What is Happening
The financial landscape surrounding **Punjab National Bank (PNB)** is currently a dynamic mix of significant developments, touching upon everything from corporate debt resolution to internal operational integrity and monetary policy adjustments. At the forefront, PNB has recently announced an upward revision of its **Marginal Cost of Funds-based Lending Rate (MCLR)** by 10 basis points across all tenors, effective November 1st. This move, which sets the one-year MCLR at 8.90%, directly impacts borrowers, making various loans, including home and auto loans, potentially more expensive. While the Repo Linked Lending Rate (RLLR) and Base Rate remain unchanged, the MCLR hike reflects broader economic pressures and the bank’s strategy in a fluctuating interest rate environment.
Simultaneously, PNB is a crucial player in the ongoing efforts to resolve substantial corporate debt. The **National Company Law Tribunal (NCLT)** in Mumbai recently extended the deadline for **Supreme Infrastructure** to settle its considerable ₹2,200 crore debt until October 31st. PNB, alongside SBI and Union Bank, is part of the consortium of lenders that have agreed on a framework to complete these settlement obligations. This development underscores PNB’s active involvement in managing and recovering large non-performing assets (NPAs), a critical aspect of its financial health.
However, overshadowing these financial maneuvers are deeply troubling allegations concerning PNB’s internal controls and customer trust. Recent reports highlight a disturbing pattern of alleged money disappearances from customer savings accounts and fixed deposits, mirroring similar concerns at other banks. More alarming are the revelations of a significant **banking control crisis** within PNB itself. Instances of