CoC to Discuss JSW-Bhushan Case in 3 Days

Punjab National Bank (PNB), which helms the Committee of Creditors (CoC) in Bhushan Power & Steel's insolvency case, expects clarity on the next steps for lenders in the next three days, said Managing Director and Chief Executive Officer ASHOK CHANDRA in a video interview with Harsh Kumar. The state-owned lender on Wednesday reported a 51.7 percent year-on-year (Y-o-Y) increase in its net profit to ₹4,567 crore for the fourth quarter of 2024-25. Edited excerpts:

- ASHOK CHANDRA

When is the Committee of Creditors (CoC) meeting to decide the future course of action in the JSW-Bhushan case? And what would be the provision requirement for PNB due to this development?

The Committee of Creditors (CoC), led by PNB in the case of Bhushan Power & Steel, will be meeting with other lenders with exposure to the account in the next two to three days. We are in regular contact with all other members of the CoC and will take the necessary decisions based on the Supreme Court's verdict following our upcoming meeting. We have already received ₹3,000 crore from JSW Steel after resolution, which represents 0.25 percent of the total exposure on our books.

What is your guidance for 2025-26 (FY26) for PNB?

Our guidance for FY26: we are targeting credit growth in the range of 11-12 percent, which we consider a minimum achievable goal. Deposit growth is projected at roughly 10 percent, and we aim to maintain the current account-savings account ratio at around 38 percent.