Tag: pnb

PNB puts up National Steel & Agro Industries for sale to recover Rs 200cr dues, BFSI News, ET BFSI

Banking & Finance

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State-owned Punjab National Bank (PNB) has put up a Madhya Pradesh-based steel and agriculture company for sale to recover its outstanding of nearly Rs 200 crore. The National Steel and Agro Industries Ltd has a balance outstanding of Rs 199.90 crore to the bank.

“We intend to place the account for sale to ARCs/NBFCs/other banks/FIs, on the terms and conditions stipulated in the bank’s policy, in line with the regulatory guidelines,” PNB said in an auction notification.

The lender has set the reserve price (on cash basis) at Rs 95 crore for the sale process.

For the prospective bidder to expedite the process of due diligence exercise and for verification purposes of the buyer, the bank said it will make all possible efforts to bring copies of documents at one place.

However, the bank at its sole discretion may withdraw the account offered for sale, without assigning any reasons, it added.

PNB has set December 8 as the last date for completion of due diligence exercise. The last date of submission of binding bids is December 9, while the date for opening of bids is fixed as December 10, 2021. PTI KPM MR MR



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CyberX9 questions PNB’s denial of server vulnerability

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Cyber security firm, CyberX9 which alleged that there was a vulnerability in Punjab National Bank’s (PNB) internal server on Tuesday questioned the bank’s claims that no such breach or leak of customer data has taken place.

Read also: PNB server vulnerability may have exposed data of over 180 m customers

CyberX9, in a statement, asked, “Have they checked every single computer system and servers in their massive network which even includes computer systems in their large number of bank branches and other offices? It is a baseless argument from PNB without putting any actual efforts into checking if there are attackers already in their network or not who could’ve entered in at any point in these ~7 months when they were vulnerable. They simply left the door to their internal systems open for ~7 months and now they’ve to check their whole network (a very big maze) to find if any attacker is covertly hiding.”

Read more: No breach of systems and pilferage of any personal data, says PNB

“For the scale of PNB’s network (extremely large number of systems which includes computers in bank branches and other servers), it’ll take at least more then a month even for a very large team of skilled security and forensic engineers to re-secure everything and find and clean up any infiltration. Until then PNB can’t be considered secure. We should not forget that CERT-In and NCIIPC accepted our reports to them where we mentioned the impact of the vulnerability which we also mentioned in our blog. And also that PNB had to shut down their server after our report which is a big thing since it shows the severity of the vulnerability and it’s impact,” it added.

Following several reports of vulnerability found in Punjab National Bank’s internal server, exposing personal and financial information of customers, the bank on Monday denied any breach of system and possibility of data exposure. The bank has deployed data leak prevention solutions that stop any unauthorised data from being sent through emails, it said.

Following PNB’s claims of deploying data leak prevention solutions that prevent any unauthorised data to be sent through emails,CyberX9 said, “It’s an irrelevant statement here since it’s unclear what they mean by “unauthorised data. Any internal employee sending sensitive customer personal or financial data or internal confidential documents isn’t “unauthorised data” and hence is indeed shared in emails.”

CyberX9 even questioned PNB’s ISO 27001 certification saying it has violated the same by not timely report and remediate the vulnerability.

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Punjab National Bank denies any data theft, system breach, BFSI News, ET BFSI

Banking & Finance

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Punjab National Bank on Monday said there had been no breach of its systems or pilferage of personal data of customers and account holders. The state-run lender, in a statement, said it had thoroughly checked its systems and that the reported attempt of perpetrator was monitored and checked.

“PNB has implemented stringent security controls in all our ICT (information and communications technology) systems,” said the bank, adding that it has deployed data leak prevention solutions which prevent any unauthorised data to be sent through email.

Cyber security firm CyberX9 had said that a vulnerability in the server of Punjab National Bank exposed the personal and financial information of its about 180 million customers for about seven months and that the bank fixed the vulnerability when CyberX9 notified PNB through CERT-In and NCIIPC.

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No breach of systems and pilferage of any personal data: PNB

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Following several reports of vulnerability found in Punjab National Bank’s internal server, exposing personal and financial information of customers, the bank on Monday denied any breach of system and possibility of data exposure. The bank has deployed data leak prevention solutions that stops any unauthorized data to be sent through emails, it said.

“We have thoroughly checked our ICT systems those on Internet facing and operating in the background at PNB. There has been no breach of systems and pilferage of any personal data of any of our customers and account holders of PNB,” the bank said in a statement.

Read also – PNB server vulnerability may have exposed data of over 180 m customers: CyberX9

It added, “It is an established fact that hackers regularly attempt to penetrate every and all Internet facing systems anywhere in the world. PNB has implemented stringent security controls in all our ICT systems. The reported attempt of perpetrator was monitored and checked. All our critical ICT systems dealing with banking transactions are kept in secure zone, called DM zone with multiple layers of protection.”

CyberX9 report

The alleged vulnerability came into light, when cyber security firm CyberX9 published a blog post saying that apart from its 180 million customers, the glitch leaves access to confidential internal emails and logins of all strata of employees across branches and systems, including the CMD exposed by letting the hackers get the highest level of admin privilege in the affected server. It claimed that the vulnerability existed for at least seven months.

To this, PNB said that it had deployed a leak prevention solution controlling unauthorised data being sent over emails. Earlier, in a statement to PTI, the bank had said that the glitch was found and fixed; and no data was compromised.

“The said zone does not permit unauthorised access to any one, including internal staff. The ICT systems are monitored round the clock by competent staff at security operation centre. The data at rest and transit are encrypted using proprietary algorithms,” it said in its latest statement.

The bank is certified with International ISO 27001 best information security practices, validated minimum every year and as and when significant upgradation to the ICT systems is undertaken. These standards and best practices are also adopted in India.

“Our customers are very valuable to us. We assure our all customers that PNB, your bank, will strive hard to keep your personal data highly confidential meeting to best possible standards. Towards this, PNB will always be at the forefront to implement best available resources to implement the best security controls to secure the Information of our all customers,” PNB said.

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CyberX9, BFSI News, ET BFSI

Banking & Finance

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A vulnerability in the server of Punjab National Bank allegedly exposed the personal and financial information of its about 180 million customers for about seven months, according to cyber security firm CyberX9. CyberX9 has claimed that the vulnerability provided access to the entire digital banking system of PNB with administrative control.

Meanwhile, the bank has confirmed about the glitch but denied any exposure of critical data due to the vulnerability.

PNB said “customer data/applications are not affected due to this” and “server has been shut down as a precautionary measure.”

“Punjab National Bank kept severely compromising the security of funds, personal and financial information of over 180 million (all) its customers for about the last 7 months. PNB only woke up and fixed the vulnerability when CyberX9 discovered the vulnerability and notified PNB through CERT-In and NCIIPC,” CyberX9 founder and MD Himanshu Pathak told PTI.

He said CyberX9 research team discovered a very critical security issue in PNB which was leading to admin access to internal servers hence exposing a massive number of banks’ systems nationwide open for cyber-attacks for the last about seven months.

Pathak said that vulnerability was found in an exchange server which is interconnected with other exchanges and shares all access — including access to all email addresses which results in access to all email addresses.

“The vulnerability which we discovered was leading to the highest level of admin privilege in PNB’s exchange servers. If you gain access to Domain Controller through an exchange server then the doors very easily open to make any computer accessible in the network.

“These computers even include those that are being used in their branches and other departments,” Pathak said.

When contacted, PNB said the server in which the vulnerability was found had no sensitive or critical data.

“The server wherein the vulnerability was reported, was being used as one of the multiple Exchange Hybrid servers used to route emails from On-prim to Office 365 Cloud. There is no sensitive/critical data in this server,” PNB said.

PNB denied CyberX9 claim on impact of the vulnerability on customer’s data.

“The server is in a separate VLAN segment and customer data/applications are not affected due to this. Vulnerability assessments and penetration testing is done periodically by external Cert-in empanelled Information Security Auditors and the observations are complied with.

Now this server has been shut down as a precautionary measure,” PNB said.

According to CyberX9, the vulnerability was mitigated on November 19, and it reported the incident to Indian cyber security watchdog Cert-In and National Critical Information Infrastructure Protection Centre (NCIIPC). PTI PRS DP DRR DRR



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Punjab National Bank raises Rs 1,919 crore via bonds, BFSI News, ET BFSI

Banking & Finance

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New Delhi: State-owned Punjab National Bank on Thursday said it has raised Rs 1,919 crore by issuing Basel compliant bonds. The bank has issued and allotted Basel III compliant tier-II bonds at a coupon of 7.10 per cent per annum aggregating to Rs 1,919 crore on a private placement basis, it said in a BSE filing.

It has issued a total of 1,919 bonds under the issue.

Shares of PNB closed at Rs 41.70 apiece on BSE, up 2.58 per cent from the previous close.

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Pension funds holding distressed Srei’s bonds in a spot, BFSI News, ET BFSI

Personal Finance

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Pension funds at several entities, including Punjab National Bank (PNB) and Food Corporation of India, face the risk of losses on their respective exposures to about ₹4,800 crore of bonds issued by two companies of the Kolkata-based distressed financier Srei Group, which are now undergoing a central bank-monitored insolvency process.

Other funds likely affected include the MTNL Gratuity Trust, UltraTech CEMCO PF and the Rajasthan Vidyut Karamchari Gratuity Trust, people familiar with the matter told ET.

“Currently, bondholders are in talks with trustees as they figure out their claims for the resolution process,” said a person involved in the matter.

Lenders to Srei Group are expected to vote on a group insolvency plan on November 17.

The two Srei group companies – Srei Infrastructure Finance and Srei Equipment Finance – have an outstanding of ₹4,730 crore in bonds. These include secured and unsecured non-convertible debentures. Total market borrowings of the group, taken to the National Company Law Tribunal (NCLT) by the central bank, were ₹30,783 crore at the end of FY21.

Meanwhile, ET has reviewed a list of two dozen investors that had bought into the bonds issued by Srei Group. Rajasthan Vidyut Karamchari subscribed through three sets of papers.

Other Investors
To be sure, the investments might not be substantial for several of the pension funds cited above as there is no major single investor in these bonds. Subscribers also include several wealthy individuals and HUF (Hindu Undivided Family) entities.

MTNL, PNB, UltraTech, Food Corporation and Rajasthan Vidyut did not respond to ET’s mailed queries.

Srei’s total liabilities are through a combination of loans, bonds and external commercial borrowings. The Indian Registrar of Shipping Staff Provident Fund and Caledonian Jute Mills Workers’ PF are also invested in these bonds.

Besides, small companies such as Sadbhav Engineering, Suruchi Foods, Maharashtra Enviro Power and YMS Finance are among other investors. They could not be contacted immediately for comments.

State Bank of India (SBI), Axis Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, Punjab National Bank, Uco Bank and Union Bank of India are major lenders to the group. SBI is said to have the largest share of lending.

Under group insolvency, a joint resolution plan will be drawn for both SREI Infrastructure Finance and SREI Equipment Finance. Both were admitted for corporate insolvency and resolution process last month on central bank orders.

The committee of creditors (CoC) first met on November 2 when the Reserve Bank of India (RBI)-appointed administrator, Rajneesh Sharma, informed the lenders about the finances of the two debt-laden companies.



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Why analysts see no upside in PNB stock despite 78% jump in Q2 net, BFSI News, ET BFSI

Banking & Finance

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NEW DELHI: Punjab National Bank (PNB) reported a 78 per cent surge in September quarter profit, in addition to a three-fold jump in June quarter profits. Analysts, however, see no further upside for the stock that has underperformed the market this year with a 21 per cent return.

Analysts said the surge in earnings was mainly led by a reversal in tax and noted that operating performance for the quarter was fairly weak, with pre-provision operating profit falling 27 per cent YoY due to a 25 per cent decline in net interest income (NII).

Slippages were elevated at about Rs 9,080 crore, which were 5.4 per cent of loans, even as higher recoveries and upgrades helped the bank report a 70 basis points fall in gross NPA at 13.6 per cent.

Motilal Oswal Securities noted that the bank’s domestic margins also fell 36 basis points sequentially to 2.45 per cent due to an interest reversal of Rs 620 crore and few corporate loans being repriced at lower rates. Fee income fell 21 per cent sequentially. “PNB’s asset quality remained largely stable despite elevated slippages, supported by higher recoveries and upgrades. However, the bank’s restructured portfolio increased to 3.1 per cent of loans, for which it is carrying mere 10 per cent provisions. Also, SMA overdue stood at 3.7 per cent of loans, making us watchful of PNB over the near term,” Motilal Oswal said.

Emkay Global has retained its sell call on the stock due to slower growth, ongoing concerns around asset quality and subpar return ratios when compared with other public sector banks. It has valued the stock at Rs 35. “Credit growth was weak at 3 per cent YoY but PNB expects the growth run rate to improve to 6-8 per cent YoY by the end of FY22, aided by healthy growth in retail and some back-end support from corporates as well. That said, we believe overall NIMs are likely to remain under pressure due to slower growth and interest reversals on NPAs,” Emkay said.

Edelweiss shared similar concerns. It said asset quality shows persistent challenges, with slippages in excess of 5 per cent (annualised) and SMA-2 + restructuring at 2 per cent level. Soft business momentum reflected in a 30 per cent YoY dip in core profitability. “Still evolving stress and low provision stock forebodes elevated credit costs going forward, keeping us on guard. High stress, lower buffer, challenges on business and risk of subsequent Covid waves indicate that transition will be arduous and normalisation is still awaited,” said the brokerage. It has a hold rating on the stock with a target of Rs 42.

PNB closed at Rs 42.10 a piece on Friday, suggesting no upside.



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Lenders get set for festive season; offer home, vehicle, gold loans at attractive rates, BFSI News, ET BFSI

Banking & Finance

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Lenders in the BFSI space are gearing up for the festive season, offering reduced interest rates on home and vehicle loans, and other discounts to customers.

Punjab National Bank, State Bank of India and Kotak Mahindra Bank are among the banks providing festive offers, while Mahindra Finance is among the non-bank lenders offering discounts on its loan products.

Also read: Ahead of festive season, banks slash interest rate on home loans. Get the details here

Here are the latest updates, so far, this week:

Mahindra Finance
Mahindra Finance on Wednesday launched festive offers on its vehicle loans for two months, providing offers and discounts to customers at competitive rates.

‘Shubh Utsav’ has been launched with immediate effect, and will continue till the end of November. It has special finance schemes, specifically for customers who plan to avail vehicle loans during these two months.

The offers can be availed across India. Below are the offers:
>SUV Loans (Mahindra brand) at interest rates starting 7.35%

>Up to 100% funding

>Loan tenure up to 7 years

>Buy now and pay after 60 days

>50% waiver on processing fees

>Pre-owned car loans at interest rates starting 12%

>Loan on tractor Implements at zero processing fee

>Quarterly and half yearly EMI for select customers for Car and Tractor loans

Punjab National Bank

PNB on Wednesday cut its gold loan rates by 145 basis points, and is now offering loans against sovereign gold bond at 7.20% and against gold jewellery at 7.30%.

The bank is also offering a full waiver of service charges and processing fee on the loans against gold jewellery and sovereign gold bond.

Earlier, the bank, as part of its festive offers, had announced a cut in home loan rate, which now starts from 6.60%, car loan rate, starting from 7.15%, and personal loan rate, from 8.95%.

ICICI Bank

ICICI Bank on Tuesday announced the launch of ‘Home Utsav’, a virtual property exhibition that digitally showcases real estate projects across cities. The exhibition will offer convenience to prospective home buyers as they can select their home by browsing through projects, approved by the bank, and avail benefits.

The offer is from October 7,2021, to December 31, 2021.

Attractive interest rate on home loans, special processing fees and digital sanction of loans and exclusive offers from developers are among the benefits that are being offered to the customers.

Furthermore, anyone, including those who are not customers of ICICI Bank, can avail of these benefits on buying a property through the exhibition, the bank said. Customers of ICICI Bank can further avail for the bank’s pre-approved home loan offers.



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PNB cuts gold loan interest rates by 145 bps, now loans against sovereign gold bond at 7.20%, BFSI News, ET BFSI

Banking & Finance

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As India nears its festive season, Punjab National Bank has cut its gold loan rates by 145 basis points, and is now offering loans against sovereign gold bond at 7.20% and against gold jewellery at 7.30%.

PNB is also offering a full waiver of service charges and processing fee on the loans against gold jewellery and sovereign gold bond, the bank said in a statement.

Earlier, the bank, as part of its festive offers, had announced a cut in home loan rate, which now starts from 6.60%, car loan rate, starting from 7.15%, and personal loan rate, from 8.95%.

The bank also slashed the margin on home loans. Home loan seekers can now avail of loans up to 80% of the property’s value without any upper ceiling on the loan amount.

With the reduction in interest rate and zero processing fee, funds are available at a very competitive rate on a range of retail loan products during this season, it said.



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