Punjab & Sind Bank is eyeing a Rs 500 crore recovery in the fourth quarter, as many of the resolution processes of NPA accounts are at the final stages. The state-owned bank's total recovery and upgradation stood at Rs 1,178 crore in the three quarters of the current financial year.
As per the bank, resolution of Meenakshi Energy is at the final stage at the National Asset Reconstruction Company of India (NARCL), while Sintex and Srei resolutions are also at an advanced stage under the Insolvency and Bankruptcy Code. Aided by a reduction in bad loans, recovery from them and healthy growth in interest spread, the bank aims to maintain its profit growth during the financial year ending March 2023.
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.
