PNB Rakshak Plus Scheme Assistance: PSU bank disburses ₹17 crore; check other key updates

PNB Rakshak Plus Scheme: PNB’s Rakshak Plus Scheme provides financial coverage in the form of personal accident insurance of ₹1 crore in case of death, permanent total disability, and air accident coverage of ₹1.5 crore in the event of death, the lender said. PNB Rakshak Plus Scheme: Punjab National Bank (PNB), the state-run lender, last week (June 18), said it has extended support of ₹17.02 crore to the families of 26 deceased defence and paramilitary personnel under its flagship Rakshak Plus Scheme as of June 11 this year. This reaffirms the bank's unwavering support for the brave soldiers protecting India, PNB said in a statement. Among the 26 recipients were the families of operations like Birli Gali, who made the supreme sacrifice while serving the nation. PNB’s Rakshak Plus Scheme provides financial coverage in the form of personal accident insurance of ₹1 crore in case of death, permanent total disability and air accident coverage of ₹1.5 crore in the event of death, the lender said. The scheme includes partial disability coverage and comprehensive benefits tailored to the needs of those in uniform, it said. PNB CGM (BARM) Binay Gupta said, "It is our solemn duty to stand by the families of our martyrs. Through the Rakshak Plus Scheme, PNB offers more than financial assistance – it serves as a symbol of our respect and enduring support for their immense sacrifices." In line with the bank's commitment to honouring national heroes, the lender said PNB continues to ensure timely financial support to the bereaved family. PNB: Recent updates Last week, Punjab National Bank said it sold its entire 21% stake in India SME Asset Reconstruction Company Limited (ISARC) for ₹34 crore. In March, the Reserve Bank of India (RBI) had granted approval for a change in sponsor of the asset reconstruction company and equity raise from Authum Investment and Infrastructure Ltd, PNB said in a regulatory filing. The bank completed the sale of a 20.90% stake on Tuesday, it said. It sold 2.09 crore shares of the asset reconstruction company for ₹16.29 per share, aggregating ₹34.04 crore. The bank had entered into a definitive agreement to sell its entire stake in ISARC in May. For the financial year ended March 31, 2025, ISARC had earned a net profit of ₹19.79 crore with a total income of ₹36.4 crore. Prior to the stake sale, ISARC was sponsored by SIDBI, Bank of Baroda, Punjab National Bank, and SIDBI Venture Capital Ltd. In May, 2025, the lender said it was targeting a significant recovery of ₹16,000 crore and aims to keep slippages below 1% in the current fiscal year to sustain profitability, the top official of the country's second biggest state-owned lender said. The total recovery of the bank stood at ₹4,733 crore for the fourth quarter and ₹14,336 crore for FY25, while the overall slippage ratio was 0.73% during the last financial year. PNB Q4 FY25 Results The PSU lender reported a 52% rise in net profit at ₹4,567 crore for March quarter FY25 (Q4 FY25). The lender had earned a net profit of ₹3,010 crore in the year-ago period. During the quarter, the bank's total income increased to ₹36,705 crore from ₹32,361 crore a year ago, PNB said in a regulatory filing. Interest income grew to ₹31,989 crore from ₹28,113 crore in the fourth quarter of the previous financial year. Shares of the bank have gained nearly 2% in the past 30 days and 0.7% in the past six months. In the past 12 months, the share price has fallen over 18%. (With inputs from PTI)