PNB

July 3 (Reuters) - Simbhaoli Sugars Ltd SIMB.NS:

• PUNJAB NATIONAL BANK DECIDED TO DECLARE CO'S LOAN ACCOUNT AS "FRAUD"

Source text: ID:nNSE6Vmh6x

Further company coverage: SIMB.NS

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July 2 (Reuters) - Punjab National Bank PNBK.NS:

• PUNJAB NATIONAL BANK- DOMESTIC ADVANCES AS OF JUNE 2026 UP 11.74% Y/Y

• PUNJAB NATIONAL BANK - DOMESTIC DEPOSITS UP 8.6% Y/Y AS OF JUNE 30

Source text: ID:nBSE49qR6q

Further company coverage: PNBK.NS

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June 30 (Reuters) - Punjab National Bank PNBK.NS:

• PUNJAB NATIONAL BANK - ONE YEAR MCLR RAISED TO 8.8%

Source text: [ID:]

Further company coverage: PNBK.NS

(([email protected];))

By Ashwin Manikandan and Dharamraj Dhutia

MUMBAI, June 8 (Reuters) - India's Punjab National Bank PNBK.NS expects the banking sector to raise $35 billion to $40 billion via foreign currency deposits under a scheme announced by the central bank on Friday, a top executive told Reuters.

The Reserve Bank of India will bear the full hedging cost for three-year to five-year foreign currency non resident (FCNR) deposits, it said on Friday, as part of a broader set of measures to encourage dollar flows and stem the depreciation pressure on the rupee.

The scheme - a redux of a similar window opened in 2013 - will allow banks to offer overseas customers a more lucrative rate of interest to draw dollar deposits.

The rate that banks will offer will be higher than the U.S. treasury rate and definitely will attract investors, PNB CEO Ashok Chandra said in an interview with Reuters on Monday, declining to specify what rate the bank will offer.

Three-year U.S. treasuries yield 4.203% while five-year notes offer 4.273%. Currently, non-resident deposits earn 3.5% but with the RBI bearing the hedging cost, banks will be able to offer a higher rate to customers.

"It is a win-win situation for non-resident Indians and for the banks," Chandra said.

PNB, the country's eighth largest bank by market capitalisation, aims to raise about $2.5 billion to $3 billion through its own bank, he added.

It plans to market these deposits aggressively in key Indian diaspora markets such as the United States, Canada, United Kingdom and the Middle East, pitching returns that exceed U.S. Treasury yields, Chandra said.

Other mid-sized state-run lenders such as Indian Bank, Canara Bank and Central Bank of India pegged likely inflows at between $20 billion and $25 billion, while private sector lender Federal Bank expected possible flows of $30 billion.

"Unlike 2013 where the interest differential between U.S. and India was in the range of 5-6%, compared to 1-2% presently, the relative attractiveness is lower," said Harsh Dugar, executive director, Federal Bank.

The RBI had last launched the scheme in 2013 when the Indian Rupee had depreciated sharply due to the U.S. Federal Reserve's "taper tantrum".

Details on the scheme, in particular, whether banks will be allowed to offer customers leverage to park such deposits is awaited and could be key to its success, brokerage house Jefferies said in a note on Monday.

"We will watch out for RBI's stance on client leverage as this may be key determinant of extent of mobilisation under this scheme," Jefferies analysts said.

(Reporting by Ashwin Manikandan and Dharamraj Dhutia; Additional reorting by Gopika Gopakumar; Editing by Janane Venkatraman )

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** Shares of India's PNB Gilts PNBG.NS up 4.24% to 94.16 rupees

** Fixed income markets dealer gains after government widened access to the Fully Accessible Route (FAR) and eased foreign portfolio investor limits for government securities

** Higher demand for government securities could support bond prices and lower yields, benefiting PNBG through trading gains and stronger market activity

** Trading vols at 20.71 million shares about 6.7 times the 30-day avg of 3.1 million shares

** YTD stock up ~16%

(Reporting by Devika Nair in Bengaluru)

(([email protected];))

By Nikunj Ohri

NEW DELHI, May 18 (Reuters) - India's finance ministry directed state-run banks, insurers and financial institutions on Monday to implement cost-cutting measures, including sharp curbs on travel and a phased transition to electric vehicles, according to an order reviewed by Reuters.

The order, part of a broader austerity push, will cover institutions like the State Bank of India SBI.NS, Bank of Baroda BOB.NS and Life Insurance Corp of India LIFI.NS and million of their employees across the country.

Under the new measures, all meetings, reviews and consultations must be conducted via video conferencing unless physical presence is deemed essential, the order issued by the Department of Financial Services said.

Foreign travel by top executives of the organisations - including chairpersons, managing directors and chief executive officers - should be kept below prescribed limits, with overseas engagements to be attended virtually wherever possible, it said.

Separately, the government has asked the organisations to accelerate adoption of electric vehicles.

"All organisations may aim at replacing the petrol and diesel vehicles hired by them in their head offices and branch offices by electric cars as far as possible," the order said.

The move follows a call last week by Prime Minister Narendra Modi urging officials to follow austerity and exercise restraint in spending, as the government braces for the economic fallout from rising global tensions.

Prolonged Middle East conflict risks slowing growth, stoking inflation and straining the balance of payments, with the Indian rupee already at record lows as Asia's worst performer this year.

Several Indian states have directed employees to work from home two days a week as part of cost-cutting efforts.

(Reporting by Nikunj Ohri; Editing by Raju Gopalakrishnan)

(([email protected];))

Repeats with no change to text

By Nishit Navin and Ashwin Manikandan

BENGALURU/MUMBAI, May 5 (Reuters) - India's Punjab National Bank is stepping up investments in cybersecurity and accelerating procurement of technology to guard against rising digital threats including those from advanced AI models, a senior executive said on Tuesday.

The country's third largest state-run lender by market capitalisation has earmarked about 20% of its technology budget for cybersecurity, or roughly 7 billion to 8 billion rupees ($73.5 million - $84 million) for the current financial year, executive director D Surendran told Reuters in an interview, adding that this allocation is more than 50% higher than the previous year.

"We don't want to compromise on this kind of expenditure," Surendran said, adding the bank will increase the spending further if required.

PNB's move comes amid heightened regulatory focus on risks emerging from advanced AI models including Anthropic's Mythos.

Last month India's finance minister Nirmala Sitharaman met with heads of top banks to gauge preparedness against AI-related cybersecurity risks. India's central bank has also been in talks with global regulators, lenders and government officials to understand the potential risks, Reuters has reported.

PNB is also fast-tracking purchases of security tools, including firewalls and other systems to address vulnerabilities, Surendran said.

"We have increased our frequency of audit… now we have made our audit process 24/7 so that the criticality will be identified fast," Surendran said.

PNB SEES SUSTAINED LOAN GROWTH

The New-Delhi based lender, earlier in the day, posted a more than 14% rise in net profit to 52.25 billion rupees, helped by healthy loan growth and improving asset quality.

Loans grew 12.7% year-on-year while deposits rose 9.2%.

The bank will target 12-13% loan growth in financial year 2026/27, Surendran said, driven by credit to small and medium-sized enterprises and retail loans, he said.

The bank expects deposits to grow around 9-10% for the year.

($1 = 95.2800 Indian rupees)

(Reporting by Nishit Navin and Ashwin Manikandan; Editing by Ronojoy Mazumdar)

(([email protected];))

By Nishit Navin and Ashwin Manikandan

BENGALURU/MUMBAI, May 5 (Reuters) - India's Punjab National Bank is stepping up investments in cybersecurity and accelerating procurement of technology to guard against rising digital threats including those from advanced AI models, a senior executive said on Tuesday.

The country's third largest state-run lender by market capitalisation has earmarked about 20% of its technology budget for cybersecurity, or roughly 7 billion to 8 billion rupees ($73.5 million - $84 million) for the current financial year, executive director D Surendran told Reuters in an interview, adding that this allocation is more than 50% higher than the previous year.

"We don't want to compromise on this kind of expenditure," Surendran said, adding the bank will increase the spending further if required.

PNB's move comes amid heightened regulatory focus on risks emerging from advanced AI models including Anthropic's Mythos.

Last month India's finance minister Nirmala Sitharaman met with heads of top banks to gauge preparedness against AI-related cybersecurity risks. India's central bank has also been in talks with global regulators, lenders and government officials to understand the potential risks, Reuters has reported.

PNB is also fast-tracking purchases of security tools, including firewalls and other systems to address vulnerabilities, Surendran said.

"We have increased our frequency of audit… now we have made our audit process 24/7 so that the criticality will be identified fast," Surendran said.

PNB SEES SUSTAINED LOAN GROWTH

The New-Delhi based lender, earlier in the day, posted a more than 14% rise in net profit to 52.25 billion rupees, helped by healthy loan growth and improving asset quality.

Loans grew 12.7% year-on-year while deposits rose 9.2%.

The bank will target 12-13% loan growth in financial year 2026/27, Surendran said, driven by credit to small and medium-sized enterprises and retail loans, he said.

The bank expects deposits to grow around 9-10% for the year.

($1 = 95.2800 Indian rupees)

(Reporting by Nishit Navin and Ashwin Manikandan; Editing by Ronojoy Mazumdar)

(([email protected];))

April 30 (Reuters) - Punjab National Bank PNBK.NS:

• PUNJAB NATIONAL BANK- 1 YEAR MCLR UNCHANGED AT 8.75% EFFECTIVE MAY 1, 2026

Source text: ID:nBSE3ckwvY

Further company coverage: PNBK.NS

(([email protected];))

Updates throughout

April 2 (Reuters) - India's bank stocks dropped to their lowest levels in nearly a year on concerns over potential losses after the central bank intensified its crackdown on speculative activity in the rupee.

The Nifty Bank index .NSEBANK slid as much as 2.8% to 50,004.30 points - its lowest level since April 9, 2025 - with all constituents trading lower.

The index has fallen 4.3% this week following the Reserve Bank of India's curbs, underperforming the benchmark Nifty 50 .NSEI, which is down 2.6%.

On Wednesday, the RBI barred banks from offering rupee non-deliverable forwards to resident and non-resident clients, days after it put a limit of $100 million on banks' net open rupee positions.

Jefferies said banks were hoping to mitigate losses stemming from the initial measures by transferring or selling part of their positions to corporates, hedge funds and other clients.

The fresh curbs may bring the losses back to original estimates or a tad higher at 40 billion rupees to 50 billion rupees ($428.05 million-$535.07 million), the brokerage said.

The RBI's measures come as the rupee INR=IN has hit a string of all-time lows on worries over spillovers from the Iran war. The currency fell 4.24% in March, its worst monthly drop in six years, before the latest curbs helped it rise 1.4% to 93.53 per U.S. dollar in early trade on Thursday.

Private lenders HDFC Bank HDBK.NS and ICICI Bank ICBK.NS dropped 1.4% each on Thursday, while state-run banks logged sharper losses. State Bank of India SBI.NS was down 2.9%, while Punjab National Bank PNBK.NS, Canara Bank CNBK.NS and Union Bank of India UNBK.NS lost 3.4%, 3.6% and 3.9%, respectively.

Jefferies expects banks to book part of their losses in the January-March and April-June quarters, and said foreign lenders account for 45% of the currency derivatives market and related losses, while private banks have a 40% share.

($1 = 93.4460 Indian rupees)

(Reporting by Vivek Kumar M in Bengaluru and Ashwin Manikandan in Mumbai; Editing by Sonia Cheema)

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March 30 (Reuters) - Punjab National Bank PNBK.NS:

• PUNJAB NATIONAL BANK - MCLR REMAIN UNCHANGED ACROSS TENORS

Source text: ID:nBSE5c3Hn2

Further company coverage: PNBK.NS

(([email protected];))

By Dharamraj Dhutia and Khushi Malhotra

MUMBAI, March 5 (Reuters) - Robust demand from long-term investors for an Indian state-run lender's mega infrastructure bond issue this week has prompted two others to tap the market before the end of the financial year, three sources familiar with the matter said on Thursday.

Bank of India BOI.NS and Punjab National Bank PNBK.NS are among lenders that could issue infrastructure bonds over the next three weeks.

Bank of India could raise up to 100 billion rupees ($1.09 billion), while PNB will consider a 20-50 billion-rupee issue, the sources added, requesting anonymity as they're not authorised to speak to the media.

The lenders did not reply to Reuters' emails seeking comment.

Earlier this week, Bank of Baroda BOB.NS raised 100 billion rupees through seven-year infra bonds at a 7.10% coupon, below the 7.25% level that the market had expected, signalling elevated demand for the issue.

"Nearly 60%-70% of Bank of Baroda's bond was absorbed by a large state-run provident fund, and its peers are anticipating a similar response to their issuances," one of the sources said.

"Had it not been for the PF bids, the cutoff could have easily have been closer to 7.25%."

Infrastructure bonds are used by banks to finance long-term development projects.

Three Indian lenders have raised an aggregate 250 billion rupees through these bonds so far this financial year, sharply lower than 892 billion rupees raised in the previous fiscal.

Bank of Baroda is only the third lender to raise this quantum of funds after Bank of India and Axis Bank AXBK.NS.

Bankers said that a lack of sufficient supply of such notes during the financial year could lead to stronger demand for the next few issuances as investors seek to meet their exposure requirements.

($1 = 91.5550 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sonia Cheema)

(([email protected];))

March 4 (Reuters) - TV Vision Ltd TVVI.NS:

• RECEIVES PETITION FROM PUNJAB NATIONAL BANK UNDER INSOLVENCY AND BANKRUPTCY CODE

• PETITION ALLEGES AN OUTSTANDING AMOUNT OF 2.94 BILLION RUPEES

• PETITION MAY HAVE IMPACT ON OPERATIONS AND FINANCIAL POSITION

Source text: ID:nBSEc3HGhZ

Further company coverage: TVVI.NSPNBK.NS

(([email protected];))

Feb 27 (Reuters) - Punjab National Bank PNBK.NS:

• PUNJAB NATIONAL BANK - ONE-YEAR MCLR RATES UNCHANGED AT 8.75%

Source text: ID:nNSE1l7WGM

Further company coverage: PNBK.NS

(([email protected];))

Corrects dateline to February 16

By Sudarshan Varadhan, Gopika Gopakumar and Jatindra Dash

SINGAPORE/MUMBAI/BHUBANESWAR, India, Feb 16 (Reuters) - Indian Prime Minister Narendra Modi's push to accelerate the rollout of rooftop solar power is falling short of targets despite heavy subsidies due to loan delays and limited support from state utilities, vendors and analysts say.

The shortfalls represent the latest challenge to India's efforts to nearly double clean energy capacity to 500 gigawatts by 2030, and come as the government plans to suspend clean energy tendering targets amid a mounting backlog of awarded projects yet to be built.

Challenges to plans to increase solar uptake may mean India maintains its reliance on coal-fired power.

India's Ministry for New and Renewable Energy created its subsidy programme for residential solar panel installations in February 2024, covering up to 40% of the costs.

But residential installations at 2.36 million are well below the ministry's target of 4 million by March, according to data from the programme's website.

"Banks' reluctance to lend and states' hesitance to promote the schemes could derail India's efforts to transition away from coal," said Shreya Jai, the lead energy analyst at research firm Climate Trends in New Delhi.

Roughly three in five rooftop solar applications filed on the scheme's website are yet to be approved while about 7% have been rejected, according to government data on the programme, known as the PM Surya Ghar.

In a statement to Reuters about the pending applications, the renewable energy ministry pointed to accelerating installations which have benefited over 3 million households, and said the scheme enables state-owned utilities to reduce subsidy payouts to keep residential power bills in check.

"The loan rejection rate varies across states," the statement said.

Under PM Surya Ghar, consumers apply and select a vendor who handles paperwork and arranges bank financing for solar panels. After loan approval and installation, the vendor submits proof, after which the government subsidy is credited to the bank.

BANK DELAYS

However, banks have been rejecting or delaying loans for numerous reasons including lack of documentation, which they say is necessary to protect public funds.

"We are working with the government to push for some standard documentation, because it is necessary to avoid bad loans. Currently if loans go bad, banks can take away these panels but what will we do with these panels?" said a senior official at a major government-owned bank.

Chamrulal Mishra, a solar vendor in the eastern Indian state of Odisha, said applications are often rejected because the customer has missed electricity payments or because land records are still in the name of deceased relatives.

Residents there dispute the claims that they have missed payments, which they attribute to administrative errors after a change in utility ownership decades prior.

A spokesperson for India's Department of Financial Services, which regulates the country's banks, said they have responded to consumer feedback to allow co-applicants for loans to clear up title claims and the simplification of documentation requirements.

The Renewable Energy Association of Rajasthan said some banks are making collateral demands for loans under 200,000 Indian rupees ($2,208.87), despite scheme guidelines not requiring them to, which is constraining solar power additions.

State Bank of India and Punjab National Bank, some of the country's largest lenders, did not reply to requests for comment on the matter.

State-owned utilities are also not promoting rooftop solar as much, as they are concerned about the loss of revenue as sales move off the electric grid.

"Wealthier households typically have high electricity consumption, tariffs and reliable roof access. When they shift from the grid, it leaves a larger financial burden," said Niteesh Shanbog, an analyst at Rystad Energy.

($1 = 90.5440 Indian rupees)

(Reporting by Sudarshan Varadhan in Singapore, Gopika Gopakumar in Mumbai and Jatindra Dash in Bhubaneswar; Additional reporting by Saurabh Sharma and Sethuraman NR in New Delhi, and Jose Devasia in Kochi; Editing by Christian Schmollinger)

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** Punjab National Bank PNBK.NS reports 2.8% y/y rise in interest earned, ~13% jump in net profit in December-quarter

** Jefferies ("buy"; PT: 150 rupees) flags NIM miss; says asset quality stable but warns about impact of expected credit loss (ECL) provision transition over next 5 years

** JPMorgan ("overweight"; PT: 144 rupees) highlights recoveries from written-off accounts, proceeds from stake sale in Canara HSBC Life as contributing to PAT estimates beat

** Emkay Securities ("buy"; PT: 150 rupees) expects RoA to improve to ~1% over FY27-FY28 on better growth, contained provisions, lower tax rate

** Stock rated "hold" on avg; median PT is 130 rupees, per data compiled by LSEG

** Stock falls 1.55% to 126.07 rupees

** PNBK gained 20.24% in 2025

(Reporting by Abhirami G in Bengaluru)

(([email protected]))

** Shares of PNB Gilts PNBG.NS jump 7.4% to 86.68 rupees

** PNBG set to gain the most in a day since late July, if gains hold

** Fixed income markets dealer posts Q3 profit of 539.1 million rupees ($5.93 million) vs year-ago loss of 101.1 million rupees, led by a 17% rise in interest income

** Over 7.5 million shares traded in stock's busiest session since late July vs 30-day average volume of ~302,000 shares

** Stock declined 25.4% in 2025, snapping two successive years of gains

($1 = 90.9387 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru)

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Jan 6 (Reuters) - Punjab National Bank PNBK.NS:

• PUNJAB NATIONAL BANK - RBI IMPOSES MONETARY PENALTY OF 485,000 RUPEES

• PUNJAB NATIONAL BANK - PENALTY DUE TO SHORTAGE OF NOTES AT CURRENCY CHEST

Source text: ID:nNSE3JqWmD

Further company coverage: PNBK.NS

(([email protected];))

Jan 2 (Reuters) - Punjab National Bank PNBK.NS:

• GLOBAL DEPOSITS AT 16.60 TRILLION RUPEES AS OF DEC 31, 8.54% Y-O-Y GROWTH

• GLOBAL ADVANCES AT 12.32 TRILLION RUPEES AS OF DEC 31, 10.98% Y-O-Y GROWTH

Source text: ID:nNSE20tpBM

Further company coverage: PNBK.NS

(([email protected];))

Dec 31 (Reuters) - Punjab National Bank PNBK.NS:

• ONE YEAR MCLR UNCHANGED AT 8.75%

Source text: ID:nBSEc0220k

Further company coverage: PNBK.NS

(([email protected];))

** Punjab National Bank PNBK.NS falls as much as 3.1% to 116.6 rupees

** Bank reports borrower fraud to RBI against SREI Equipment Finance for 12.41 bln rupees ($138 mln), SREI Infrastructure Finance for 11.93 bln rupees

** Stock on track to snap 3 months of gains; down ~3.3% so far in Dec

** More than 9.1 mln shares traded as of 9:39 A.M. IST, more than half of their 30-day moving avg of ~15.3 mln shares

** Mean rating of stock is 'hold'; their median PT is 123 rupees - data compiled by LSEG

** PNBK last down 0.4%, cutting YTD gains to ~17%

($1 = 89.9350 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru)

(([email protected];))

By Ashwin Manikandan and Nishit Navin

NEW DELHI/MUMBAI, Oct 20 (Reuters) - India's Punjab National Bank (PNB) PNBK.NS will face an estimated 90 billion-rupee ($1.03 billion) impact as the lender transitions to a central bank-mandated credit loss framework by 2031, its chief executive said on Monday.

The country's third-largest state-owned lender by market capitalisation is one of the first to disclose an estimate on the likely effect of the rules, issued by the Reserve Bank of India earlier this month, to its balance sheet.

"The impact comes to around 90 billion rupees," said Ashok Chandra, PNB's managing director and CEO in an interview with Reuters. "The bank has done a rough estimate as this (new credit rules) was already in the pipeline ... I don't see any further deviation."

The RBI's draft guidelines require banks to transition to an expected credit loss (ECL) framework, wherein funds are set aside to cover likely risk of default, over a five-year period starting April 1, 2027. At present, provisions for bad loans are made when a loan becomes overdue.

Top Indian banks, including the State Bank of India SBI.NS, are in the process of evaluating the impact from the transition.

As per internal estimates, Chandra said, the New Delhi-based bank will face an impact of around 0.85 percentage points to its capital to risk assets ratio (CRAR), a metric that measures bank's capital adequacy.

PNB's CRAR was at 17.19%, as on September 30, according to the company's presentation. As per RBI's latest financial stability report, Indian commercial banks had a CRAR of 17.3% at March-end.

The impact will be offset by the profit generated from the bank's operations in the normal course, said Chandra.

"I think we will be able to manage with our internal accrual itself. Bank is well poised to take care of all requirements which is going to come in future."

For PNB, a majority of these provisions will be for stage-two assets in its retail, agriculture and small and medium enterprises portfolios, Chandra said.

Stage-two assets refer to high-risk loans where the borrower has missed a repayment deadline but has not turned into a non-performing asset.

The lender on Saturday reported a net profit of 49.04 billion rupees for the second quarter, up 14% from a year earlier. Chandra projects the bank to post a net profit of over 150 billion rupees for the 2026 financial year.

($1 = 87.7863 Indian rupees)

(Reporting by Ashwin Manikandan and Nishit Navin; Editing by Harikrishnan Nair)

(([email protected];))

Adds details throughout

BENGALURU, Oct 14 (Reuters) - Canara HSBC Life Insurance Company's $283 million initial public offering (IPO) was fully subscribed on the third day of bidding on Tuesday, driven by robust interest from institutional buyers.

The insurer, a joint venture between India's Canara Bank CNBK.NS and HSBC Insurance (Asia-Pacific) Holdings, received bids worth 18.97 billion rupees ($213.7 million) for 178.9 million shares as of 1:30 p.m. IST, above the 166.7 million shares on offer in the 100-106 rupees band, per exchange data.

This excludes the 7.5 billion rupees raised through anchor investors, including Societe Generale, ICICI Prudential Asset Management and HDFC Mutual Fund last week.

The IPO will value Canara HSBC Life Insurance at up to 100.7 billion rupees ($1.14 billion) at the top of the price range, compared with larger peers HDFC Life's market value of 1.7 trillion rupees and SBI Life's 1.8 trillion rupees, per Reuters calculations.

The demand was tepid in the first two days until qualified institutional buyers showed up on the final day, bidding nearly three-times their quota. Overall, 47.2 million shares were set aside for such investors.

Retail demand remain subdued, with the portion subscribed just 0.35 times.

Canara HSBC Life's offering was only an offer for sale of up to 237.5 million shares. The company will not receive any proceeds from the IPO.

Selling shareholders Canara Bank, HSBC Insurance (Asia-Pacific) and Punjab National Bank are selling 137.8 million shares, 4.8 million shares and 95 million shares, respectively.

India is seeing a flurry of IPO activity, with non-bank lender Tata Capital TATC.NS and consumer appliance maker LG Electronics India LGEL.NS debuting this week.

Last week, LG Electronics India's $1.3 billion IPO garnered bids worth nearly $50 billion, becoming India's most subscribed billion-dollar IPO in nearly 20 years.

Overall, the primary market fundraise in 2025 will likely surpass last year's $20.5 billion record.

An IPO of another Canara Bank-backed company, Canara Robeco Asset Management, was fully subscribed on the final day of the bidding, driven by institutional investors. The listing will likely be on October 16.

($1 = 88.7750 Indian rupees)

(Reporting by Nishit Navin and Vivek Kumar M; Editing by Sumana Nandy and Sonia Cheema)

(([email protected];))

By Dharamraj Dhutia

MUMBAI, Oct 3 (Reuters) - At least four major state-owned Indian banks have increased their internal limits for investing in state bonds following discussions with the Reserve Bank of India last month, according to five treasury officials aware of the decisions.

Bank of Baroda BOB.NS, Punjab National Bank PNBK.NS, Canara Bank CNBK.NS and Union Bank of India UNBK.NS - among India's top five government-owned lenders by assets - have raised their investment caps by 5 to 20 percentage points, the sources said.

"Most of the top five-six banks barring one have raised the internal cap that they had set for taking exposure to state debt in treasury books after a round of consultations and meetings with the central bank," one of the officials said.

The sources requested anonymity as they are not authorised to speak to media. The banks did not respond to emailed queries.

Indian banks, including both private and public sector entities, are significant buyers of state-issued bonds, collectively holding nearly 36% of states' debt as of June, according to regulatory data.

BORROWING COST RELIEF

Indian states are projected to raise a record 12 trillion rupees ($135.2 billion) through bond issuances in the current financial year, with 7 trillion rupees expected between October and March.

Reduced buying by banks, insurers, and pension funds had driven yields on state bonds higher by 40 to 70 basis points during the three months ending September, with several auctions undersubscribed.

Market participants now anticipate improved bank participation at auctions, which could ease yields. Banks had also sought changes to the auction process to mitigate mark-to-market losses on their portfolios.

($1 = 88.7600 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

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Sept 30 (Reuters) - Punjab National Bank PNBK.NS:

• PUNJAB NATIONAL BANK - MCLFR REMAIN UNCHANGED FROM 01.10.2025

Source text: ID:nBSE9lHqJt

Further company coverage: PNBK.NS

([email protected])

Aug 18 (Reuters) - Mahanagar Telephone Nigam Ltd MTNL.NS:

• DEFAULT IN PAYMENT OF PRINCIPAL & INTEREST OF BANKS BY MTNL

• PRINCIPAL OVERDUE AT 18.73 BILLION RUPEES, INTEREST OVERDUE AT 8.65 BILLION RUPEES

• TOTAL OUTSTANDING BORROWINGS FROM BANKS, FINANCIAL INSTITUTIONS AT 86.59 BILLION RUPEES

Source text: ID:nBSE9yF4FP

Further company coverage: MTNL.NS

(([email protected];;))

July 31 (Reuters) - Punjab National Bank PNBK.NS:

• PUNJAB NATIONAL BANK - ONE YEAR MCLR REVISED TO 8.85%

Source text: ID:nNSE6WBLsn

Further company coverage: PNBK.NS

(([email protected];))

** Shares of PNB Gilts Ltd PNBG.NS climb nearly 10% to 117.45 rupees, extending gains after reporting profit jump on Wednesday

** Fixed income markets dealer ended 8.2% higher on Wednesday after Q1 profit jumped three-fold

** PNBG up 19% across last two sessions, set for best two-day gain since September 2023

** Over 16 mln shares traded in stock's busiest session in 13 months, 17x the 30-day avg volume

** Stock turns YTD positive, last up 8%

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

** Shares of India's PNB Gilts PNBG.NS jump as much as 10.8%, set for biggest intraday percentage rise since October 2024

** Stock last up 7%

** Indian non-bank lender's Q1 profit tripled y/y to 1.60 bln rupees ($18.5 million) as gains made from securities surged with little interest income growth

** Trading vols 8.5 million shares vs 30-day avg of 600k shares in busiest session since June 24

** YTD stock down 2.6%

($1 = 86.4350 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru)

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By Ashwin Manikandan

July 18 (Reuters) - India's central bank is close to finalising rules for banks and financial institutions to disclose and manage risks from climate change, three sources aware of the matter said.

The move runs counter to several top global banks including JP Morgan, Citibank, Morgan Stanley and HSBC, which have decided to scale back their climate commitments with the re-election of climate-sceptic U.S. President Donald Trump being seen as a trigger.

Getting a better idea of how, and to what extent, money is flowing to green investments is a central part of global efforts to move to a low-carbon economy, with countries from the UK to Japan making such disclosures mandatory.

The Indian central bank's norms, which have been in the works since 2022, are expected to ask banks and financial institutions to make regular disclosures about climate-related risks in their loan portfolios along with mitigation strategies and targets, the sources said.

The disclosures are likely to be on a voluntary basis from fiscal year 2027 and then mandatory from fiscal year 2028. India's financial year runs from April till March.

Banks will also be asked to conduct periodic stress tests to gauge the impact of adverse climate events such as floods, heatwaves and cyclones on borrowers and the economy, based on a guidance note which the central bank is also likely to issue soon, the sources added.

All three sources requested anonymity as they are not authorised to speak with media.

The RBI did not respond to an email from Reuters.

The central bank's decision to move forward with the rules has not been previously reported.

The Reserve Bank of India has previously recognised climate change as a source of major financial concern, and released a draft standard disclosure framework in February 2024 for public feedback.

“The signal from the central bank based on recent meetings is that the detailed norms are almost finalised and are expected very soon,” the first source said.

Many banks have already started collating data and setting targets to meet the disclosure standards, the source said.

Some large banks have put out tenders to bring in climate consultants to help them with the disclosures, according to public documents.

ASSESSING BORROWERS FOR CLIMATE RISK

The RBI's decision to move ahead with climate disclosures for its banks comes soon after India released a draft framework aimed at facilitating a greater flow of resources to climate-friendly sectors.

India is also gearing up to publish a new national emissions-reduction target ahead of the next round of global climate talks in Brazil in November.

India, the world's third largest polluter behind China and the United States, currently aims to achieve a net zero emissions target by 2070.

As part of the central bank's climate disclosure rules, banks will be required to calculate gross emissions of borrowers and disclose this information by asset classes and industries, according to the draft norms.

Such disclosures are expected to be included in their financial statements.

Separately, the central bank has also shared a 52-page draft note with large banks, a copy of which Reuters has reviewed, prescribing a methodology to forecast and analyse the impact of adverse climate events as well as transition risks on borrowers' ability to repay loans.

The transition risks are those which emerge from the changing consumer behaviour, policy and technology changes, as the world moves towards a low-carbon economy, as per the note.

While banks are preparing to disclose climate risk embedded in their loan portfolios, they do not expect these disclosures to impact loan pricing in the short term.

"As of now we don't have enough granular data to reliably price in these risks in our portfolios, but the long-term approach could be in that direction," said the second source, who is a banker at a state-owned lender.

(Reporting by Ashwin Manikandan; Editing by Ira Dugal and Kim Coghill)

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