The board has also approved the issuance of bonds under the MTN programme, according to a regulatory filing.
The fundraising plan comes as the bank continues to expand its balance sheet, with advances growing faster than deposits in the quarter ended June 30.
Loans grow faster than deposits
Punjab & Sind Bank’s total business rose 15.33% year-on-year to ₹2.67 lakh crore in the June quarter, from ₹2.31 lakh crore a year earlier.
Total deposits increased 12.16% to ₹1.47 lakh crore from ₹1.31 lakh crore in the year-ago period.
Gross advances, meanwhile, rose 19.5% to ₹1.19 lakh crore from ₹99,950 crore, indicating stronger growth in the bank’s lending portfolio.
The bank’s Current Account Savings Account (CASA) ratio stood at 76.19% as of June 30, compared with 81.18% a year earlier.
The lower CASA ratio indicates a shift in the deposit mix, although the ratio remained relatively strong.
Shares of Punjab & Sind Bank closed at ₹21.18 on September 29, down 0.61% from the previous session.
Also Read: Punjab & Sind Bank’s business grows 15% as loans outpace deposits in Q1