PNB targets $2.5bn via FCNR(B)

Punjab National Bank targets $2.5 billion through FCNR(B) deposits and has raised $425 million so far.

PNB managing director Ashok Chandra said traction is strong from the UK, Dubai and GIFT City.

The bank's first-quarter profits tripled, and deposit and credit growth are on track.

PNB sees sustained demand in north and north-western India, with a shift in disbursement cycle from June to July.

Every second loan at PNB is now disbursed through online channels.