The Hindu Business Line : PNB gets RBI nod to pick up NCDEX stake

PUNJAB National Bank (PNB) has received the Reserve Bank of India's approval for picking up 8 per cent (Rs 1.782 crore) stake in National Commodity & Derivatives Exchange Ltd.

With this, PNB will be joining the exclusive group of shareholders of NCDEX that comprises ICICI Bank, LIC, Nabard, NSE (each with 20 per cent shareholding in NCDEX) and Crisil (with 12 per cent share).

"Participation of PNB in our equity will help us in leveraging their large presence in the North, especially in important mandi centres for growth of our business. PNB also would stand to gain in the growth of NCDEX as it is one of the commodity depository participants as well as clearing and settlement banks of NCDEX," said Mr P.H. Ravikumar, Managing Director and Chief Executive Officer of NCDEX.

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