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PSBs to invest Rs 20 crore in ARC
Our Banking Bureau
9 March 2002

New Delhi: Profit-making public sector banks, including Punjab National Bank (PNB) and Indian Overseas Bank (IOB), are expected to invest about Rs 20 crore in the asset reconstruction company (ARC), which is to be set up for tackling the non-performing asset problem of banks.

PNB executive director S Narayansami says his bank will be part of the company, which will be started on a pilot basis by June 2002. "But I cannot furnish more details about the investment or the amount of equities PNB will pick up in the company."

IOB chairman SC Gupta says all major PSU banks will participate in ARC. "The initial investment may be Rs 20 crore from each profit-making bank. Loss-making or weak banks [like Indian Bank, Uco Bank, Dena Bank and United Bank of India] may not be forced to come up with high investments."

The government is also trying to rope in multilateral agencies like International Finance Corporation and Asian Development Bank to invest in distressed assets of the Indian banking sector.

Go to the Punjab National Bank index page



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