PNB To Infuse Rs 600 Crore Into PNB Housing Finance

On Friday, in a stock exchange filing, Punjab National Bank (PNB) said that it has decided to infuse Rs 600 crore in PNB Housing Finance, an housing finance company that it is a promoter of.

"The Exchange is hereby informed that the Bank has decided to infuse capital of an amount upto Rs.600 Crore in PNB Housing Finance Ltd. (PNBHFL), an Associate of the Bank, through Preferential Issue/Rights Issue etc. subject to Regulatory Approvals, as and when PNBHFL decides to raise capital," PNB said.

PNB Housing Finance offers housing as well as non-housing loans to retail customers and construction finance loans to real estate developers for residential housing. It is also a deposit-taking housing finance company.

Recently, it launched a digital customer onboarding platform called Ace, to facilitate easier and safer approval and disbursal of loans with a minimal physical interface. It offers video-based KYC to ensure safe and contactless service for borrowers.