Fitch placed Punjab National Bank on Rating Watch Negative (RWN), reflecting a possibility of downgrade following the USD 1.77 billion fraud. The fraud is the biggest ever in the banking history.
The Viability Rating measures credit worthiness of a financial institution and reflects the likelihood of the entity to fail, as per Fitch. The RWN reflects the possibility of a downgrade of PNB’s Viability Rating.
Static/Current Takeaways Important for Syndicate Bank PO 2018 Exam-
- PNB is also likely to get an additional Rs5,400 crore from the government by end-March 2018 under the government’s recapitalisation agenda.
- PNB Chairman- Sunil Mehta, Headquarters- New Delhi.
Source- The Hindu