NEW DELHI: Fraud-hit PNB has made up our minds to designate 60 systematically important branches (SIB) to hold out all lending operations of above Rs 50 crore to ensure higher tests and balances over large accounts.
The financial institution will create these SIBs around the country as part of its credit restructuring workout.
"The bank is in the process of shifting most of the large accounts to SIBs," Punjab National Bank (PNB) mentioned in a unlock on Wednesday.
The lender suffered massive losses because of over $2 billion fraud perpetrated through diamond jeweller Nirav Modi in connivance with a couple of financial institution officers.
"PNB has embarked upon a credit restructuring workout that may ensure that large accounts in addition to lending operations are concentrated in a couple of specifically designated branches.
"To be sure higher duty and operations the financial institution is shifting lots of the borrowal accounts above Rs 50 crore to branches which will probably be designated Systemically Important Branches (SIBs)," the financial institution remark mentioned.
The public sector lender mentioned creation of those 60 SIBs around the country will be sure higher tests and balances over large accounts.
Besides, lots of the larger accounts will probably be operated from branches designated as Large Corporate Branches (LCBs) and common branches will pay attention to common financial savings accounts and CASA (current account financial savings account).
For centres positioned in metropolitan towns, in addition to LCBs/MCBs/IBBs, two to three branches will probably be designated as SIBs depending upon geographical convenience.
"Contrary to false reviews, PNB has no plans to close operations in branches just like the Brady House department in Mumbai. Reallocation of one of the crucial accounts is a part of the restructuring procedure geared toward centralisation of important functions and big corporate accounts. Retail operations for PNB shoppers continue to operate from the branches like Brady House," a senior PNB legit clarified with reference to a news revealed the day before today.
As part of its Mission Parivartan, the financial institution mentioned it will establish centralised mortgage processing centres around the country in a phased method for processing of loans above Rs 50 lakh.
Presently, the financial institution has one central mortgage processing centre at its Connaught Place (New Delhi) department that allows qualitative credit overview, segregates pre and publish sanction duty in addition to shortens the turn-around time and facilitates environment friendly monitoring.
Earlier in June, the financial institution created a stressed asset vertical for recovery of unhealthy loans.
The financial institution will create these SIBs around the country as part of its credit restructuring workout.
"The bank is in the process of shifting most of the large accounts to SIBs," Punjab National Bank (PNB) mentioned in a unlock on Wednesday.
The lender suffered massive losses because of over $2 billion fraud perpetrated through diamond jeweller Nirav Modi in connivance with a couple of financial institution officers.
"PNB has embarked upon a credit restructuring workout that may ensure that large accounts in addition to lending operations are concentrated in a couple of specifically designated branches.
"To be sure higher duty and operations the financial institution is shifting lots of the borrowal accounts above Rs 50 crore to branches which will probably be designated Systemically Important Branches (SIBs)," the financial institution remark mentioned.
The public sector lender mentioned creation of those 60 SIBs around the country will be sure higher tests and balances over large accounts.
Besides, lots of the larger accounts will probably be operated from branches designated as Large Corporate Branches (LCBs) and common branches will pay attention to common financial savings accounts and CASA (current account financial savings account).
For centres positioned in metropolitan towns, in addition to LCBs/MCBs/IBBs, two to three branches will probably be designated as SIBs depending upon geographical convenience.
"Contrary to false reviews, PNB has no plans to close operations in branches just like the Brady House department in Mumbai. Reallocation of one of the crucial accounts is a part of the restructuring procedure geared toward centralisation of important functions and big corporate accounts. Retail operations for PNB shoppers continue to operate from the branches like Brady House," a senior PNB legit clarified with reference to a news revealed the day before today.
As part of its Mission Parivartan, the financial institution mentioned it will establish centralised mortgage processing centres around the country in a phased method for processing of loans above Rs 50 lakh.
Presently, the financial institution has one central mortgage processing centre at its Connaught Place (New Delhi) department that allows qualitative credit overview, segregates pre and publish sanction duty in addition to shortens the turn-around time and facilitates environment friendly monitoring.
Earlier in June, the financial institution created a stressed asset vertical for recovery of unhealthy loans.
PNB to concentrate processing of big loans to 60 designated branches
![PNB to concentrate processing of big loans to 60 designated branches]()
Reviewed by Kailash
on
July 04, 2018
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