PNB Board To Consider Rs 18,000-Crore Capital Infusion This Week
Punjab National Bank on Monday said the board will consider capital infusion of up to Rs 18,000 crore in its meeting later this week.
"The board shall consider capital infusion up to Rs 18,000 crore in its meeting scheduled on Sept. 5, 2019," PNB said in a regulatory filing.
On Aug. 31, PNB said it received a communication from the finance ministry that the government, after having consultation with the Reserve Bank of India, had decided that PNB, OBC and UBI may consider the amalgamation of OBC and UBI into PNB.
"Accordingly, a meeting of the board of directors to consider the amalgamation will be convened by the bank shortly," PNB had said.
The mega merger plan of public sector banks is being seen as the biggest consolidation exercise in the banking space, aimed at making them lenders of global size and scale.
With this, the number of government-owned banks in India will come down to 12 from 19 earlier.