Credit rating agency, CARE has revised ‘AA’ rating to Punjab & Sind Bank’s Lower Tier II Bonds worth Rs 875 crore from AA+. The revision in rating reflects the continued deterioration in asset quality indicators along with weakened earnings profile of the bank. The asset quality is expected to further remain vulnerable on account of the bank’s significant exposure to the power and infrastructure sector.
Punjab & Sind Bank, which is a GoI undertaking, is one of the six banks nationalized by the GoI in April 1980, and today, is one of 19 nationalized banks in India. In over 100 years of operation, the Bank has significantly grown its branch network with a presence predominantly in north India.
