Punjab & Sind Bank has executed an agreement for sale of its 5% stake in India SME Asset Reconstruction Company (ISARCL) in favour of Dhansamridhi Finance. The said stake sale is subject to obtaining requisite regulatory approvals. The expected date of completion is Q3FY23 for consideration of around Rs 4.85 crore.
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.
