PNB faces major loss in March Quarter, reported loss of Rs.5,370 crore

According to a report, Punjab National Bank on Wednesday reported the loss of Rs. 5,370 crore in its March quarter and you will be shocked to know that it is biggest loss in the history on Indian banking sector.

Major loss to the lender

Notably, last year the bank reported net profit of Rs. 307 crore in the same quarter. According to a polls of leading daily it was expected to deliver the profits of 81 crore.

The major reason behind it was deteriorating asset quality during the with a 6.26 percent rise QoQ rise.