The Cabinet today approved the amalgamation of Nedungadi Bank with Punjab National Bank (PNB), and allowed the Shipping Corporation of India (SCI) to exit Greenfield Ltd, a liquefied natural gas (LNG) transportation joint venture in which the company holds 20 per cent equity.
PNB had offered to take over the beleaguered private bank to expand its business in Kerala. In order to safeguard the interests of Nedungadi Bank
