PNB garners Rs 500 crore through ESPS scheme

Punjab National Bank offers customers 4.5 percent interest on deposits less than Rs 2 crore. Senior citizens earn 5.25 percent. Those depositing between Rs 2 crore to Rs 10 crore earn an interest of 3.25 percent.

Nirav Modi-scam hit Punjab National Bank (PNB) has mobilised Rs 500 crore through its Employee Stock Purchase Scheme (ESPS).

As part of the scheme, the bank issued up to 10 crore new equity shares to its employees at a discounted price of Rs 53.95 per share.

"The scheme was well accepted by the employees. The banks successfully completed the ESPS on November 10 with subscription ratio of 90.7 per cent. It has led to the capital infusion of around Rs 500 crore into the bank," PNB said in a statement.

So far, no other bank has been able to achieve 90 per cent ratio under ESPS, it added.