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A.J. Vinayak

Kasaragod, Nov. 28

Punjab National Bank (PNB) has said that it does not have any exposure in the Dubai World.

Speaking to Business Line during his visit to Kasaragod in Kerala State on Saturday, Mr K.R. Kamath, Chairman and Managing Director of the bank, said: “In Dubai World we have no exposure. We have a small exposure of $25 million for Indian customers operating there. These are the Indian companies who are the regular customers in India. For them we have given some loans for their operations.”

Representative office

Stating that the bank has only a representative office in Dubai, he said: “We can not lend from there.”

The bank is planning to open a branch in Dubai International Financial Centre (DIFC). The DFIC branch will do a lot of international banking. This will not be limited to Dubai alone. It will be like a hub, which will operate from Dubai, Mr Kamath said.

Debt crisis

To a query on the impact of Dubai World debt crisis on India, he said the impact may not be big. It may affect the NRI deposits, and not the remittance, he said.

Asked about the ninth bipartite wage settlement and its impact on the bank, he said: "The bank has already provided for that. We have provided more than what is prescribed in the settlement." He said the settlement will not have any impact on the profit and loss accounts of the bank for the current financial year.

More Stories on : Public Sector Banks | Financial Institutions | Punjab National Bank

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