Bear hug dragged down domestic equity markets for the fourth consecutive week and to their lowest levels in over a year on weak global cues coupled with China slowdown fear and continuous selling pressure by foreign institutional investors. Key benchmark indices plunged over 4 per cent during August 28 and September 4.

The BSE Sensex lost 1,190.48 points at 25,201.90 for the week ended September 4. NSE Nifty also dipped by 346.90 point at 7,655.05 during the same period.

Rating agency Fitch today downgraded Punjab National Bank's (PNB) Viability Rating by one notch to 'bb' on the growing risk to the bank's capital position from mounting stock of stressed assets. It warned IDBI Bank about vulnerability to a downgrade due to rise in the stressed asset ratio.

It affirmed the Long Term Issuer Default Rating (IDR) at "BBB-" for banks including State Bank of India (SBI), PNB, Canara Bank, IDBI Bank, ICICI Bank, Axis Bank, Bank of Baroda and its subsidiary in New Zealand. For Chennai-based India Bank IDR has been affirmed at "BB+". The outlook on IDRs is stable.

Public lender Canara Bank on Monday said the government will infuse equity capital of Rs 947 crore in the bank.

It said the board of the bank at a meeting held on Monday approved the proposal of issuing equity shares on preferential basis to the government in lieu of the capital infusion.

Banking stocks gained on Thursday as record low retail inflation stoked rate cut hopes in the upcoming monetary policy review in late September.

Share price of public sector banks such as State Bank of India (SBI), Bank of Baroda and Punjab National Bank were up over 2 per cent in the early trade. Private lenders ICICI Bank, Federal Bank, Axis Bank and HDFC Bank also gained over 1 per cent.

PNB Executive Director (with additional charge of MD & CEO) Gauri Shankar said PNB plans to sell NPAs worth Rs 2,600-3,000 crore to ARCs in the current financial year.

On the bank going to qualified institutional buyers (QIBs), he said it would be done next fiscal.

Shares of Punjab National Bank rose over 6 per cent on its first quarter net profit of current fiscal.

At 2:30 pm, Punjab National Bank stocks traded 4.62 per cent up on BSE. On NSE, PNB stocks rose 5.03 per cent.

Mumbai: Analysts have slashed their profit estimates for Indian lenders by the most in two years amid renewed concerns over the nation’s sluggish credit growth and rising bad loans.

Twelve-month earnings projections for members of the S&P BSE India Bankex Index fell 3% last month after the banks published their reports for the year ending 31 March, estimates compiled by Bloomberg show.

The Jan Suraksha scheme has witnessed over 100 million enrolments in about two months in its life and accident insurance segments.

As on July 1, banks enrolled about 104 million account holders in the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Pradhan Mantri Suraksha Bima Yojana (PMSBY). State Bank of India (SBI) and Punjab National Bank (PNB) led the enrolments with 20 million and 7.8 million, respectively.

Two leading banks Punjab National Bank (PNB) and Axis Bank today slashed interest rate on fixed deposits by 0.25% on select maturities, a move which could be seen as precursor to a cut in lending rates.

The reduction will be effective from June 8, state-owned PNB said in a statement.

Mumbai: Punjab National Bank (PNB) shares fell as much as 6.5% on Friday after the bank reported a 62% drop in its net profit due to higher provisions and bad loans.

The company reported a net profit of Rs.306.56 crore in the March quarter as against Rs.806.35 crore a year ago.

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