PNB Defaulters reduce by 0.87 per cent

Jul 08 2018 10:47 PM
PNB Defaulters reduce by 0.87 per cent

According to the reports issued by the Punjab National Bank on the 30th of June, the bank has seen a reduction in the number of its defaulters, by 0.87% as compared to the data of May. 

As per the reports, the defaulters were those clients, that borrowed equal to or more than Rs. 25 lakh from money lenders who belonged to the public sector. During May 2018, these borrowers or defaulters had a pending amount of Rs. 15,490 Crore. 

According to the balance sheet that closed at the end of the financial year in March, 2018, the Punjab National Bank had to stand a loss of Rs.12,282.82 crore in the year 2017-18. While in the year 2016-17, it managed to earn a profit of Rs 1,324.80 crore.

Counting amongst its main borrowers were Kudos Chemie Ltd with a loan of Rs 1301.82 crore, the Kingfisher Airlines with a loan of Rs 597.44 crore, the Jas Infrastructure with a pending loan of Rs 410.96 crore and many others.

The bank has seen a major set back during the financial year of 2017-18, in terms of the loss it had to suffer due to the defaulters who did pay their loans on time.

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