PCA shadow on PNB, Canara, Union Bank; DFS to meet 11 executives today

The day-long meeting would be the first review of the banks after the RBI put them under PCA

Three more public sector banks — Punjab National Bank (PNB), Canara Bank and Union Bank of India — may come under Reserve Bank of India’s prompt corrective action (PCA) framework.

All three have net non-performing assets (NPAs) above 6 per cent, a trigger for the RBI to consider putting a lender under PCA to restore their health.

At end of March 2018, PNB — hit by the Nirav Modi-Mehul Choksi scam — reported net NPAs of 11.2 per cent, Union Bank of India’s NPAs were at 8.4 per cent and Canara Bank’s at 7.5 per cent. Under RBI rules, fulfilling