PNB aims recovery of Rs 32,000 cr in this fiscal

New Delhi: Punjab National Bank's Managing Director A K Goel on Friday said the lender is aiming about Rs 32,000 crore-worth recoveries from the resolution of bad loans in the current fiscal. The recovery in each quarter would be higher than the slippage, he said, adding that the bank's total recovery during the first quarter was Rs 7,057 crore. The slippages were at Rs 6,468 crore during the same period.

"We expects to recover Rs 8,000 crore every quarter and would ensure that its recoveries are higher than fresh slippages," he said. During the entire fiscal, he said, the recovery would be at least Rs 32,000 crore, including Rs 6,506 crore from cases before the National Company Law Tribunal (NCLT).

He also said the bank is contemplating to increase interest rate on Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits. The Asset Liability Committee (ALCO) of the bank would be meeting on Saturday to take a call on raising the rate.

Some banks have already raised the interest rate on FCNR(B) as the RBI permitted banks to hike the rate for a limited period to encourage inflow of foreign funds.