Punjab National Bank (PNB) has issued an essential update for its customers regarding Know Your Customer (KYC) updates. Customers are required to complete their KYC updates by March 26, 2025, to avoid any disruptions in transactions. Those who have not updated their KYC by March 31, 2024, are at risk of having their accounts blocked. Updating KYC is crucial as it confirms a customer’s identity and address, protecting against financial crimes like fraud and money laundering.

Failing to update KYC can lead to issues with transactions, and customers may face problems with their accounts becoming dormant. To avoid this, customers can update their KYC by submitting necessary documents, including proof of identity, proof of address, and a photo. This can be done online through PNB One, email, or post. Customers can check their KYC status through the PNB One app, the bank’s website, or a visit to a nearby branch.

It is also important to be cautious of KYC-related scams and to avoid clicking on suspicious links or downloading files from unauthorized sources. The bank has warned customers about these scams and has emphasized the importance of completing the KYC update on time to ensure a seamless banking experience. With this update, PNB is ensuring customer safety and security, while also cooperating with regulatory requirements. As a result, it is crucial for PNB customers to prioritize this update to avoid any inconvenience.

Punjab National Bank (PNB) has issued a notification to its customers to update their Know Your Customer (KYC) details to avoid Restrictions on accounts. The deadline for this update is 31st December 2024. Failing to do so may result in restrictions on transactions. PNB advises customers to complete the update promptly to prevent any issues.

The bank has provided guidance to its clients to avoid potential scams. It cautions against clicking on suspicious links or downloading unfamiliar files, and instead advises them to contact the branch or use official means to update their KYC. Customers can update their KYC offline by visiting the nearest PNB branch, where they need to provide required documents, including identity proof, address proof, recent photo, PAN or Form 60, income verification, and mobile number. These documents can also be sent via registered email or postal service.

Additionally, customers can update their KYC remotely through the PNB ONE app by following these steps:

1. Access the PNB ONE app
2. Verify KYC status
3. If KYC refresh is awaiting, click on Update KYC
4. Complete Aadhaar verification using OTP

It is crucial for customers to take immediate action to avoid restrictions on their accounts. PNB recommends updating KYC to ensure smooth transactions and to avoid any inconvenience. Customers are advised to be cautious and not fall prey to fake links or scams. By following the guidelines provided by PNB, customers can ensure their KYC is updated correctly and securely.

Punjab National Bank (PNB) recently hosted a townhall meeting at the Siri Fort Auditorium in New Delhi, bringing together its leadership, employees, and key stakeholders. The meeting aimed to discuss the bank’s strategic direction, growth initiatives, and commitment to customer-centric banking. PNB’s Managing Director and Chief Executive Officer (MD & CEO) Ashok Chandra, along with other senior officials, emphasized the bank’s focus on digital transformation, operational excellence, and customer service enhancement.

The townhall meeting also served as a platform for open dialogue, reinforcing the bank’s vision of fostering innovation and resilience in the banking sector. Chandra emphasized that PNB is not just a bank, but a future-driven organization that is committed to innovation, customer-centric solutions, and expanding financial inclusion across the country. He stressed the importance of collaboration, resilience, and a unified vision in achieving this goal.

The meeting highlighted the bank’s latest technological advancements, customer-first initiatives, and performance milestones. Employees participated in an interactive question-and-answer session, sharing their ideas and feedback to contribute to the bank’s continued success. The townhall also recognized outstanding performers within the organization, celebrating their contributions to PNB’s growth and commitment to excellence.

Overall, the meeting aimed to align the bank’s efforts towards a common goal, emphasizing the importance of innovation, resilience, and customer service in the banking industry. The event was a platform for the bank to demonstrate its commitment to its customers, employees, and stakeholders, and to build a stronger, more digital, and customer-centric PNB.

The Punjab National Bank (PNB) has announced the recruitment of 350 Specialist Officer (SO) positions, which will be filled through an online process. The PNB SO Recruitment 2025 will commence from March 3, 2025, and the deadline for applying is yet to be announced. The notification has been published on the PNB’s official website, pnbindia.in.

The recruitment process will fill various positions, including Credit Officer, Manager, Manager-Cyber Security, and Senior Manager-Cyber Security. The vacancies are distributed as follows:

* 250 posts for Officer-Credit
* 75 posts for Officer-Industry
* 5 posts for Manager-IT
* 5 posts for Senior Manager-IT
* 3 posts for Manager-Data Scientist
* 2 posts for Senior Manager-Data Scientist
* 5 posts for Manager-Cyber Security
* 5 posts for Senior Manager-Cyber Security

To apply for the PNB SO Vacancy 2025, candidates can follow these steps:

1. Visit the PNB’s official website
2. Click on the ‘Career/Recruitment’ section
3. Look for the notification titled ‘Recruitment for 350 Posts of Specialist Officers’
4. Click on the ‘Apply Online’ link and register
5. Fill in the required details and upload necessary documents
6. Submit the online application and pay the applicable fees
7. Save and print the application form for future reference

The selected candidates will receive a salary based on the post and grade/scale, which is as follows:

* Officer-Credit: ₹48,480 – ₹85,920
* Officer-Industry: ₹48,480 – ₹85,920
* Manager-IT: ₹64,820 – ₹93,960
* Senior Manager-IT: ₹85,920 – ₹1,05,280
* Manager-Data Scientist: ₹64,820 – ₹93,960
* Senior Manager-Data Scientist: ₹85,920 – ₹1,05,280
* Manager-Cyber Security: ₹64,820 – ₹93,960
* Senior Manager-Cyber Security: ₹85,920 – ₹1,05,280

For more information, candidates can visit the official PNB website.

Punjab National Bank (PNB) recently conducted an Agriculture Outreach Program in Hoskote and Tumakuru, aiming to support the local farming community and promote financial inclusion. The event aimed to facilitate the rural population’s access to financial services, particularly the State Government’s Self Help Group (SHG), Agri Infra Fund, and Pradhan Mantri Mudra Yojana (PMFME). The event welcomed the local farming community, who benefited from PNB’s various agricultural financing schemes and services.

The bank’s team of experts provided valuable guidance and assistance to the farmers, helping them overcome their financial challenges and improve agricultural productivity. PNB’s extensive network of branches across the country has been at the forefront of promoting rural development and supporting the agricultural sector.

The outreach program focused on providing financial guidance and support to the farmers, ensuring their access to necessary resources and services. PNB’s experts addressed various issues such as loan applications, loan repayment, and agricultural insurance, providing the necessary expertise to overcome the financial challenges faced by farmers.

The event was a significant success, with the local farming community warmly receiving the program. PNB’s support and guidance will likely have a positive impact on the local agricultural sector, enabling the farmers to improve their productivity and income. The bank’s efforts to promote financial inclusion and support the agricultural sector are in line with the country’s development goals, ensuring a more productive and self-sustaining rural economy.

Punjab National Bank (PNB) has revised its interest rates for several loan products, including home, car, and personal loans. The revisions aim to "provide more equitable and competitive interest rates to PNB customers".

Here are the new interest rates for PNB’s loan products:

Home Loans:

• For a 20% deposit, the interest rate has been revised from 8.50% to 8.30% per annum, with a processing fee of 0.25% of the loan amount.
• For a 10% to 20% deposit, the interest rate has been revised from 8.75% to 8.50% per annum, with a processing fee of 0.35% of the loan amount.
• For a 0% to 10% deposit, the interest rate remains unchanged at 9.25% per annum, with a processing fee of 0.50% of the loan amount.

Car Loans:

• For a 20% down payment, the interest rate has been revised from 9.50% to 9.25% per annum, with a processing fee of 0.25% of the loan amount.
• For a 10% to 20% down payment, the interest rate has been revised from 10.00% to 9.75% per annum, with a processing fee of 0.35% of the loan amount.

Personal Loans:

• For a maximum loan amount of Rs.10 lakh, the interest rate has been revised from 12.50% to 12.25% per annum, with a processing fee of 1.50% of the loan amount.
• For a maximum loan amount of Rs.20 lakh, the interest rate has been revised from 12.75% to 12.50% per annum, with a processing fee of 1.75% of the loan amount.

The revised interest rates and processing fees are applicable to new loan applications received from October 1, 2022. Existing loan customers can also opt for the revised rates and fees on fresh disbursements.

According to PNB, the revised rates aim to provide more affordable and competitive borrowing options for its customers, making it easier for them to achieve their financial goals. The bank also claims that the revisions are in line with the current market trends and its commitment to providing "best-in-class lending solutions" to its customers.

On February 1, a man identifying himself as Paramjeet Singh, accompanied by two others, visited a Punjab National Bank (PNB) branch in Kharar and withdrew ₹10 lakh in cash from an account. However, the real Paramjeet Singh only discovered the unauthorized withdrawal later that evening and reported it to the bank manager. The next day, the bank reviewed CCTV footage, which showed that the person who withdrew the money was not the actual account holder. The footage clearly captured the faces of the three individuals involved in the fraud.

In response, PNB has credited the ₹10 lakh back into the victim’s account with the approval of its circle branch. The bank has also filed a formal complaint against the three unknown suspects with the local police. A case has been registered under various sections of the Bharatiya Nyaya Sanhita, and an investigation is ongoing.

The incident is seen as a shocking case of identity theft, where the fraudsters successfully impersonated the account holder and carried out the unauthorized withdrawal. The case highlights the need for banks and financial institutions to take robust measures to prevent such frauds and ensure the safety and security of their customers’ accounts. The police investigation aims to identify and apprehend the three suspects and bring them to justice.

The Punjab National Bank (PNB) organized an MSME Outreach program in Hyderabad, which received an overwhelming response from over 25 beneficiaries of central schemes such as PM-Savnidhi Mudra, PM-Vishwakarma, and PMEGP, resulting in the approval of principal sanction letters worth Rs. 100 crore. Additionally, the bank received over 1,000 crore worth of leads from MSMEs. The event aimed to promote the growth of micro, small, and medium enterprises (MSMEs), which play a crucial role in India’s economic growth, job creation, innovation, and overall development. The MSME sector is known for its potential for employment at a low capital cost. PNB’s Zonal Manager, Deepak Kumar Srivastava, emphasized the bank’s role in supporting MSMEs, with specialized branches and policies to provide financing support. The bank’s policies include built-in concessions and incentives, as well as a well-defined lending policy. Goyal, CGM (Head Office), highlighted the bank’s offerings, including collateral-free loans through the CGTMSE, eliminating the need for a third-party guarantee. The event was also inaugurated by Dr. S. Glory Swarupa, Director General, National Institute for Micro Small and Medium Enterprises (NI-MSME), Hyderabad.

Punjab National Bank (PNB) Circle Office in Vijayawada organized a “MSME (Micro, Small and Medium Enterprises) customer outreach programme” across five locations in Andhra Pradesh, including Vijayawada, Guntur, Kadapa, Nellore, and Tirupati. The event aimed to promote the bank’s MSME products and features to small business owners and entrepreneurs. The programmes were well-received, with the bank generating leads worth up to Rs 230 crore.

The programme at each location was inaugurated by a chief guest from various departments or trade association presidents. Senior officials from the bank’s Head Office in Delhi and local staff members attended the event. At the Vijayawada centre, the programme was inaugurated by Vasireddy Murali Krishna, President of the Federation of Andhra Pradesh Chamber of Commerce and Industries (FAPSIA).

The event featured stalls showcasing different MSME units, where customers could enquire about the bank’s MSME products and features. The bank also distributed in-principle sanction letters to some borrowers. The programme was successful in generating interest among MSME customers and promoting the bank’s products and services in the region. The event was a significant step towards supporting small businesses and entrepreneurs in Andhra Pradesh, and PNB’s efforts to promote economic growth and development in the region.

A Mumbai court has allowed the auction of several properties owned by the Gitanjali Group, a now-defunct jewelry company founded by fugitive diamond trader Mehul Choksi, who is one of the main accused in the $2 billion Punjab National Bank (PNB) fraud. The properties include seven residential flats in Kheni Tower, a commercial unit in Bharat Diamond Bourse, and 15 office units and one shop in Surat’s Diamond Park. The Enforcement Directorate (ED) will facilitate the auction after proper valuation of these unsecured properties, which are not pledged as collateral to creditors. This decision comes after the court allowed the valuation of secured properties held by Choksi in September 2024.

The Gitanjali Group, along with Choksi and others, is being investigated by the ED for money laundering based on an FIR registered by the Central Bureau of Investigation (CBI) in 2018. The alleged fraud involves obtaining Letters of Undertaking and Foreign Letters of Credit from 2014 to 2017, resulting in a loss of $1.1 billion to the PNB. Choksi and his associates allegedly enjoyed a credit exposure of $5.1 billion from a consortium of 32 banks as of December 2017. His nephew, Nirav Modi, who is also a co-accused in the PNB fraud, allegedly defrauded the bank of $6.8 billion.

The court has directed the sale proceeds to be deposited as fixed deposits after deducting all associated costs and expenses incurred for the valuation and auction. The court has observed that the value of a property decreases if it is kept idle and without maintenance. The Gitanjali Group and Choksi have already lost several assets worth $155 million, which have been handed over to the liquidator for auction. The ED has no objection to the valuation and auctioning of the unsecured assets, allowing the liquidator to proceed with the process.