Top headlines: PNB Q1 net profit zooms 231%; PM Modi launches e-RUPI

Business Standard brings you the top headlines on Monday

PNB's Q1 profit jumps 231% to Rs 1,023 crore as provisions fall

State-owned Punjab National Bank (PNB) reported a net profit of Rs 1,023 crore in April-June, posting a 231 per cent jump in its profit as compared to the same period last year. Sequentially, net profit of the Delhi-based lender increased 74 per cent from Rs 586 crore reported in Jan-March.

The bank’s net interest income (NII) increased 6.5 per cent year-on-year to Rs 7,226 crore during the quarter on a standalone basis. Read more

PM Modi launches 'big reform' e-RUPI to make targeted DBT benefits work

Prime Minister Narendra Modi on Monday launched a digital direct benefit transfer (DBT) platform called e-RUPI, which aims at making sure that the money transferred by the user, in this case, the government, is used exactly for the same purpose as it is intended to be.

Prime Minister Modi termed the e-RUPI as a “big reform”, in line with the launch of BHIM-UPI payment system in December 2016. Read more

Exports hit record high of $35 bn in July; up 34% over pre-Covid level

Merchandise exports grew 48 per cent YoY in July to $35.17 billion on account of a rise in global orders in shipments of petroleum products, engineering products, gems and jewellery segments, preliminary data released by the commerce and industry ministry showed.

On a sequential basis, outbound shipments witnessed an 8 per cent jump and grew over 34 per cent as compared to July 2019. Read more

RBL Bank posts Rs 459 cr June qtr loss due to one-time provisioning

Private sector lender RBL Bank reported a net loss of Rs 459 crore in the June quarter of FY22 due to one-time higher provisions so as to improve its provision coverage ratio to over 60 per cent. In the year-ago period, it had reported a net profit of Rs 141 crore. The bank has, however, said that next quarter it will return to profitability and will make up for the loss in the reporting quarter in the next nine months of the financial year. Read more