PNB is planning an overseas expansion

11 Jun 2024 CW Team

Atul Kumar Goel, managing director of Punjab National Bank (PNB), announced plans to open a representative office in Dubai as part of the bank's strategy to expand its global presence. He stated that the board of directors has granted approval for this initiative, and the process of seeking regulatory clearance is underway. Goel expressed optimism that the representative office would be established during the current financial year, provided all necessary regulatory approvals are obtained. As of March 31, 2024, PNB had a presence in six countries through two subsidiaries (in London, the UK, and Bhutan), one joint venture (in Nepal), and two representative offices (in Myanmar and Bangladesh). Discussing strategies to enhance profitability, Goel emphasised expanding the retail, agriculture, and MSME (RAM) portfolios, extending corporate loans, controlling slippages, and improving recovery. Additionally, Goel highlighted the importance of boosting forex income and increasing fee income from third-party product sales to enhance non-interest income. To improve interest income, the focus would be on increasing the proportion of low-cost deposits, particularly Current Account Savings Account (CASA) deposits. Goel mentioned that CASA accounted for 41.4% of total deposits as of March 2024, with a target to surpass 42% by the end of the current fiscal year. The bank aims to maintain credit costs below 1% during the financial year. With these initiatives, Goel projected that the return on assets (ROA) would rise to 0.8% during the year and reach 1% by the end of March 2025, leading to a significant increase in profit. When asked about expected business growth for the current financial year, Goel anticipated credit growth of 11?12% and deposit growth of 9?10%. To finance this business expansion, the bank has obtained approval to raise capital amounting to Rs 175 billion from Tier I and Tier II bonds and through the private placement of shares during the year.

Resources

03 Jun 2026

Jyoti Structures Launches Heat Safety Drive Across Sites

Jyoti Structures (JSL) has strengthened heat safety measures across its project sites and manufacturing facilities as temperatures rise across India. The company has implemented a Summer Safety Plan covering all transmission line projects to address risks related to heat stress, dehydration and worker fatigue.The initiative includes rescheduling work away from peak afternoon temperatures, provision of drinking water, ORS and lemon-salt solutions, and installation of rest shelters near work areas. Daily toolbox talks, worker health monitoring, first-aid preparedness, emergency transport arrange..

MHADA Declares 82 Buildings Most Dangerous in Central and South Mumbai

The Maharashtra Housing and Area Development Authority (MHADA) has declared 82 buildings as most dangerous across Central and South Mumbai and has appealed to residents to vacate immediately. The list, prepared after structural assessments by the authority, identifies buildings judged to pose imminent risk to occupants and to passersby. Local civic bodies have been asked to coordinate evacuations and to make arrangements for temporary shelter and rehabilitation for displaced households. Officials said the authority prioritised buildings with visible structural distress, severe cracking, tiltin..

Damage Reported At Halwara Airport Terminal After First Rains

Severe damage was reported at the terminal of Halwara Airport during the first major rain spell of the season, prompting immediate concern among aviation and local authorities. Images from the site showed water ingress and visible deterioration of the terminal interior, affecting passenger areas and ancillary services. The airport authority suspended certain operations temporarily to assess structural safety and ensure passenger wellbeing. Preliminary inspections have prioritised electrical systems and roof seals to prevent further water ingress. State aviation officials ordered a formal inqui..