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PNB receives $100 million from ADB for installation of rooftop solar systems

Punjab National Bank (PNB) has received $100 million (about Rs 645 crore) as the first tranche of ADB’s multi-million dollar funding for installation of rooftop solar systems in India. The $100 million loan agreement signed between the Asian Development Bank (ADB) and PNB is backed by a guarantee from the central government. The Bank will deploy this fund as loan to various developers and end users to install large solar rooftop systems on industrial and commercial buildings throughout India.

The Bank has reported net profit of Rs 261.90 crore for the quarter ended March 31, 2017 as compared to net loss of Rs 5367.14 crore for the same quarter in the previous year. Total income of the Bank increased by 18.31% at Rs 14989.33 crore for quarter under review as compared to Rs 12669.21 crore for the quarter ended March 31, 2016.

As of March 31, 2017, the bank’s fresh slippages stood at Rs 22,415 crore as against Rs 42,252 crore in the same period last year.

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