Punjab & Sind Bank’s board has approved a proposal to raise up to Rs 5,500 crore by issuing shares on a preferential basis. The board approval is in line with the government sanction to infuse an amount of Rs 5,500 crore in the bank towards contribution of the Centre in the preferential allotment of equity shares during FY20-21. The fund raising will help bank meet its regulatory and growth capital.
Punjab & Sind Bank’s primary business is taking deposits, and making advances and investments, and is principally divided into retail banking, corporate banking, priority sector banking, treasury operations and other banking services such as agency functions for insurance, distribution of mutual funds and pension and tax collection services.
