The CEO of PNB Bank said that in recent times there has been growth in home loans and auto loans. He said that we saw 9.77% growth in home loans during the month of September. Tier-3 and Tier-4 cities accounted for a large share of this.
In September, Punjab National Bank restructured retail and MSME loan of 41 crore rupees.
Punjab National Bank MD and CEO SS Mallikarjun Rao said on Tuesday that about 38.92% of the bank’s customers had taken advantage of the loan moratorium. Benefit will be given to the customers who take advantage of this scheme of Reserve Bank on November 5.
Loans up to 2 crores will benefit
Rao said in the video conference that the government had talked about giving relief on loans up to Rs 2 crore only recently. In fact, the government had announced to pay the interest amount on the interest of six months loan moratorium to give relief to the borrowers affected by the corona. This will be paid in the form of ex-grocia, which is the difference between six months of general interest and compound interest.
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Order of supreme court
Earlier, the Supreme Court had issued an order to the Central Government to provide relief to the customers on the interest on the loan as soon as possible for loans up to Rs 2 crore. The court also reprimanded the government for delaying it. Under the Moratorium scheme, other loans including MSME loan, education loan, housing loan, consumer durable loan, credit card dues, automobile loan, personal loan which do not exceed Rs 2 crore and are taken before 29 February 2020 Will be included under this scheme.
Growth in home loan and auto loan
The CEO of PNB Bank said that there has been growth in home loans and auto loans in recent times. He said that we saw 9.77% growth in home loans during the month of September. Tier-3 and Tier-4 cities accounted for a major share in this. He said that the bank will not increase the service charges for customers in the coming days.
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Rao said that in September, Punjab National Bank restructured retail and MSME loans worth Rs 41 crore. Apart from this, restructuring applications for other retail loans of Rs 32 crores are on hold and 15 large corporates have applied for restructuring loans worth Rs 220 crores.
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Expect recovery of Rs 4-6 thousand crores by December
He told that by December, the public sector banks will restructure MSME loan of about 4 to 6 thousand crore rupees. On the recovery of the amount, he said that PNB has recovered Rs 3000 crore in the first half of FY 2020-21. A recovery of another Rs 5 thousand crore is expected in the next half of the financial year. He said that we also expect a recovery of Rs 8,000 crore stuck in NCLT.
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PNB quarterly results
The standalone net profit of the bank grew by 22% to Rs 621 crore in the September quarter from Rs 507 crore in the same quarter last year. Interest income has also gone up by 58% to Rs 20,946 crore. The bank’s total income in the second quarter stood at Rs 23,438.56 crore, compared to Rs 15,556.61 crore in the second quarter of last year. Today, the bank’s share has closed at Rs 27.80, down 0.36% on the BSE.