Arundhati Bhattacharya, chief of India’s largest bank State bank of India has been ranked 26th by the popular Fortune magazine among top 50 greatest leaders in the world for being the symbol of transformation and inspiration. The magazine has stated that SBI’s chief has skillfully managed the bank through the ongoing battle of corporate bad loans and demonetization scheme. The list has been topped by the President of Baseball Operations at Chicago Cubs Theo Epstein followed by Jack Ma, Executive Chairman of Alibaba Group.
Private equity fund Oman India Investment Fund has sold its business stake in Kotak Mahindra Bank for Rs. 120 crore. OJIF had got the stake after Kotak Mahindra Bank acquired the fund’s portfolio from ING Vysya Bank in 2015. As per bank sources, the fund was sponsored jointly by Oman’s sovereign wealth fund State Reserve Fund and State Bank of India and has a corpus of 100 million dollars.
Punjab National Bank has entered into one time settlement deal with Mawana Sugars Ltd for clearing the NPA debt. As per bank sources, the company owes an outstanding business loan of Rs. 109 crores to the company which is now settled at a consolidated amount of Rs. 79 crores payable over 15 months without any interest.
PNB with its aim to spread across the rural areas has successfully inaugurated a new branch at Khour, the border town of Jammu. Chief official of the bank has assured the local population of the city to provide best banking services including the loan facilities including personal loans for agricultural and allied activities. With the new branch, the bank has reached to total of 105 branches in the state of Jammu and Kashmir.
Share price of leading housing finance company PNB Housing Finance rise by 1.1 percent on NSE soon after the government issued guidelines of interest subsidy for middle income group (MIG) home loan applicants on 23rd March, 2017. As per the guidelines, potential home loan borrowers with an annual income of Rs. 6 to 18 lakhs can now avail the benefit of up to 4 percent interest subsidy on home loans for the loan amount of Rs. 12 lakhs and above.
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