The Hindu Business Line : Not facing liquidity crunch: PNB

CHANDIGARH: Country's second largest public sector lender Punjab National Bank said on Monday said it is not facing any liquidity crunch on account of global meltdown and has adequate funds to lend money to the borrowers.

“We are not facing any sort of liquidity crunch as we have thousands of crore of money as reserves for lending purposes,” PNB Chairman and Managing Director Mr K C Chakrabarty said here today when asked whether the bank experienced any liquidity crisis.

He said that the bank was at comfortable position in terms of lending even in the current situation. Mr Chakrabarty said that because of the timely steps taken by regulators and policy makers, Indian financial market was insulated from the adverse impact of the global turmoil.

“Our policy makers took quite a few steps (following the global mayhem). As a result of which our market was away from the impact,” Mr Chakrabarty, who was here to attend a State Level Bankers Committee meeting, said.

On being asked whether slowdown in the global economy would impact the overseas expansion plans of the bankers, he was of the view that the present situation was quite ideal for expanding to other countries.

“This is a time to buy anything in the overseas markets as everything was available at cheaper rates. Therefore those who (banks) have strength must go for it,” he said.

He further said PNB was expanding in various overseas markets to consolidate its position. He informed that the bank has plans to open new offices in Dubai, Norway, Canada and Singapore. - PTI

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