Punjab & Sind Bank sought capital support of Rs 900 crore

Punjab & Sind Bank is likely to make an application to the Finance Ministry seeking a capital support of about Rs 900 crore to fund its business growth this fiscal. The bank is not planning to raise capital from the market.

At present, the centre holds 78% stake in the bank. The public sector lender had made a capital support request for a similar amount last year too, but had not received any funds from the centre.

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.