PNB nominates Pankaj Sharma as director on its board 

Punjab National Bank (PNB) has nominated Pankaj Sharma as a director on its board. Sharma is presently the Joint Secretary in Ministry of Finance’s Department of Financial Services, as per the exchange filing. The filing further states that Sharma’s tenure as the director is effective from April 11.

The filing reads, “Shri Pankaj Sharma has been nominated as a Director of the Bank under Section 9 (3)(b) of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, in terms of Department of Financial Services, Ministry of Finance, Government of India Notification dated 11.04.2022 with immediate effect and until further orders.”

It also states, “There is no inter se relationship between Shri Pankaj Sharma and the other Directors of the Bank.”

Board of the public-sector lender had approved raising up to Rs 12,000 crore through issuance of bonds in March. The board approved raising capital via Basel III compliant AT-1 bonds up to Rs 5,500 crore and Tier II bonds up to Rs 6,500 crore in one or more tranches.

PNB had reported two-fold jump in standalone profit at Rs 1,126.78 crore for the third quarter ended December. Total income of the bank declined to Rs 22,026.02 crore during October-December 2021 period as against Rs 23,298.53 crore in the year-ago period.