PNB CEO Ashok Chandra confirmed no interest rate hikes, stating the bank passed on prior repo rate cuts. He highlighted the strength of India's economy and banking sector and assured support for sectors potentially affected by West Asia tensions.
Punjab National Bank Managing Director and CEO Ashok Chandra on Sunday said there is no increase in interest rates in the system at present and that the bank has already passed on the benefit of earlier repo rate cuts to customers. "Right now, there is no increase in the interest rate... the 125 basis points that were cut in the repo rate, we have already passed on all those rates to the customers. And we are not seeing any increase in the rate in the entire system," Chandra told ANI.
He added that both the economy and the banking sector remain strong. "The economy is very strong. The banking sector is very strong," he said.
On West Asia Tensions and Support Measures
Speaking about the potential impact of the ongoing tensions in West Asia, Chandra said, "If this war continues, then definitely some sectors will be affected. And for that, the Indian government and the Reserve Bank of India are thinking a lot about it."
He added that support measures would be extended if required, especially for vulnerable sectors. "Whenever there is a need, then definitely we are all ready... through rehabilitation, and through any such scheme, where the MSME sector or the retail sector, wherever there is an effect, I think we will worry about it. And we will provide all the help we can through the banking system," Chandra said.
India's Economic Resilience
Drawing a parallel with the COVID-19 period, he highlighted India's resilience in handling crises. "Even during the time of Corona... the Indian government and the Reserve Bank of India brought very strong measures... if a country was made strong economically, then it was India," he said.
Expressing confidence in the country's ability to manage future challenges, he said, "India's economy, India's banking sector is very resilient, very strong... I don't think that in the coming situations, there will be any particular problem."
PNB's Legacy and Future
Chandra was speaking on the sidelines of PNB's 132nd Foundation Day celebrations, where he also highlighted the bank's legacy and growth. "Our bank is the second largest public sector bank in the country... and in the coming years... Punjab National Bank is going to play a very important role," he said, adding that the institution has grown significantly since its inception. (ANI)
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