Monday, January 24News That Matters
Shadow

Tag: Punjab

Reliance Home Finance defaults on Rs 40 crore loan repayment to Punjab & Sind Bank

Reliance Home Finance defaults on Rs 40 crore loan repayment to Punjab & Sind Bank

Finance
Ltd (RHFL) on Saturday said it has defaulted on loan of over Rs 40 crore from Punjab & Sind Bank even as the company has enough cash and cash equivalent which it cannot use due to a court order. The Anil Ambani-controlled Reliance Capital's subsidiary defaulted on loan on February 15, 2021, and the current amount of default is Rs 40 crore alongside an interest of Rs 15 lakh. The company's total obligation is of Rs 200 crore on a 5-year tenure secured term loan at 9.25 per cent per annum from Punjab & Sind Bank, RHFL said in a regulatory filing. The company has net cash (including cash equivalent, liquid mutual fund investments, fixed deposits etc) of more than Rs 1,500 crore, it said. "However the delay in debt servicing is due to prohibition on the company to dispose of, alien...
Punjab & Sind Bank cuts MCLR by up to 20 basis points

Punjab & Sind Bank cuts MCLR by up to 20 basis points

Finance
New Delhi: State-owned Punjab & Sind Bank (PSB) on Saturday said it has lowered its marginal cost of funds based lending rate (MCLR) by up to 0.20 per cent for various tenors. "Our bank has reviewed the marginal cost of fund based lending rate (MCLR) for different tenors and the same will be effective from 16.08.2019," Punjab & Sind Bank (PSB) said in a regulatory filing. The public sector bank has lowered the benchmark one-year MCLR to 8.50 per cent from 8.70 per cent earlier. Most of the consumer loans such as personal, auto and home are priced on the basis of the one-year MCLR. PSB has lowered MCLR on overnight, one-month, three-month and six-month duration loans by 0.15 per cent to 8.20 per cent, 8.30 per cent, 8.40 per cent and 8.50 per cent, respectively. It also reduced MCLR...
Punjab National Bank invites bids for two dozen NPA accounts to recover Rs 1,179 crore

Punjab National Bank invites bids for two dozen NPA accounts to recover Rs 1,179 crore

Finance
Public sector lender Punjab National Bank (PNB) has put up for sale two dozen non-performing assets to recover dues of over Rs 1,779 crore. These 24 dud loan accounts are majorly concentrated in Mumbai, Delhi and Kolkata zones of the bank. Two accounts belong to Chandigarh and Bhopal zones while one is of Patna zone, as per the sale notice on its website. "We intend to place these accounts for sale to ARCs/NBFCs/other banks/FIs etc on the terms and conditions stipulated in the banks policy, in line with the regulatory guidelines," PNB said. The bank has to make recovery of Rs 1,779.18 crore from these 24 non-performing assets (NPAs). Among the major borrowers are Vandana Vidyut with an outstanding amount of Rs 454.02 crore, Moser Baer Solar (Rs 233.06 crore), Divine Vidyut (Rs 132.66 crore...