Punjab & Sind Bank has revised the Marginal Cost of Fund based Lending Rate across different tenors with effect from 16 October 2020-

1. Overnight MCLR - 7.05%
2. One month MCLR - 7.35%
3. Three month MCLR - 7.50%
4. Six month MCLR - 7.60%
5. One Year MCLR - 7.70%

Further, the existing Base Rate and BPLR is unchanged at 9.70% and 14% respectively.

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Punjab & Sind Bank announced that CARE has downgraded the rating of the bonds issued by the bank on 06 October 2020 as detailed below:

Lower Tier II Bonds (Rs 300 crore) - CARE AA-; Negative (revised from CARE AA; Negative)

Basel III Compliant Tier II Bonds (Rs 500 crore) - CARE AA-; Negative (revised from CARE AA; Negative)

Basel III Compliant Tier II Bonds (Rs 237.30 crore) - CARE AA-; Negative (revised from CARE AA; Negative)

Basel III Compliant Tier II Bonds (Rs 500 crore) - CARE AA-; Negative (revised from CARE AA; Negative)

Basel III Compliant Tier I Bonds (Rs 1000 crore) - CARE A; Negative (revised from CARE A+; Negative)

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Punjab & Sind Bank announced the appointment of S. Krishnan as Managing Director & Chief Executive Officer of Punjab & Sind Bank from the date of assumption of office till date of his superannuation. i.e. 31 May 2020 or until further orders which ever is earlier vice S Harisankar, who has retired on voluntary basis with effect from 03 September 2020.

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Net Loss of Punjab & Sind Bank reported to Rs 116.89 crore in the quarter ended June 2020 as against net loss of Rs 30.28 crore during the previous quarter ended June 2019. Total Operating Income declined 13.08% to Rs 1800.02 crore in the quarter ended June 2020 as against Rs 2070.94 crore during the previous quarter ended June 2019.

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