RBI MPC member predicts ‘less severe’ high food inflation
The Reserve Bank of India (RBI) Monetary Policy Committee (MPC) member highlighted that going ahead, as India develops, the problem of high food inflation would be "less severe".
Punjab National Bank shares on Monday closed marginally down after the Reserve Bank of India said the lender under-reported its non-performing assets by Rs 2,617 crore for the last fiscal.
Shares of PNB slipped 0.85 per cent to close at Rs 63.90 on the BSE and on the NSE the stock declined 1.01 per cent to settle at Rs 63.80. Intra-day, the stock on BSE slumped 2.79 per cent to Rs 62.65, whereas on NSE it touched a low of Rs 62.60, down 2.87 per cent over previous close.
Indian markets witnessed large sum of shares of PNB being traded on Monday. Over two crore shares of the state-owned lender were traded on the NSE, while more than 15 lakh shares exchanged hands on the BSE.
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According to RBI’s risk-assessment report, the public sector lender under-reported its non-performing assets (NPAs) by Rs 2,617 crore for the fiscal year 2018-19.
The divergence assessed by the RBI in net NPAs was also Rs 2,617 crore for the fiscal Also, the divergence in provisioning for bad loans in FY19 was to the tune of Rs 2,091 crore.
(With input from agencies)
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