The S&P BSE Sensex and the NSE Nifty index on the National Stock Exchange surged 1.90 per cent and 1.67 per cent to 27,105.39 and 8,191.50, respectively.

Sudhesh Giriyan, COO, Xpress Money speaks about the unique offerings that promote financial inclusion and the latest remittance trends with respect to India.

\"Initially, we saw an uptick in index in response to rating upgrade from Moody's but profit taking at higher levels capped the upside for most part of the session,\" said Jayant Manglik, President-retail distribution at Religare Securities.

\"The bank has raised Rs 1,800 crore via long-term bonds for infrastructure project finance and affordable housing in the nature of debentures,\" Punjab National Bank (PNB) said in a statement.

The government has taken the sheen off the FDI cap hike in insurance by mandating Indian partners to keep management control of local joint ventures.

The bank will seek approval of the shareholders on March 19 for the same, PNB said in a filing to the BSE.

During December, LIC added new business of Rs 5,858.55 crore by underwriting 19.14 lakh policies.

The bank has raised Rs 1,000 crore long-term bonds at an annual coupon of 8.23 per cent on Private Placement basis on February 9, PNB said in a statement.

The capital infusion has been decided based on the performance of the bank. Better the performance higher will be the infusion, an official statement said.

Bigger PSU lenders such as Bank of Baroda, Punjab National Bank and Union Bank have also seen their bad loans rising in the December quarter.

In a statement the airline said that the undertaking given to PNB is \"an undertaking of non-disposal of any further equity and not a matter of pledging of his shares\".

Jet Airways said in a regulatory filing to the BSE that the pledge of shares and non-disposal undertaking given by shareholders to lenders was done to raise funds.

The airline said Goyal has pledged his entire 57,933,665 shares constituting 51 per cent holding in the airline effective January 8 to PNB with a \"non-disposal undertaking\".

SBI, Punjab National Bank, Bank of Baroda and LIC hold a 74 per cent stake in the fund house on behalf of the central government. The remaining 26 per cent stake is with US-based investment firm T Rowe Price.

Stock split involves division of equity shares by lowering their face value. It increase affordability and liquidity but have no impact on future returns.

PNB's scrip declined 2.2 per cent intra-day to Rs 900.50 on the BSE. The stock closed 1.79 per cent lower on the BSE.

The state-run bank's total income increased to Rs 13,020.46 crore during the second quarter ended September 30, 2014.

With a record $1 billion as the minimum net worth this year, as many as 11 persons dropped out of this year's  Forbes list including Mallya.

SBI will reduce the face value of each equity share to 1 rupee from 10 rupees now, it said in a regulatory filing.

At its September 19 meeting, the board of Punjab National Bank also discussed various options of raising capital to meet Basel-III norms.