Punjab National Bank sells its entire stake in CIBIL

Punjab National Bank has sold its entire stake in Credit Information Bureau India (CIBIL) to TransUnion International Inc. (FII). The bank has taken this step pursuant to regulatory approvals. Punjab National Bank has reported 42.14% fall in its net profit at Rs 755.41 crore for third quarter ended December 31, 2013 as compared to Rs 1305.62 crore for the same quarter in the previous year. However, total income of the bank has increased by 3.68% at Rs 11922.30 crore for quarter under review as compared to Rs 11499.27 crore for the quarter ended December 31, 2012.