Punjab and Sindh Bank plans to raise Rs 2,000 crore through QIP

New Delhi. Public sector Punjab and Sind Bank plans to raise Rs 2,000 crore in the second half of the current financial year through qualified institutional placement (QIP) to boost business. Punjab and Sind Bank Managing Director (MD) and Chief Executive Officer (CEO) Swarup Kumar Saha told PTI, “The board of directors has already approved and merchant bankers will be on board by August. Depending on market conditions, the fund raising may be completed in the second quarter or third quarter. He said the QIP will help improve the bank’s capital adequacy ratio (CAR).

The bank’s capital adequacy ratio was 17.10 per cent at the end of March 2024. Moreover, this will help in reducing the government’s stake in the bank. The Government of India holds 98.25 per cent stake in Punjab & Sind Bank. On the loan growth scenario for the current financial year, Saha said the bank expects 12-14 per cent growth in the asset book.

He said retail, agriculture and MSME (RAM) should see a growth of 15-18 per cent. In terms of deposits, he said the bank expects a growth of eight to 10 per cent in liabilities during the current fiscal. Saha said the bank has taken several customer-centric initiatives to improve satisfaction levels. Under this, the bank is converting 50 identified branches into model or smart branches. Saha said the bank has also introduced RuPay-powered PSB Pink debit card for women, which has several benefits.

Disclaimer: CricketInFocus has not edited this news. This news has been published from PTI-language feed.

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