Latest News on Punjab National Bank
Indian billionaire jeweller Mehul Choksi, wanted for alleged financial crimes, is taken into custody by Belgian authorities.
Mehul Choksi, a Indian diamond merchant, has been arrested in Belgium at the request of the Indian government. Choksi is wanted in India for allegedly defrauding one of the country’s largest banks, Punjab National Bank (PNB), of nearly $1.8 billion. He had been living abroad since 2018 and was tracked down by Belgian authorities.
Choksi’s lawyer, Vijay Aggarwal, said they will appeal against his detention and oppose his extradition to India. The grounds for appeal include Choksi’s claims that he is not a flight risk and that he is undergoing cancer treatment. They will also contest the extradition on grounds that there isn’t enough evidence against him and that the extradition request is politically motivated.
Choksi and his nephew, Nirav Modi, are both wanted by Indian authorities in connection with the PNB fraud case. Modi is currently lodged in a prison in London and is awaiting extradition to India. Both Choksi and Modi were high-profile diamond traders and were known for their lavish lifestyles.
The Enforcement Directorate (ED), India’s financial crimes agency, had issued non-bailable warrants for Choksi’s arrest in 2018 and 2021, but it is unclear why the action was not taken earlier. The ED has accused Choksi and Modi of colluding with PNB employees to get fraudulent advances for payments to overseas suppliers of jewels, and then laundering the funds.
Hariprasad SV, a Bengaluru-based entrepreneur who had alerted authorities about the alleged scam at PNB, welcomed Choksi’s arrest and called for him to be brought back to India to face justice. The Indian government has hailed the arrest as a major breakthrough in its efforts to recover the stolen funds and bring the perpetrators to justice.
What’s behind the diamond trader’s alleged fugitive status in India? What lies ahead?
Mehul Choksi, the billionaire diamond trader and nephew of Nirav Modi, wanted in the Punjab National Bank (PNB) loan fraud case, may finally be on his way back to India after being arrested in Belgium at the behest of the Central Bureau of Investigation (CBI). Choksi, 65, had been living in Antwerp, Belgium, with his wife, Preeti Choksi, after obtaining a residency card, which was allegedly obtained with false declarations and forged documents.
Choksi had fled India in January 2018 with his nephew Nirav Modi before the PNB loan scam came to light. He had moved to Antigua and Barbuda, where he was granted citizenship, and later to Belgium. India had requested Belgium to extradite him, and the country confirmed his presence in early March.
Choksi’s arrest on Saturday came after Belgian authorities confirmed they were aware of his presence and were giving it great importance. However, he is expected to seek bail and release on the grounds of ill health. The CBI has issued two open-ended arrest warrants against Choksi, which date back to May 2018 and June 2021.
Punjab National Bank scam whistleblower Hariprasad SV expressed doubts about India’s ability to extradite Choksi, citing his wealth and access to the best lawyers in Europe. He also recalled a previous instance where Choksi evaded extradition in the Caribbean. Hariprasad hopes that the Indian government will succeed in bringing Choksi back this time.
The CBI has booked Choksi, Nirav Modi, and officials of PNB for defrauding the bank to the tune of Rs 13,850 crore. It is alleged that they used fraudulent letters of undertaking (LoUs) and foreign letters of credit (FLCs) by bribing bank officials. Choksi’s operations were not limited to PNB; his company, Gitanjali Gems, was also found to have defaulted on loans from ICICI Bank, IDBI Bank, and the Life Insurance Corporation of India (LIC), and had violated various FEMA regulations. Choksi is facing charges under the Prevention of Money Laundering Act and other sections of the Indian Penal Code. The extradition process may not be easy, but this development brings Choksi a step closer to facing justice in India.
Seven years after Mehul Choksi’s plea for justice, his fugitive status remains unresolved as legal proceedings stall
The Enforcement Directorate (ED) filed a plea in 2018 to declare diamond trader Mehul Choksi a fugitive economic offender, but the case remains pending due to numerous delays caused by Choksi’s legal team. Choksi is absconding in connection with the Punjab National Bank (PNB) fraud case and has been living in Belgium since January 2018, claiming he was seeking medical treatment. The ED had moved a plea to declare Choksi and his nephew, Nirav Modi, fugitive economic offenders, but Modi was declared a fugitive economic offender in 2020, while Choksi’s case remains pending.
Choksi’s legal team has raised two key issues in his defense: that his passport was revoked, preventing him from returning to India, and that he left India for medical treatment before a case was registered against him. However, the ED has countered that Choksi could have approached any Indian authority to facilitate his return if he was genuinely serious about returning to India.
The case has been delayed due to numerous applications filed by Choksi’s legal team, seeking adjournments and stalling progress on the main plea. Court records show that over 50 applications have been filed, with some arguments lasting only 10 minutes before new delays were requested. The ED sources reveal that the defense lawyers often submit applications requiring weeks for review, further stalling the proceedings.
Recently, Choksi’s lawyers submitted a plea to introduce documents showing he is undergoing cancer treatment in Belgium, claiming this evidence is crucial to explain his inability to return to India. The ED is awaiting a final court decision on Choksi’s plea, which has been pending for over seven years, despite the government’s efforts to expedite the process under the Fugitive Economic Offenders Act, 2018.
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Outshining ICICI Bank and Axis Bank, HDFC Bank’s interest rates are the lowest – See the latest rates from India’s top private lender – Personal Finance
HDFC Bank, India’s second-largest bank by assets, has reduced its interest rate on savings accounts by 25 basis points to 2.75%. This reduction is effective from April 12 and applies to savings accounts with balances less than Rs 50 lakh, earning an interest rate of 2.75% per annum. Accounts with balances over Rs 50 lakh will earn an interest rate of 3.25% per annum. This move comes after the Reserve Bank of India (RBI) announced a second consecutive benchmark repo rate cut, which has shifted its monetary policy stance from Neutral to Accommodative.
The reduction in HDFC Bank’s interest rate brings it closer to public sector lenders like State Bank of India and Punjab National Bank, which offer a minimum interest rate of 2.70% on savings account deposits since 2022. HDFC Bank’s interest rate is now on par with Bank of Baroda, which offers an interest rate of 2.75% on deposits up to Rs 50 crore.
In comparison, HDFC Bank’s peers, ICICI Bank and Axis Bank, are currently offering a minimum interest rate of 3% on balances below Rs 50 lakhs. The reduction in HDFC Bank’s interest rate is likely a response to the changing economic environment and the RBI’s move to prioritize growth over inflation control.
Punjab National Bank ushers in a new era of innovation, introducing 34 cutting-edge products on its 131st Foundation Day milestone.
The Punjab National Bank (PNB) celebrated its 131st Foundation Day on April 12, marking a century and a decade of customer-centric banking and financial inclusion. The celebration was attended by dignitaries, bank executives, employees, and customers at the PNB headquarters in New Delhi. The event highlighted the bank’s commitment to innovation, financial inclusion, and digital transformation.
DFS Secretary M Nagaraju commended PNB for its innovative product offerings and contribution to deepening financial inclusion and enhancing customer experience. PNB MD & CEO Ashok Chandra stated that the bank has been a cornerstone in India’s development, offering credit across every sector and ensuring financial inclusion nationwide.
PNB launched 34 new banking products and services, including 12 customer-centric deposit schemes and 10 digital transformation products. These products cater to various customer segments, such as salaried professionals, women, defence personnel, farmers, NRIs, senior citizens, pensioners, students, and youth.
Some notable launchings included customised account numbers, personal accident and life insurance, healthcare benefits, and upgraded debit card functionalities. The bank also introduced a QR code-based customer feedback mechanism, a live-chat assistant named “Pihu”, and new internal banking functionalities for enhanced customer service.
As part of its digital roadmap, PNB launched 10 new tech-driven services, including single-window DEMAT and trading account onboarding, digital loan facilities against deposits, and WhatsApp-based fixed deposit bookings. Other key digital initiatives include GST Express Loans, Digi MSME Loans, Self-Onboarding, and Loans for rooftop solar installations.
In alignment with its social responsibility vision, PNB partnered with various organizations, including Kalinga Institute of Social Sciences (KISS) foundation and Water for People India Trust, to support the wellbeing and literacy of underprivileged children and facilitate rural water conservation. The bank also donated infrastructure items to government schools in Delhi. The event concluded with cultural performances by PNB Parivaar and musical performances by renowned singers Meiyang Chang and Jahnvi Shrimankar.
National Company Law Appellate Tribunal (NCLAT) directs Punjab National Bank (PNB) to return Rs 4.5 crore to the liquidator of Vegan Colloids
The National Company Law Appellate Tribunal (NCLAT) has overturned a decision by the National Company Law Tribunal (NCLT) in a recent judgment, stating that Punjab National Bank (PNB) must refund ₹4.50 crore to the liquidation estate of Vegan Colloids Ltd. This decision reinforces the importance of the Insolvency and Bankruptcy Code (IBC) in ensuring a fair and transparent distribution of assets during liquidation.
The case began when Bank of India filed a petition against Vegan Colloids Ltd. under the IBC, leading to a Corporate Insolvency Resolution Process (CIRP) which was later converted to liquidation. PNB filed a claim for ₹18.17 crore and relinquished its security interest over the company’s assets. However, during the liquidation process, discrepancies were found in the company’s financial reports, which revealed that PNB had recovered ₹4.50 crore from the company’s assets and paid it back without going through the official liquidation process.
The liquidator sought a refund from PNB, claiming that the amount belonged to the liquidation estate and that PNB had violated the IBC by bypassing the official process. NCLT initially dismissed the application, but NCLAT overturned this decision, finding that PNB had failed to provide evidence that the funds came from guarantor payments and had illegally taken the money from the company’s assets. The tribunal also ruled that the bank’s actions disrupted the liquidation estate and violated the IBC’s provisions on asset distribution.
NCLAT emphasized that all assets, including receivables, are part of the liquidation estate and that creditors must adhere to the IBC’s waterfall mechanism during liquidation. The ruling also highlighted the importance of the liquidator’s role in safeguarding assets for fair creditor payouts.
The judgment is seen as a precedent against unilateral creditor recoveries that undermine the insolvency process and is expected to set a benchmark for creditor accountability in liquidation proceedings. This decision reinforces the sanctity of the IBC framework, ensuring that corporate debtor assets are distributed transparently and fairly. It is a victory for insolvency professionals and underscores the importance of the IBC in ensuring equitable distribution of assets during liquidation.
A boost to the masses, four major government-backed banks slash interest rates, bringing welcome respite to the common folk.
The Reserve Bank of India (RBI) has cut interest rates for the second consecutive time, and as a result, four government banks have reduced their interest rates. The affected banks include Punjab National Bank, Bank of India, Indian Bank, and UCO Bank. This decision will benefit both existing and new borrowers, providing relief to the common man.
Bank of India has reduced its repo-linked benchmark lending rate (RBLR) from 9.10% to 8.85%, effective from April 9. Indian Bank has cut its RBLR by 35 basis points to 8.70%, effective from April 11. Punjab National Bank has revised its RBLR from 9.10% to 8.85%, effective from April 10. UCO Bank has reduced its lending rate to 8.8%, effective from April 10.
The RBI’s decision has a direct impact on interest rates for all types of loans, including home loans, car loans, and personal loans. The central bank has changed its monetary policy stance from “neutral” to “accommodative”, indicating that it may continue to maintain a soft stance in the coming times. This decision is expected to provide relief to the common man, making it easier for them to borrow money.
The RBI has also lowered its GDP growth forecast for FY26 by 20 basis points to 6.5%. The growth forecast for the first quarter of FY26 is 6.5%, 6.7% for the second quarter, 6.6% for the third quarter, and 6.3% for the fourth quarter.
This reduction in interest rates is a positive development for the economy, as it will make borrowing cheaper and stimulate economic growth. The four government banks that have reduced their interest rates are expected to pass on these benefits to their customers, making it easier for them to borrow money and invest in the economy. Overall, this decision is expected to have a positive impact on the economy, providing relief to borrowers and stimulating economic growth.
Bank of Baroda, Indian Bank, and PNB Cut Loan Interest Rates in Response to RBI’s Repo Rate Reduction
The Reserve Bank of India (RBI) recently cut the repo rate, leading to expectations of cheaper loans for account holders. Now, three major government banks – Bank of Baroda, Indian Bank, and Punjab National Bank – have announced a reduction in interest rates on their loans. These measures aim to provide relief to common customers by making loans cheaper and decreasing the burden of Equated Monthly Installments (EMIs).
Indian Bank, based in Chennai, has cut its repo benchmark rate and repo-linked benchmark lending rate from April 11, 2025. The repo benchmark rate has been reduced from 6.25% to 6.00%, while the repo-linked benchmark lending rate has come down from 8.70% to 8.40%. The bank’s decision aligns with RBI’s policy of providing loans at affordable interest rates. Punjab National Bank, the country’s second-largest bank, has reduced its repo-linked lending rate by 25 basis points from 9.10% to 8.85%. Bank of Baroda has also cut its interest rate on loans by 0.25% to provide convenience to customers.
These interest rate reductions will primarily benefit customers whose loans are linked to the RBI’s repo rate. Home loan, personal loan, and auto loan holders can expect significant relief as a result of the RBI’s order. Other banks may follow suit, further decreasing loan rates and making loans even cheaper for consumers.
Bank of Baroda responds to RBI rate cut by slashing lending rates for retail borrowers, a boon for individuals seeking loans
The Bank of Baroda (BoB) has announced that it will pass on the benefits of the recent RBI rate cut to its customers immediately. Following the RBI’s decision to reduce the repo rate by 25 basis points, several public sector banks, including Punjab National Bank, Bank of India, Indian Bank, and UCO Bank, have already cut their lending rates by up to 35 basis points. BoB has now also reduced its external benchmark-linked lending rates for retail and MSME customers.
The new rates will be effective immediately, and existing customers will also benefit from the rate cut. The bank’s Overnight Marginal Cost of Funds-Based Lending Rate (MCLR) stands at 8.15%, and its one-year MCLR is 9%. This puts BoB among the most competitive banks in the industry.
The rate cut by the Reserve Bank of India was the second consecutive reduction, following the 25 basis point cut in February. Loan borrowers from other banks are now hoping that their loan interest rates will also come down, totaling a 50 bps reduction.
According to the bank, this move reaffirms its commitment to providing credit at affordable rates and supporting economic growth and financial inclusion. The rate cut is expected to benefit individuals and businesses, especially those belonging to the retail and MSME segments. However, it is not clear whether other banks will follow suit, but the move by BoB is a positive development for Consumers.
Four PSU banks slash loans rates in tandem with RBI’s rate decision, with others expected to follow suit.
In response to the Reserve Bank of India’s (RBI) decision to reduce its short-term lending rate (repo rate) on Wednesday, four public sector banks have announced a reduction in their lending rates. Punjab National Bank (PNB), Bank of India, Indian Bank, and UCO Bank have all reduced their repo-linked benchmark lending rates (RBLR) by up to 35 basis points.
According to regulatory filings, Indian Bank’s RBLR will be lowered to 8.70 per cent effective April 11, while PNB’s RBLR will be reduced to 8.85 per cent effective April 10. Bank of India’s new RBLR stands at 8.85 per cent, effective from Wednesday. UCO Bank has brought down its repo-linked rate to 8.8 per cent, effective Thursday.
These rate reductions are expected to benefit both existing and new borrowers, as they will pay lower interest rates on their loans. Other banks are also likely to follow suit and announce similar rate reductions in the coming days.
The RBI’s decision to reduce the repo rate was seen as a move to boost economic growth, and the reduction in lending rates by these public sector banks is expected to have a positive impact on the overall economy. With borrowers paying lower interest rates on their loans, they will have more disposable income and may be more likely to make big-ticket purchases or invest in other financial assets, which can help stimulate economic growth.
Overall, the reduction in lending rates by these public sector banks is a positive development for borrowers and the economy as a whole. It is a step towards making credit more affordable and accessible, which can help drive economic growth and development.
India’s central bank is expected to slash the repo rate on April 9, potentially driving home loan rates down to record lows of under 8%.
The Reserve Bank of India (RBI) is set to announce its first monetary policy for the financial year 2025-26 on April 9, with markets and economists expecting a repo rate reduction of at least 25 basis points. This could lead to a decrease in home loan interest rates, making it an opportune time for those considering a new loan or refinance. Currently, public sector lenders such as Central Bank of India, Union Bank of India, and Punjab National Bank offer interest rates ranging from 8.1% to 8.15% per annum.
Private sector banks like HDFC, Axis, and ICICI Bank have already reduced their interest rates on fresh home loans by 5-10 basis points between January and April. According to RBI rules, banks are required to review interest rates at least once every quarter, and new borrowers may see their rates going down in the coming days.
A 25-basis point repo rate cut could mean home loan interest rates dipping below 8% per annum. For instance, a Rs 50-lakh home loan with a 20-year tenure would attract an EMI of Rs 42,106 with an interest rate of 7.9% per annum, compared to the current EMI of Rs 42,290.
The article provides a breakdown of the cheapest home loans offered by Indian banks, with Central Bank of India and Union Bank of India offering the lowest interest rates at 8.1% per annum. Other public sector banks, such as Bank of India, Indian Overseas Bank, and Punjab National Bank, offer interest rates ranging from 8.15% to 8.25% per annum.
Private sector lenders like HDFC Bank, Axis Bank, and ICICI Bank offer interest rates ranging from 8.25% to 8.75% per annum. Housing finance companies like LIC Housing Finance, Bajaj Finserv, and PNB Housing Finance also offer competitive interest rates, with rates starting at 8.2% to 8.6% per annum.
Warning: surpass this task by April 10th to prevent your account from being suspended
Punjab National Bank (PNB) has issued a directive to update Know Your Customer (KYC) details by April 10, 2025, to comply with Reserve Bank of India (RBI) guidelines. Failure to do so may result in a temporary freeze on accounts, restricting transactions. The update is mandatory for customers who have not updated their KYC by March 31, 2025.
Customers can update their KYC through various channels:
1. Visit a nearest PNB branch: Carry required documents, including identity proof, address proof, and recent passport-sized photograph, and submit them for verification and update.
2. Via PNB ONE Mobile App: Login to the app, check your KYC status, and follow on-screen instructions to complete the process.
3. Through Internet Banking: Login to PNB’s online banking platform and follow the prompts to update your KYC.
4. Via Registered Email or Post: Send self-attested copies of KYC documents to your home branch through registered email or postal mail.
To check if your KYC is updated, customers can:
1. Login to PNB’s online banking
2. Navigate to personal settings
3. Check the KYC status. If an update is needed, a notification will appear.
KYC is a mandatory banking process that helps institutions verify the identity and address of customers, preventing money laundering, fraud, and other financial crimes.
In addition, PNB has warned customers against clicking on suspicious links or downloading unknown files for KYC updates. Only use official channels, such as the PNB branch, PNB ONE app, or official website, for any KYC-related activity.
It is essential for PNB account holders to update their KYC by the April 10, 2025 deadline to avoid any disruptions to their banking services.
Invest just Rs 2 lakh in a PNB FD and watch your money grow to Rs 2,49,943
Punjab National Bank (PNB) is a government-owned bank that offers fixed deposit (FD) schemes to its customers. FDs are a type of savings scheme that provides a fixed and guaranteed rate of return on investment. PNB FD rates vary depending on the duration of the investment, ranging from 3.50% to 7.25% for general customers and 4.00% to 7.75% for senior citizens. For example, for a 3-year FD, general customers can earn an interest rate of 7.00%, while senior citizens can earn 7.50%.
One of the benefits of PNB FDs is that they offer guaranteed returns with no risk, making them a secure investment option. To illustrate this, if a general customer invests Rs 2 lakh in a 3-year FD, they can expect to receive Rs 2,46,287 at maturity, including Rs 46,287 in interest. For senior citizens, the interest earned would be Rs 49,943.
Recently, PNB updated its FD rates and introduced two new schemes for deposits under Rs 3 crore. The bank is offering a 7% annual return on a 303-day FD and a 6.7% return on a 506-day FD for general customers. These revised rates will take effect from January 1, 2025.
In comparison, HDFC, the largest private sector bank in India, has also updated its fixed deposit rates for bulk deposits (Rs 5 crore and above). The updated rates aim to provide improved returns for investors.
Overall, PNB FDs offer customers a fixed and guaranteed rate of return on investment, making them a secure and attractive option for those looking to save and grow their wealth.
The Punjab National Bank is providing a funding of ₹1 lakh to support the renovation of Shivaji University’s cricket grounds
The Punjab National Bank’s Kolhapur branch has made a contribution of ₹1 lakh to the renovation and refurbishment of the cricket ground at Shivaji University under its Corporate Social Responsibility (CSR) initiative. The donation was handed over to the Vice-Chancellor, Dr. Digambar Shirke, by Ranjan Singh, the bank’s Head of the Kolhapur Circle. Singh also assured that the bank will provide further financial assistance in the future if required.
The proposal for the funding was initiated by Adv. Ajit Patil, a member of the university’s Senate, who actively pursued the grant for the university. The ceremony was attended by several other officials, including Adv. Abhishek Mithari, Punjab National Bank officer Jatin Parmar, Adv. Ankita Mithari, and Rahul Patil.
This contribution is expected to enhance sports infrastructure at the university, benefiting aspiring cricketers and students. The renovation and refurbishment of the cricket ground is an important step in promoting sports and physical education at the university, and the Punjab National Bank’s donation is a welcome support towards this goal.
The partnership between the bank and the university is also expected to inspire other institutions to contribute to the development of sports infrastructure at Shivaji University. The bank’s CSR initiative is a positive step towards giving back to the community and supporting the growth and development of students pursuing sports and education.
Important notification from Punjab National Bank (PNB): Please verify your account information to complete KYC requirements
Punjab National Bank (PNB) has issued a crucial update for its account holders, requiring them to complete their Know Your Customer (KYC) information by March 31, 2025. The update is mandatory for all customers, and failure to comply by the deadline may result in limitations on account activities, affecting transactions and deposits/withdrawals. The deadline was initially set for December 31, 2024, but has been extended to March 26, 2025.
The bank’s notification highlights the importance of KYC in preventing financial crimes and mitigating fraud cases. It also warns customers about potential scams, advising them to be cautious when dealing with unverified sources. To ensure a smooth process, PNB offers various channels for customers to request KYC updates, including PNB One, IBS, email, or post, as well as visiting their nearest branch.
To complete the KYC update, customers are required to visit their nearest PNB branch by April 10, 2025. If the update is not completed, the bank may take action on accounts that have not undergone the KYC update. PNB has communicated this requirement to customers through social media, emphasizing the importance of meeting the deadline to avoid restrictions on account operations.
In conclusion, PNB’s KYC update is a crucial step in maintaining the security and integrity of its customers’ accounts. It is essential for customers to complete their KYC updates by the designated deadline to avoid any potential issues with their accounts. By following the necessary procedures and being cautious when dealing with unverified sources, customers can ensure a smooth and secure banking experience with PNB.
Punjab National Bank hikes repo-linked lending rate by 10 basis points
Punjab National Bank (PNB) has announced a change in its Repo-Linked Lending Rate (RLLR) effective from April 1, 2025. The new RLLR will be 9.10%, a 0.10% increase from the previous rate of 9%. This decision comes as the banking system experiences liquidity tightness, and deposit growth fails to keep pace with credit growth.
The RLLR is a key component of PNB’s business strategy, adding a 0.10% premium to the rate. The bank’s marginal cost of funds-based lending rate (MCLR) and base rate remain unchanged.
The RLLR adjustment is part of PNB’s efforts to maintain a healthy balance between liquidity and credit. The bank’s decision is guided by the need to ensure that its lending rates are aligned with the current market conditions, which are characterized by tight liquidity.
The change in RLLR is expected to have a minimal impact on PNB’s customers, who will continue to benefit from the bank’s competitive interest rates. The decision is also seen as a sign of PNB’s commitment to maintaining a stable and sustainable business model, while continuing to support the country’s economic growth.
In related news, PNB has received a loan request from Kinet, a company seeking to produce Vande Bharat trains in Maharashtra, backed by Russia’s Sberbank Rossii. The loan is expected to be in the range of ₹500 crore and will be used to finance the production of Vande Bharat trains.
While state-owned State Bank of India (SBI) pocketed a significant revenue of Rs 2,043 crore from ATM cash withdrawals, other public sector banks (PSBs) surprisingly incurred a loss of Rs 3,739 crore.
The State Bank of India (SBI) has generated substantial revenue from ATM cash withdrawals, whereas other public sector banks (PSBs) have faced financial challenges in this area. According to a response in the Lok Sabha, SBI made a profit of Rs 2,043 crore from ATM cash withdrawals over the last five years, while nine PSBs collectively incurred a loss of Rs 3,738.78 crore. Only Punjab National Bank (PNB) and Canara Bank, besides SBI, have recorded profits of Rs 90.33 crore and Rs 31.42 crore, respectively.
The data reveals that SBI has consistently outperformed other PSBs in terms of fee income from ATM transactions, leading to losses for the latter. The government’s response indicates that SBI’s profit is largely due to its large ATM network and efficient management.
The Reserve Bank of India (RBI) has approved an increase in ATM interchange fees, which will affect customers’ ATM withdrawal charges. From May 1, 2025, customers will incur an additional charge of Rs 2 per transaction beyond their complimentary withdrawal limit. The non-transaction fee has also been raised by Rs 1. The new fee structure will impact cash withdrawals from ATMs, with a maximum charge of Rs 19 per transaction, and checking account balances, with a charge of Rs 7 per transaction.
According to the RBI, customers are entitled to a set number of complimentary transactions at other banks’ ATMs, with three transactions in metro centers and five transactions in non-metro centers. Beyond these free transactions, customers will incur charges for each ATM transaction based on the policies approved by the respective bank’s board, with a maximum charge of Rs 21 plus applicable taxes.
Don’t miss the deadline: Complete your PNB KYC update by April 10 to avoid account suspension
Punjab National Bank (PNB) has issued a notification to its customers to update their Know Your Customer (KYC) details by April 10. As per RBI guidelines, customers who do not update their KYC by this date may face restrictions on their account operations. To update KYC, customers can use the PNB One app or internet banking portal. The required documents for KYC update include mobile number, identity proof, address proof, latest photo, PAN card, Form 60, and income proof (if applicable).
To update KYC through the PNB One app, customers can download the app, log in, and click on the “KYC Update” section. They will then need to verify their identity through OTP-based Aadhaar authentication and enter the OTP received on their registered mobile number. The mobile number must be linked with Aadhaar for OTP verification.
Alternatively, customers can update their KYC through internet banking by logging into the PNB website, navigating to the KYC update section, and uploading the required documents online. It is crucial to use only official links from the bank’s website to avoid falling prey to fraudulent activities.
The deadline for updating KYC is April 10, and customers are advised to complete this process to avoid any inconvenience. Failure to do so may result in restrictions on account operations. Customers can seek assistance from their nearest PNB branch or the official website if they require help. It is essential to be vigilant and use only official links to avoid falling victim to fraudsters.
PNB Alert: Don’t Miss the Deadline! Update Your KYC by [Date] to Avoid Account Deactivation with Punjab National Bank
Punjab National Bank (PNB) has announced an extension of the deadline for customers to update their Know Your Customer (KYC) details. The new deadline is now April 10, 2025, to comply with the Reserve Bank of India’s (RBI) guidelines. To maintain active accounts, customers must provide required documents, including latest identity proof, address proof, a recent photo, PAN/Form 60, income proof, and an updated registered mobile number.
To update KYC, customers can submit documents at any PNB branch, online through PNB ONE, or by emailing/posting them to their base branch. If customers fail to complete the update, their account may be restricted for transactions. The bank has warned that non-compliance may lead to account inoperability, making it essential for customers to act before the deadline.
To facilitate the process, PNB has made it easy for customers to update their KYC through the PNB ONE app. The app, available on the Google Play Store and Apple App Store, allows customers to update their KYC status with a few clicks. If customers fail to update their KYC, they will face restrictions on account operations, emphasizing the importance of completing the update on time.
The RBI’s KYC compliance aims to prevent fraud, money laundering, and unauthorized transactions, ensuring the security and transparency of financial transactions. PNB’s extended deadline offers customers extra time to complete the update, minimizing disruptions to their banking services. Customers are advised to visit their nearest PNB branch or check the bank’s website for further guidelines to complete the update before the deadline.
High Court directs Punjab National Bank to pay ₹5 lakh in compensation to former employee
The Bombay High Court has pulled up the Punjab National Bank for conducting a “manipulated” inquiry against a former employee, Vinayak Balchandra Ghanekar. Ghanekar, a 63-year-old former employee, was dismissed after a departmental inquiry in 2018, just days before his retirement. He claimed that the inquiry was unfair and violated his rights, as he was given only one day to study the documents and respond to the charges.
The court, in its verdict, criticized the bank for failing to adhere to the correct procedure in conducting the inquiry, stating that it was one of the “worst kinds of any departmental enquiry”. The court also questioned the speed of the entire inquiry, highlighting that the 169-page enquiry report was prepared overnight. The court found no analysis of the documentary evidence and therefore found no reasons to hold Ghanekar guilty.
The court allowed Ghanekar’s writ petition, quashing the orders of the appellate authority and the reviewing authority, and directed the bank to pay a compensation of ₹5 lakh to Ghanekar within 30 days. The court also directed the bank to hold a fresh inquiry, preferably by a practicing advocate unconnected with the bank, and suggested an alternative to resolve the issue amicably if they desire a “golden handshake” and give a quietus to the matter.
This case highlights the importance of ensuring that employees are given a fair and reasonable opportunity to defend themselves against allegations, and that procedural justice is not compromised. The court’s verdict serves as a reminder to employers to ensure that their actions are transparent and fair, and to respect the rights of their employees.
Enforcement Directorate seizes assets worth Rs 1.7 crore in PNB scam, scrutinising further
The Directorate of Enforcement (ED) in Allahabad has provisionally attached six immovable properties worth Rs 1.76 crore in connection with its probe into the Punjab National Bank (PNB) scam. The properties, including agricultural land, a house, and a flat, are located in Kanpur, Fatehpur, Gorakhpur, and Varanasi. The ED investigation was initiated based on an FIR lodged by the anti-corruption branch of the Central Bureau of Investigation (CBI) in Lucknow against the then branch manager of the Vikas Bhawan branch of Gorakhpur, Shyama Nand Chaubey, and others.
The ED found that Chaubey and other accused individuals had misappropriated approximately Rs 4.4 crore by opening fictitious accounts and illegally transferring bank funds to their accounts. Chaubey, in connivance with others, misused government funds kept in dummy bank accounts and issued loans to various individuals without prior approval, receiving kickbacks in the form of bribes. He also duped many account holders by transferring money from their accounts without their consent.
The ED has seized six properties worth Rs 1.76 crore, including agricultural land, a house, and a flat, in connection with the probe into the PNB scam. The properties are located in various cities, including Kanpur, Fatehpur, Gorakhpur, and Varanasi. The investigation is ongoing, and the ED has provisionally attached the properties under the Prevention of Money Laundering Act (PMLA), 2002.
IOB secures board approval to raise Rs 10,000 crore through infrastructure bonds
Indian Overseas Bank has received approval from its board to raise Rs 10,000 crores through the issuance of long-term infrastructure bonds. The funds will be used to finance and refinance infrastructure and affordable housing projects. This move is part of the bank’s strategy to cope with the intense competition for deposits in the current financial year. Other public sector banks, such as Bank of Maharashtra and Punjab National Bank, have also raised funds through long-term infrastructure bonds in recent months.
The funds raised through these bonds can be used only for lending to infrastructure and affordable housing projects, as per Reserve Bank of India (RBI) rules. The maturity period of these bonds must be at least seven years. Long-term bonds are a cheaper source of funds for banks, as the funds raised through these bonds are exempt from regulatory reserve requirements such as cash reserve ratio and statutory liquidity ratio.
The approval to raise funds through long-term infrastructure bonds is a significant step forward for Indian Overseas Bank, which will enable it to support the growth of infrastructure and affordable housing in the country. The bank’s strategy to raise funds through long-term infrastructure bonds demonstrates its commitment to supporting the country’s economic growth and development.
Compare Fixed Deposits: PNB’s 5-Year FD vs HDFC Bank’s 5-Year FD – A 5-year investment of ₹25 lakh: How much can you expect to earn in returns?
When considering a five-year fixed deposit (FD) for investment, Punjab National Bank (PNB) and HDFC Bank are two popular options. Here’s a comparison of their 5-year FD returns for an investment of Rs 25 lakh.
PNB offers FD interest rates ranging from 3.50% to 7.25% per annum for the general public and 4.00% to 7.75% for senior citizens. For a 5-year tenure, PNB offers an interest rate of 6.50% per annum, resulting in an estimated return of approximately Rs 9,51,050. The total value of the FD after maturity would be Rs 34,51,050.
HDFC Bank, on the other hand, provides FD interest rates between 3.00% and 7.40% per annum for the general public, and 3.50% to 7.90% for senior citizens. For a 5-year tenure, HDFC Bank offers an interest rate of 7.00% per annum, resulting in an estimated return of approximately Rs 10,36,950. The total value of the FD after maturity would be Rs 35,36,950.
Based on interest rates, HDFC Bank offers a higher return, with an additional Rs 85,900 in earnings over five years. However, other factors such as customer service, banking convenience, and investment preferences should also be considered when making a final decision. Both PNB and HDFC Bank offer reliable and secure investment options for those looking to grow their savings with minimal risk. Ultimately, the choice between the two banks depends on individual priorities and needs.
Compare FD returns: Which bank offers the highest interest rates on Rs 3 lakh, Rs 6 lakh, and Rs 9 lakh deposits for a 5-year tenure: State Bank of India, Punjab National Bank, or Bank of Baroda?
The article compares the returns offered by State Bank of India (SBI), Punjab National Bank (PNB), and Bank of Baroda (BoB) on fixed deposits (FDs) for a five-year tenure. The comparison is based on a lump sum investment of Rs 3 lakh, Rs 6 lakh, and Rs 9 lakh.
The yields on FDs vary depending on the bank and investment amount. For a five-year FD, SBI offers the highest returns, ranging from 5.30% to 6.30% for amounts between Rs 3 lakh to Rs 9 lakh. PNB offers a slightly lower yield, ranging from 5.20% to 6.20%. BoB offers the lowest returns, ranging from 5.10% to 6.10%.
The returns are based on the assumption that the interest is compounded quarterly, and the interest is paid out quarterly. For example, an investment of Rs 3 lakh in SBI’s 5-year FD for a quarter will earn an interest of Rs 4,950, which is approximately 0.65% of the principal amount.
It is essential to remember that the interest rates and returns are subject to change, and you should consult the banks’ official websites or authorized dealers for the most up-to-date information. It is also recommended to consult a financial expert or conduct your own research before making an investment decision. The goal is to provide a general idea of the returns offered by SBI, PNB, and BoB for a five-year FD, enabling readers to make an informed decision.
Unlock instant access to Rs 1 Lakh with PNB Loan, no guarantor required, and enjoy low interest rates for a seamless borrowing experience
Punjab National Bank (PNB) has introduced a new scheme called Instant Personal Loan, which will allow customers to avail a loan of up to Rs 1,00,000 with minimal documentation and no guarantor required. The loan can be applied for online through the bank’s website or mobile app, and the process is entirely digital, ensuring instant loan approval.
The interest rate for this loan starts from 11.40%, and the repayment period can be from 1 to 6 years. To be eligible, customers must have a CIBIL score of 700 or above and be a savings account holder with PNB.
The benefits of PNB’s Instant Loan include:
* Instant loan approval
* Low interest rate
* No guarantor or security required
* Flexible repayment period
* Apply online from home
To apply for the loan, customers need to check their eligibility, gather required documents (income proof and address proof), apply online, complete the e-KYC procedure, and wait for loan approval and fund transfer within 24 hours.
PNB also offers other loan schemes, such as home loans, car loans, and education loans, which come with attractive interest rates and flexible repayment tenures. The PNB Digi Home Loan scheme, for instance, offers a loan of up to Rs 5 crore with an interest rate starting at 8.15% and zero prepayment charges, processing fees, and documentation charges. Overall, the PNB Instant Loan scheme is a convenient and accessible option for customers who need quick financial assistance.
A boon for the masses, PNB joins SBI in making loans more affordable for the average citizen
Punjab National Bank (PNB), the second-largest government bank, has made borrowing more accessible by reducing interest rates on retail loans by up to 25 basis points. This move follows the Reserve Bank of India’s (RBI) recent repo rate cut. PNB has slashed rates on various loan types, including home loans, car loans, education loans, and personal loans, to offer customers a wider range of financial options.
The new interest rates are as follows: home loans begin at 8.15%, with equated monthly installments (EMIs) starting at Rs 744 per lakh. Car loans, including new and used vehicles, start at 8.50% per annum with EMIs beginning at Rs 1,240 per lakh. Additionally, PNB is offering an extra discount of 0.05% on car loans to promote sustainable mobility. Personal loans up to Rs 20 lakh can be applied for digitally, with revised interest rates starting at 11.25% per annum.
To make the process even more convenient, PNB is waiving processing fees and documentation charges until March 31, 2025. These new rates will take effect on February 10. This move is consistent with State Bank of India’s (SBI) recent decision to reduce interest rates on retail loans, including home loans, by 25 basis points. Overall, these rate cuts are expected to benefit customers and stimulate economic growth.
Unlock the Key to Affordable Home Ownership: Say goodbye to high interest rates! Compare the best home loan deals of 2025 and start building your dream home now!
Are you dreaming of owning your own home, but high loan rates are giving you sleepless nights? Worry no more! Many banks are currently offering home loans at very affordable interest rates and EMIs (Equated Monthly Installments). In this article, we’ll help you discover which bank is offering the cheapest home loan option.
Rising interest rates and expensive loans can make home ownership a daunting task. However, several government banks, including Bank of Maharashtra, Central Bank of India, and Punjab National Bank, are offering home loans at attractive interest rates, starting from 8.10% to 10.65%. This can significantly reduce your EMI and make owning a home a more achievable goal.
Here’s a breakdown of the best home loan rates offered by various banks, with rates starting from 8.10%:
* Bank of Maharashtra: 8.10% to 10.65%
* Central Bank of India: 8.10% to 9.95%
* Punjab National Bank: 8.15% to 9.85%
* Indian Overseas Bank: 8.15% to 9.85%
* State Bank of India: 8.50% to 9.75%
* UCO Bank: 8.35% to 10.55%
* IDBI Bank: 8.40% to 12.25%
* Nainital Bank: 8.40% to 11.20%
When choosing a loan, consider factors beyond the interest rate, such as processing fees, loan transfer charges, and bank terms. Some banks, like Canara Bank and Punjab & Sind Bank, are waiving processing fees, which can further reduce your loan costs.
Don’t miss out on this opportunity to own your dream home. Review the list above to find the best home loan option for your needs and budget. Remember to also consider the bank’s terms and conditions before finalizing your decision. Happy home buying!
Maximize your returns: Compare FD interest rates up to 9% with top banks, including 1-year fixed deposits at MSN.
The article discusses the current fixed deposit (FD) interest rates offered by various banks in India. With the Reserve Bank of India (RBI) increasing the interest rate to 9% to control inflation, banks have also hiked their FD rates to attract depositors. Here are the highest and one-year FD interest rates offered by different banks in India:
Highest FD Interest Rates:
- Axis Bank: 9.10% (for a deposit of ₹2.5 lakh to ₹5 lakh)
- HDFC Bank: 9.05% (for a deposit of ₹2.5 lakh to ₹5 lakh)
- ICICI Bank: 9.00% (for a deposit of ₹2.5 lakh to ₹5 lakh)
- SBI: 8.90% (for a deposit of ₹1 lakh to ₹1 crore)
- Kotak Mahindra Bank: 9.00% (for a deposit of ₹2 lakh to ₹5 lakh)
One-Year FD Interest Rates:
- Axis Bank: 7.50%
- HDFC Bank: 7.40%
- ICICI Bank: 7.30%
- SBI: 7.20%
- Kotak Mahindra Bank: 7.20%
Other Top Banks’ FD Rates:
- Bank of Baroda: 8.60% (for a deposit of ₹1 lakh to ₹5 crore)
- Yes Bank: 8.40% (for a deposit of ₹1 lakh to ₹5 crore)
- IndusInd Bank: 8.30% (for a deposit of ₹1 lakh to ₹5 crore)
- Punjab National Bank: 8.20% (for a deposit of ₹1 lakh to ₹5 crore)
Things to Keep in Mind:
- The interest rates mentioned are subject to change and may vary based on the deposit amount, tenure, and other factors.
- It’s essential to compare the different FD rates offered by various banks before investing.
- It’s also important to consider other factors such as the bank’s reputation, branch network, and customer service while choosing an FD.
- FDs can be a low-risk investment option, but it’s crucial to assess your financial goals and risk tolerance before investing.
In conclusion, with the RBI increasing the interest rate to 9%, banks have also hiked their FD rates to attract depositors. The interest rates mentioned above are effective as of the date of the article and may change over time. It’s essential for investors to stay informed about the current FD rates and rates offered by different banks before making an investment decision.