PNB Bank, suffering from the pain of the country’s biggest banking scam, is trying to rescue itself. PNB is trying to remove stranded rupees after the scam of Nirav Modi came into light and at the same time, bank is trying to fulfill its deficit by selling its old, useless and extraordinary proprietary.
PNB Bank has started selling its property from Delhi. Thereby, the bank is expected to get 800 crores rupees. PNB is in discussions to sell Punjab National Bank (PNB) situated at the Bhikaji Cama Place in New Delhi. The bank is battling the country’s largest banking scam, is negotiating with some government departments, including Income Tax and Central Excise for sale of New Delhi headquarter.
Its managing director and chief executive officer, Sunil Mehta, today said the bank is going for a second round of valuation of the south Delhi property due to high demand.
“It (talks) is at the stage of negotiation. There are three government agencies that we are in discussion with. Now we are negotiating for better valuations because we are finding good interest in it“, Mr Mehta told reporters in Mumbai today.
Considering the huge demand for this property in South Delhi, the bank is re-evaluating it. PNB hopes that it will be able to get it up to Rs 800 crores from its sale. PNB has targeted to raise Rs 8,600 crore through sale of properties in this financial year. Debt ridden Punjab National Bank (PNB) has repaid debt more than Rs 7,700 crore in the first quarter of the current financial year. This figure is more than the total amount collected in the financial year 2017-18. This indicates satisfactory status of the bank, a top official of PNB said.
The official said that Punjab National Bank benefited greatly from the loan redressal and Insolvency and Bankruptcy Code (IBC) solution process. Bank was duped allegedly by jeweller Nirav Modi for 2 billion dollars.
PNB Managing Director Sunil Mehta said that in the first quarter, 2-3 major accounts have been settled.