New Delhi: The State-run Punjab National Bank (PNB) on Friday said that they would respect all bonafide Letters/documents of Undertaking (LoUs). The assurance was done by the top management of the public sector bank during the extra ordinary general meeting (EGM) of shareholders held in New Delhi.
In a statement, the bank said, “Explanation on the questions being raised in the investigation of the ongoing bank fraud case, PNB assured its shareholders, customers, partners and employees on the ability of the bank and the ability to come out of this situation.” Apart from this, the bank has “tightening the internal control mechanism”, including “comprehensive reach for customers, investors and other stakeholders”, “Checking Balance and Balance in Systems including” Cascading on Current and Savings Account “(CASA) Has underlined a multi-dimensional agenda and Emphasis on the recovery of bad debts.
In EGM, shareholders voted on the preferential basis for issuing 33,49,85,922 equity shares of face value of Rs 2 rupees on the premium of Rs 1161.38 per share of Rs 5,473 crore to the government. The “Allocation of these preference shares will increase the government’s stake in PNB from 57.04 per cent to 62.25 per cent,” the statement said.