Punjab National Bank recovers 10K crore from defaulter

Speaking to the reporters, Usha Ananthasubramanian said the 123-year-old bank has 7,000 branches across the nation with employees who showed their commitment during the hardships they faced after the demonetisation announcement. Normalcy was expected to return by March though the transactions were getting cleared. As part of the efforts to empower women, the bank has been providing 5 per cent fund exclusively for women for their entrepreneurial activities, the CEO said. There were more plans on the anvil for women, she added. 

“We had a total default amount to the tune of Rs 56,000 crore. From April to September 2016, we could recover Rs 10,000 crore, which is the highest among banks across the nation,” Usha Ananthasubramanian said. 

The bank has also slashed interest rate to 8.45 per cent from 9.15 per cent for loans. It has experimented digitisation at Pillayarpatti village in  Sivagangai  and the entire village would be trained to go cashless, she added.