HKMA enhances supervisory arrangements on Hong Kong Branch
Punjab National Bank announced that in view of the capital position of the Bank as at 31 March 2018 being below the regulatory requirement (including countercyclical buffer) of Reserve Bank of India, Hong Kong Monetary Authority (HKMA)is enhancing the Supervisory arrangements on our Hong Kong branch (PNB HK). Accordingly, PNB HK is required:(i) to maintain high quality liquid assets (HQLA) in Hong Kong equivalent to 100% of unpledged deposits.
(ii) The above HQLA should be deposited with PNBHK's sub-account opened/to be opened with the Central Moneymarkets Units.
(iii) Not to proactively solicit customer deposits while transactional deposits such as pledged deposits for commercial loans can be accepted in normal course.
(iv)To maintain a position of "net due to" its head office, other branches and any direct or indirect subsidiaries and associates of the Bank.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
