The curb imposed on fresh purchase of shares of State owned Punjab National Bank, by foreign Investors, for over 7 years, has been lifted by RBI.
The RBI notified that the total foreign share holdings by foreign institutional investors/NRIs/PIOs/FDI and others under Portfolio Investment Scheme (PIS) in Punjab National Bank has come down below the threshold caution limit required under FDI policy. Therefore, the curb imposed on purchase of shares of PNB placed by RBI vide release No. 2008-2009/1914 dated 22nd May 2009 is now withdrawn.
It is notable that PNB ran into loss during the last quarter ended 31st March 2016, to the tune of Rs. 5,367 crore which is the largest quarterly loss incurred by any Public Sector Lender.