PNB on Track for $2.5 Billion FCNR(B) Target Amid Global Yield Pressures

Punjab National Bank is on course to achieve its $2.5 billion target for Foreign Currency Non-Resident Bank deposits by September 30, with $419 million already mobilized. Despite higher global yields and ongoing rate negotiations, the bank plans to raise an additional $500 million through overseas bonds.

Punjab National Bank (PNB) is steadily advancing towards its target of mobilizing USD 2.5 billion in Foreign Currency Non-Resident Bank (FCNR(B)) deposits by the end of September, amid challenging global yield scenarios. As of now, the bank has successfully raised around USD 419 million, according to Executive Director Amit Kumar Srivastava.

In an exclusive interview with ANI following the bank's first-quarter FY27 earnings announcement, Srivastava revealed plans to further bolster overseas fundraising efforts by issuing USD 500 million in bonds. This move will push PNB’s overall overseas fundraising target to a substantial USD 3 billion by September 30.

Srivastava highlighted ongoing negotiations with overseas banks and customers over deposit rates, emphasizing that easy dollar availability continues to be a crucial factor in the bank's mobilization strategy. Despite the intricate pricing talks, the bank remains optimistic about achieving its financial targets without altering current deposit rates.