Punjab National Bank to divest its entire stake in Asset Reconstruction Company

4 Oct 2022 , 01:35 AM

Punjab National Bank announced that in compliance with the RBI guidelines the Board of the Bank has decided to sell its entire stake in Asset Reconstruction Company The Policy on Investment by banks in ARCs was reviewed by the RBI Accordingly it was decided that banks may sponsor only one ARC at any point of time and banks investment in other ARCs should be less than 10Percentage of the paid-up equity capital of the ARC subject to extant prudential norms on investment Thereafter Bank was advised to comply with the above stipulation In order to comply with the above guidelines and based on the market scenario Bank has decided to sell its entire stake of ARCIL