New Delhi: Public sector Punjab National Bank (PNB) on Friday said it will help India Post Payments Bank (IPPB) set up pilot branches.

India Post Payments Bank and PNB have signed a memorandum of understanding (MoU) to achieve strategic depth in financial inclusion (FI), PNB said in a statement.

The country’s largest bank State Bank of India (SBI) announced a steep interest rate cut in several years on Sunday, by reducing its marginal cost of funds based lending rate (MCLR) by 90 basis points (bps) across all maturities.

With this cut, SBI has passed on benefit of 200 bps since January 2015 to customers, which is more than 175 bps reduction in the Reserve Bank of India’s (RBI) policy rate cut in the same period.

Punjab National Bank (PNB) on Tuesday announced a partnership with cab aggregator Ola to aid cash withdrawals for the citizens of Delhi and the National Capital Region (NCR).

"Through the extensive network of Ola cabs present across the state, we are able to bring these mobile ATMs closer to citizens, saving them from the hassles of cash withdrawals," said Deep Singh, Business Head, North, Ola, in a statement.

PNB Gilts hit a new high of Rs 51.30, up 10% on BSE, extending its month-long rally after it reported a robust set of numbers for the second quarter ending September 30, 2016 (Q2FY17).

Since October 25, post Q2FY17 results, the stock zoomed 71% from Rs 30 as compared to 7.8% decline in S&P BSE Sensex.

Country's second largest public sector bank, Punjab National Bank plans to calibrate all its ATMs by the month end to dispense new Rs 500 and Rs 2000 notes in the wake of demonetisation of these currency notes.

"We will be calibrating our 10,000 ATMs to meet the requirements to disburse Rs 500 and Rs 2000 notes. There will be no additional expense to calibrate the ATMs as it will be done by our staff members", Sanjiv Sharan, Executive Director, Punjab National Bank.

Shares in India’s PNB Housing Finance Ltd rose as much as 16.1 percent on their market debut on Monday after the company’s $450 million initial public offering.

The stock opened at 860 rupees on the National Stock Exchange, and rose to a high of 900 rupees as of 0434 GMT, compared with the IPO issue price of 775 rupees.

State-owned Punjab National Bank on Saturday reported a 11.5 per cent fall in net profit to Rs 549.36 crore for the quarter ended September 30, amid a rise in provisions for bad loans.

The bank had reported a net profit at Rs 621.03 crore during the July-September quarter last financial year.

PNB Housing Finance, which recently closed its initial public offer (IPO), will make its stock market debut on Monday.

The Rs 3,000-crore IPO was oversubscribed 29.55 times during October 25-27.

New Delhi: State-owned Punjab National Bank on Saturday said it plans to raise Rs6,000 crore in tranches from bonds to fund business expansion.

The board will be considering issuance of Basel III compliant debt instruments — Perpetual Additional Tier I capital bonds worth Rs3,000 crore and Tier-II bonds of up to Rs3,000 crore, PNB said in a regulatory filing to stock exchanges.

India's PNB Housing Finance Ltd and Varun Beverages are looking to raise as much as $630 million combined from initial public offerings (IPOs) next week, underpinning a surge in first-time share sales in Asia's third-largest economy.

Indian companies have raised $2.9 billion through IPOs in the first nine months of this year, a 171 per cent jump from a year earlier and the best run since 2010, according to data compiled by Thomson Reuters.

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