Ruling out possibility of inorganic expansion, Punjab National Bank Managing Director Sunil Mehta said the bank is currently focused on internal consolidation and making it financially healthy. In an interview to PTI, Punjab National Bank Managing Director Sunil Mehta said the dark shadows of Nirav Modi are seemingly over and the bank focuses on internal consolidation, growth and debt recovery.
Sunil Mehta added that the bank has registered credit growth and in appreciation of this positive growth, the central government has decided to provide Rs 5,431 crore capital support to the bank. He added that PNB is the second largest public sector bank and we are aware of our role and responsibility in the financial sector of this country.
Sunil Mehta categorically ruled out any move from the bank to acquire other public sector banks however added that any proposal received by the bank will purely be dealt upon its merit and circumstances.
Noteworthy, the statement of Managing Director, PNB comes in the back drop of the PNB fraud, dubbed as biggest in India’s banking history, exposed shortcomings in the management of PNB and undermined confidence in India’s state-run banking sector, which controls over two-thirds of the nation’s bank assets.