Rs 1,500 crore Tier - II Basel III compliant capital bonds at a coupon of 8.15 per cent per annum on private placement basis. To comply with Basel III capital regulations, banks need to improve and strengthen their capital planning processes.
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.
