Punjab National Bank's FY19 plans fail to convince finance ministry

While downgrading PNB's rating, Moody's Investors Service said the bank would need ~120-130 billion in 2018-19 to meet regulatory requirements

Unhappy with projections for 2018-19 made by Punjab National Bank (PNB) in a presentation, the finance ministry has asked the fraud-hit lender to give another presentation with “realistic numbers”, sources said. The department of financial services (DFS) held a meeting with the top management of PNB on Thursday, following fears that the bank may slip into the Reserve Bank of India’s (RBI’s) prompt corrective action (PCA).

PNB Managing Director and Chief Executive Officer Sunil Mehta and its general managers gave a presentation to DFS officials on their turnaround plan. Sources said the bank told the DFS it expected 15 per cent