The lockdown implemented amid the Corona crisis in the country has had an impact on economic activities. Let us tell you that since March 25, the havoc of lockdown in entire India has been severely broken even on banks. Meanwhile, PNB Bank, which ranks second in the country’s largest banks, has released its report for the quarter ended March 1. In which it has been told that now again the economic condition of banks is gradually improving. Currently, banks have suffered a lot in the Corona crisis, at present, the bank’s net single loss has come down to Rs 697.20 crore in the quarter ended 31 March. However, more damage was done when the fugitive Nirav Modi, accused of the Punjab National Bank scam, and Mehul Choksi ran away from the country with the limelight of several thousand crores. Whose one could not even guess when Nirav Modi escaped from the country? However, the CBI investigation of this entire case is still going on. According to official sources, the bank’s money will be recovered by raiding the foreign locations of Nirav. Explain that due to the scam of Rs 14,000 crore by fugitive diamond businessman Nirav Modi and Mehul Choksi, the bank’s financial condition was badly affected. The bank has suffered a major loss in the last two years due to the fraud of uncles and nephews.
PNB Managing Director SS Mallikarjun Rao said that the bank has made a cash recovery of Rs 10,000 crore in the last financial year. He said that the bank expects a recovery of Rs 6,000-8,000 crore during the current financial year.
If we talk about income, the bank’s total income increased to Rs 16,388.32 crore in the quarter ended March 31. While the figure stood at Rs 14,725.13 crore between the last quarter of 2019 (January to March). PNB Bank’s losses have been reduced due to a reduction in the provision for stranded loans. Gradually, the bank is catching up to its old pace.
Explain that the bank made a net profit of Rs 363.34 crore in the financial year 2019-20. While the bank had a loss of Rs 10,026.41 crore in the financial year 2018-19. At the moment, the situation of banks seems to be on track. This is relief news for banks.