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Of the five parameters considered under PCA, the bank hopes to be out of the framework in four by 2019.
Allocating provisions to cover for its worsening bad loan problem pushed Allahabad Bank into posting a Rs 1,944 crore net loss for the first quarter of FY19.
Ananthasubramanian was, three months back, divested of all her powers as MD of Allahabad Bank, after being named in a CBI charge-sheet in the Rs 14,000 crore fraud case.
Soon after Central Bureau of Investigation (CBI) filed charge sheet in May pointed involvement of top officials of banks, PNB's board decided to divest two executive directors of all powers.
PNB will get Rs 28.16 billion while Corporation Bank, Indian Overseas Bank, Andhra Bank and Allahabad Bank are the other four lenders in which the government will inject capital in the latest round.
The Centre is already planning to finalise the acquisition of state-owned IDBI Bank by Life Insurance Corporation of India in three-four months.
Sources said, though there are no signs of a challenge in filling up the vacancies yet, bankers are certainly giving a serious thought to the offers being put on the table.
Mittal highlighted the reforms over the past four years and further stated that Goods and Services Tax (GST), Insolvency and Bankruptcy Code were the most relevant reforms.
According to the filing, the branch should maintain high quality liquid asset in Hong Kong equivalent to 100 per cent of unpledged deposits.
Once BBB shortlists the applicants, the Appointments Committee of the Cabinet (ACC) will finalise the candidate.
Yesterday, the finance ministry had asked the boards of Allahabad Bank and PNB to take action against Ananthasubramanian and two executive directors of PNB.
The board of Allahabad Bank will meet tomorrow and is likely to divest its CEO and MD Ananthasubramanian of all powers. She was the managing director of PNB till May 5 last year.
The directive has come within days of the RBI imposing similar restrictions on another state-run lender Dena Bank, which is under the Prompt Corrective Action (PCA) of the central bank.
The PNB, in a late night filing to stock exchanges, said the scam has swelled by USD 204.25 million.
The wider Nifty50 of the National Stock Exchange shed 73.90 points or 0.71 per cent to close at 10,378.40 points.