IRDA FROWNS ON PNB PLAN TO BUY 30% IN METLIFE FOR Rs 1

Punjab National Bank, the country’s second largest lender, wanted to buy 30 per cent stake in MetLife Insurance for Rs 1, but the deal has run into a regulatory hurdle. The Insurance Regulatory and Development Authority (IRDA) is scanning the contours of the deal as it is not comfortable with the valuation, though the Reserve Bank of India (RBI) has given its approval to PNB.