Latest News on Punjab National Bank
After a 5-year decline, state-run banks see a surge in employee numbers, while private banks experience a 0.9% workforce reduction
The Indian banking sector has seen a shift in employee counts, with public sector banks adding 13,179 employees to reach 9,70,437 in FY25, while private banks saw a 0.86% drop to 8,38,150 employees. State-run banks, which had earlier focused on consolidation and improving balance sheets, have now started to expand their headcount. The largest public sector bank, State Bank of India (SBI), added 3,930 employees to reach 2,36,226 in FY25. SBI plans to hire 18,000 more employees in FY26, including 13,500 clerical posts and 3,000 probationary officers.
The government’s consolidation efforts, which began in 2017 with the merger of five associate banks with SBI, have continued with the merger of 12 banks into four larger entities in 2020. There are talks of a third wave of mergers to reduce the total number of banks to four core anchors. Recently, SBI hired over 1,000 probationary officers and plans to continue hiring.
Among other public sector banks, Punjab National Bank added 397 employees to reach 1,02,746, while Central Bank of India saw a marginal uptick in employee count to 33,081. However, Bank of Baroda and Canara Bank saw a decline in employee count. In the private sector, ICICI Bank saw a significant decline of 7.13% in employee count to 1,30,957, while HDFC Bank added 994 employees to reach 2,14,521. Axis Bank added 121 employees to reach 1,04,453.
The overall headcount in the banking system rose to 18,08,587 from 17,87,566 in FY24. Foreign banks’ employee count stood at 28,041, while small finance banks had 1,77,797 employees, with AU Bank being the largest employer with 50,946. The payments banks had 6,958 employees. The banking sector’s employee count is expected to continue to evolve with the ongoing consolidation and technological advancements.
Eight banks, including PNB, Indian Bank, ICICI Bank, and Jana SFB, have revised their fixed deposit rates, with seniors now eligible for up to 8.00% interest.
The Indian government has maintained the interest rates for small savings schemes for the last quarter of the fiscal year 2024-25. However, several banks have reduced their fixed deposit (FD) rates. In the week ending January 3, 2026, eight banks, including Punjab National Bank (PNB), Indian Bank, and ICICI Bank, among others, revised their FD rates.
For senior citizens, the revised rates vary across banks. Punjab National Bank (PNB), a public sector bank, revised its rates on January 1, 2026. Senior citizens can earn a maximum interest rate of 6.90%, while super seniors (80 years and above) can earn up to 7.20%. The revised rates for seniors at PNB are as follows: 6.60% for one year, 6.80% for more than one year to 389 days, 6.90% for 390 days, and 6.80% for 391 days to 505 days.
The rates for seniors at PNB are also 6.80% for 506 days, 6.80% for 507 days to two years, and 6.80% for more than two years to three years. For longer tenures, the rates are 6.60% for more than three years to 1203 days, 6.55% for 1,204 days, and 6.60% for 1,205 days to five years. The rates for tenures exceeding five years are 6.80% for more than five years to 1894 days, 6.80% for 1,895 days, and 6.80% for 1,896 days to 10 years.
Super seniors at PNB can earn 0.30% (30 basis points) higher interest rates than seniors for tenures up to five years. However, for longer tenures, the rates are the same for both seniors and super seniors. It is essential for senior citizens to review the revised rates and tenures offered by various banks to make informed decisions about their fixed deposits. The reduction in FD rates by several banks may impact the returns on investment for senior citizens, and they should consider these changes when planning their investments.
India Plans to Consolidate State-Run Banks in Next Phase of Mergers, Aiming to Create Lenders of Global Proportions
The Government of India is preparing for the next round of consolidation of public sector banks (PSU banks) with the goal of creating large, globally competitive lenders. The aim is to support India’s long-term economic ambitions and achieve the vision of a developed India by 2047. Finance Minister Nirmala Sitharaman has emphasized the need for several large, world-class banks to raise capital, compete globally, and finance large infrastructure and development projects.
Currently, India has 12 public sector banks, with the State Bank of India (SBI) being the largest, ranking 43rd among the world’s top 50 banks. PSU banks account for nearly 60% of the country’s total banking business, making them strategically important in India’s financial system. The government is considering merging small and mid-sized PSU banks with larger lenders, with banks such as Indian Overseas Bank, UCO Bank, and Bank of Maharashtra potentially being merged with larger banks like SBI, Punjab National Bank, or Bank of Baroda.
This is not the first round of consolidation in the Indian banking sector. Since 2017, the number of PSU banks has decreased from 27 to 12 through a series of mergers. Key mergers include the merger of United Bank of India and Oriental Bank of Commerce with Punjab National Bank, and the merger of Dena Bank and Vijaya Bank with Bank of Baroda. SBI has also absorbed five associate banks and Bharatiya Mahila Bank, expanding its balance sheet and branch network.
In addition to consolidation, the government is also progressing with the strategic disinvestment of IDBI Bank. The Department of Investment and Public Asset Management (DIPAM) Secretary has indicated that the transaction is expected to be completed by March 2026. The government had sold a 51% stake in IDBI Bank to LIC in 2019, and the remaining stake is now slated for sale to private investors. The goal of these efforts is to create a stronger and more competitive banking sector that can support India’s economic growth and development.
Stock Market Updates of Punjab National Bank
Recent Updates
Senior citizens can earn up to 8% interest rate for a 3-year investment; check the complete list of participating banks.
For senior citizens investing for a period of three years, several banks are offering a fixed deposit (FD) rate of up to 8%. This is a significant incentive for seniors who are looking to grow their savings while minimizing risk.
The banks offering these high FD rates for senior citizens include major players in the banking industry. Some of the top banks offering up to 8% FD rates for seniors investing for three years are:
1. Bank of Baroda: Offering 7.75% to 7.95% interest rates for senior citizens, depending on the deposit amount and tenure.
2. Canara Bank: Providing 7.75% to 7.9% interest rates for senior citizens, with varying rates based on deposit amount and tenure.
3. Indian Bank: Offering 7.75% interest rate for senior citizens, with higher rates applicable for larger deposits.
4. Punjab National Bank: Giving 7.75% to 7.9% interest rates for senior citizens, depending on the deposit amount and tenure.
5. State Bank of India (SBI): Offering 7.6% to 7.8% interest rates for senior citizens, with varying rates based on deposit amount and tenure.
6. ICICI Bank: Providing 7.75% to 7.9% interest rates for senior citizens, with higher rates applicable for larger deposits and longer tenures.
7. HDFC Bank: Offering 7.75% to 7.9% interest rates for senior citizens, with varying rates based on deposit amount and tenure.
These high FD rates can help senior citizens earn substantial interest on their deposits, ensuring a steady income stream during their retirement years. It’s essential to note that the interest rates may vary depending on the bank, deposit amount, and tenure chosen.
Before investing, senior citizens should carefully review the terms and conditions of the FD, including any penalties for early withdrawal and the minimum deposit requirements. They should also consider their individual financial goals, risk tolerance, and liquidity needs before making a decision.
It’s worth mentioning that senior citizens can also explore other investment options, such as senior citizen savings schemes, provident funds, and pension plans, which may offer higher returns and additional benefits. However, FDs remain a popular choice for seniors due to their low-risk nature and fixed returns.
In conclusion, the high FD rates offered by banks for senior citizens can be an attractive option for those looking to grow their savings over a three-year period. Seniors should carefully evaluate the various options available, considering their individual financial needs and goals, before making an informed investment decision.
Budget Announcement on PSU Bank Consolidation: Expectations for IOB, UCO, BOI, BOM, and Central Bank Merger Plans
The Indian government is expected to make significant announcements regarding the merger of Public Sector Banks (PSBs) in the upcoming budget. The merger of banks such as Indian Overseas Bank (IOB), UCO Bank, Bank of India (BOI), Bank of Maharashtra (BOM), and Central Bank of India is anticipated to be a key aspect of the budget.
The government’s plan to merge PSBs aims to create larger and more efficient banks, which can compete with private sector banks. The merger is expected to lead to improved financial health, increased lending capabilities, and enhanced customer services. Additionally, the merger will help in reducing the number of PSBs, making them more manageable and allowing for better allocation of resources.
The merger of IOB, UCO, BOI, BOM, and Central Bank is seen as a significant step towards consolidation in the banking sector. The government has already merged several PSBs in the past, resulting in the creation of larger banks such as State Bank of India (SBI), Punjab National Bank (PNB), and Canara Bank. The upcoming merger is expected to further strengthen the banking sector and improve its overall performance.
The budget announcement is expected to provide details on the merger, including the timeline, structure, and benefits for customers and employees. The government may also announce measures to support the merged banks, such as capital infusion, rationalization of branches, and implementation of new technologies. The merger is likely to have a significant impact on the banking sector, and the budget announcement will be closely watched by stakeholders, including customers, employees, and investors.
In recent years, the government has taken several steps to strengthen the banking sector, including the implementation of the Insolvency and Bankruptcy Code (IBC) and the establishment of the National Company Law Tribunal (NCLT). The merger of PSBs is seen as a key aspect of this effort, aimed at creating a more robust and efficient banking system. The upcoming budget announcement is expected to provide further details on the government’s plans for the banking sector and the merger of PSBs.
Overall, the merger of PSBs is a significant development in the Indian banking sector, and the budget announcement is expected to provide important details on the government’s plans. The merger is likely to have a positive impact on the banking sector, leading to improved financial health, increased lending capabilities, and enhanced customer services. The government’s efforts to strengthen the banking sector are expected to continue, with the merger of PSBs being a key aspect of this effort.
An investigation into the alleged Union Bank fraud case, involving Anmol Ambani, is currently underway by the Central Bureau of Investigation (CBI)
The Central Bureau of Investigation (CBI) has filed a fraud case against Jai Anmol Ambani, the elder son of Anil Ambani and chairman of the Reliance Group, for allegedly defrauding Union Bank of India of ₹228.06 crore. The case claims that companies linked to Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL) obtained general-purpose corporate loans from the bank, but instead of using the funds as specified, they were diverted elsewhere, violating loan conditions. Jai Anmol, who was serving as Executive Director of Reliance Home Finance at the time, is accused of providing misleading information to the bank and breaching loan terms, along with other directors.
This is the first time Jai Anmol has been named as a direct accused in a significant criminal investigation. The CBI has filed a case against RHFL, RCFL, Jai Anmol, and other unidentified individuals under various sections of the Indian Penal Code (IPC) and the Prevention of Corruption Act. The complaint was filed directly by Union Bank.
The Anil Ambani-led ADA Group is already facing several fraud-related allegations involving multiple banks, including SBI, Yes Bank, and Punjab National Bank. In June 2025, SBI classified Reliance Communications (RCOM) and Anil Ambani as “fraud” accounts, citing loan defaults exceeding ₹40,000 crore. The Securities and Exchange Board of India (SEBI) has also barred Anil Ambani and 24 others from the securities market for five years, alleging diversion of over ₹5,000 crore from RHFL under the guise of loans.
The Enforcement Directorate (ED) has attached assets worth ₹10,117 crore related to the Reliance Group, including properties worth ₹1,120 crore belonging to companies associated with Anil Ambani, as part of an ongoing money-laundering probe. The ED has also summoned Anil Ambani in connection with a separate investigation into an alleged ₹17,000 crore loan fraud. Multiple cases are pending against Anil Ambani’s companies, including Reliance Communications, which has already gone bankrupt, and Reliance Capital and Reliance Infrastructure, which are undergoing insolvency proceedings in the National Company Law Tribunal (NCLT).
Major Development in PSU Bank Consolidation: IOB, UCO, BOI, BOM, and Central Bank Under Consideration for Merger – What’s the Timeline for the Next Phase of PSB Consolidation?
The Indian government is planning to initiate the next phase of public sector bank (PSB) mergers, with several banks on the radar, including Indian Overseas Bank (IOB), UCO Bank, Bank of India (BOI), Bank of Maharashtra (BOM), and Central Bank of India. The merger of these banks is expected to be a significant step towards consolidation in the Indian banking sector.
The government had earlier merged 10 PSBs into four large banks, resulting in the creation of mega banks such as State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BoB), and Canara Bank. The merger aimed to create stronger and more competitive banks, with improved financial health and increased lending capacity.
The next phase of the merger is expected to be more challenging, as it involves banks with weaker financials. The government is likely to consider factors such as the banks’ financial performance, asset quality, and regional presence before deciding on the mergers. The merger process is expected to be completed in a phased manner, with the first phase likely to involve the merger of smaller banks.
The banks on the radar, including IOB, UCO Bank, BOI, BOM, and Central Bank of India, have been struggling with high non-performing assets (NPAs) and weak financial performance. The merger is expected to help these banks improve their financial health and increase their lending capacity.
The government has not yet announced a specific timeline for the next phase of the merger. However, it is expected to happen soon, as the government is keen to complete the consolidation process in the banking sector. The merger is also expected to lead to job losses, as the merged entity will likely have a reduced workforce.
The PSB merger is part of the government’s broader plan to reform the banking sector and improve its efficiency. The government has also announced several other measures, including the establishment of a bad bank to take over stressed assets and the introduction of a new bank licensing policy. The measures aim to strengthen the banking sector and improve its ability to support economic growth.
In conclusion, the next phase of the PSB merger is expected to involve the merger of several smaller banks, including IOB, UCO Bank, BOI, BOM, and Central Bank of India. The merger is expected to be a significant step towards consolidation in the Indian banking sector and is likely to lead to the creation of stronger and more competitive banks. However, the process is expected to be challenging, and the government will need to carefully consider the financial performance and asset quality of the banks involved.
Should SBI, PNB, and BOB Lead the Next PSU Bank Merger, and What’s the Future for BOI, IOB, BOM, and UCO?
The Indian government’s plan to merge public sector banks (PSBs) has been a topic of discussion in recent years. The goal is to create larger, more efficient banks that can compete with private sector banks. The recent merger of 10 PSBs into four larger banks has been seen as a success, with the merged entities showing improved financial performance. Now, the question is whether the big banks, such as State Bank of India (SBI), Punjab National Bank (PNB), and Bank of Baroda (BOB), should take part in the next merger.
The government has indicated that the next phase of mergers will involve smaller banks, with Bank of India (BOI), Indian Overseas Bank (IOB), Bank of Maharashtra (BOM), and UCO Bank being considered. These banks have been struggling with high non-performing assets (NPAs) and low capital adequacy ratios. Merging them with larger banks like SBI, PNB, and BOB could help them gain scale and improve their financial health.
However, there are arguments against involving the big banks in the next merger. One concern is that it could lead to cultural and operational challenges, as the merged entities would have to integrate different systems and processes. Additionally, the big banks may not want to take on the burden of the smaller banks’ NPAs and other legacy issues.
On the other hand, involving the big banks in the merger could bring several benefits. It could help them expand their reach and customer base, and gain access to new markets and products. It could also help the government achieve its goal of creating fewer, larger banks that can compete with private sector banks.
The potential benefits of the merger for the smaller banks are clear. BOI, IOB, BOM, and UCO Bank would gain access to more resources, expertise, and technology, which could help them improve their financial performance and competitiveness. The merger could also help them reduce their NPAs and improve their capital adequacy ratios.
In conclusion, while there are valid arguments for and against involving the big banks in the next merger, the potential benefits of the merger for the smaller banks are significant. The government should carefully consider the pros and cons and make a decision that is in the best interest of the banking sector and the economy as a whole. If the big banks are involved in the merger, it could lead to the creation of even larger, more efficient banks that can compete with private sector banks and support the country’s economic growth.
Consolidation of PSU Banks: SBI Chief Suggests Additional Mergers Could Be Beneficial As Government Considers Major Overhaul | Business News
The chairman of the State Bank of India (SBI), CS Setty, has expressed support for the Indian government’s plan to merge smaller public sector banks with larger lenders. In an interview with Bloomberg, Setty stated that there is a need for further rationalization in the banking sector, as some smaller banks are still sub-scale. He suggested that another round of consolidation may not be a bad idea, which could lead to the next level of growth and scale in India’s financial space.
The government is considering a plan to merge several small lenders, including Indian Overseas Bank (IOB), Central Bank of India (CBI), Bank of India (BOI), and Bank of Maharashtra (BOM) with larger public sector banks such as Punjab National Bank (PNB), Bank of Baroda (BoB), and SBI. This proposed mega merger is aimed at supporting the next phase of credit expansion and financial sector reforms.
The plan is expected to be taken up at the Cabinet level and then examined by the Prime Minister’s Office (PMO). This renewed merger push diverges from NITI Aayog’s earlier suggestion to privatize or restructure smaller public sector banks. NITI Aayog had recommended that only a few large state-run lenders, including SBI, PNB, BoB, and Canara Bank, be retained under government control, while the remaining PSBs should either be merged, privatized, or have their government stake reduced.
The proposed merger is expected to drive growth and increase the efficiency of the banking sector. Setty’s support for the plan indicates that the banking industry is open to consolidation, which could lead to the creation of larger, more competitive banks. The government’s plan to merge smaller banks with larger lenders is a significant step towards achieving this goal.
The merger plan is also expected to support the next phase of credit expansion and financial sector reforms. The Indian government has been working to strengthen the banking sector and improve its efficiency, and the proposed merger is a key part of this effort. The plan is expected to be implemented in the near future, and it will be interesting to see how it unfolds and what impact it has on the banking sector.
Overall, the proposed merger of smaller public sector banks with larger lenders is a significant development in the Indian banking sector. It is expected to drive growth, increase efficiency, and support the next phase of credit expansion and financial sector reforms. The support of the SBI chairman for the plan indicates that the banking industry is open to consolidation, and the government’s plan is a significant step towards achieving this goal.
Latest Bank Update: Will Indian Overseas Bank, Central Bank of India, and Bank of India Merge with SBI and Canara Bank?
The Indian government is planning a major overhaul of the country’s banking system by merging smaller public sector banks with larger ones. Finance Minister Nirmala Sitharaman emphasized the need for a world-class banking system, with the goal of expanding Indian banks to become among the top global banks. The proposed mega-merger plan aims to create larger, more reliable public sector banks. Except for the State Bank of India, Canara Bank, Punjab National Bank, and Bank of Baroda, all other banks in the country could be merged.
Sitharaman stated that discussions have begun with banks to determine how they wish to proceed with the merger. The Reserve Bank of India is also being consulted to gather their views on creating larger banks. According to media reports, the second phase of the merger plan may involve merging Indian Overseas Bank, Central Bank of India, Bank of India, and Bank of Maharashtra with larger banks like Punjab National Bank, Bank of Baroda, and State Bank of India.
This is not the first time the government has undertaken bank mergers. In 2017, five associate banks of SBI and Bharatiya Mahila Bank were merged with the State Bank of India. In 2019, Vijaya Bank and Dena Bank were merged with Bank of Baroda, and in 2020, Oriental Bank of Commerce and United Bank of India were merged with Punjab National Bank.
The merger is expected to have significant implications for both employees and account holders. While banking deposits, fixed deposits, interest rates, loans, and other services will remain unaffected, account holders may need to obtain new passbooks, chequebooks, and account numbers. Additionally, branch names and addresses may change, requiring customers to visit their bank branches to update their records. Overall, the government’s goal is to create a more robust and efficient banking system that can compete with global banks.
Fixed Deposit rates soar up to 8.05% for general public with 5-year investment term; Check out the complete list of banks
Fixed Deposit (FD) Rates Up to 8.05% for General Citizens Investing for Five Years
In a move to encourage savings and investments, several banks in the country have increased their fixed deposit (FD) interest rates. For general citizens investing for a period of five years, the interest rates can go up to 8.05%. This is a significant increase, making FDs an attractive option for those looking to grow their savings.
List of Banks Offering High FD Rates
Here is a list of banks offering high FD rates for a five-year investment period:
- DCB Bank: 8.05% interest rate for a five-year FD
- Yes Bank: 7.75% interest rate for a five-year FD
- IndusInd Bank: 7.75% interest rate for a five-year FD
- Kotak Mahindra Bank: 7.70% interest rate for a five-year FD
- Axis Bank: 7.60% interest rate for a five-year FD
- HDFC Bank: 7.55% interest rate for a five-year FD
- ICICI Bank: 7.50% interest rate for a five-year FD
- State Bank of India (SBI): 7.40% interest rate for a five-year FD
- Bank of Baroda: 7.35% interest rate for a five-year FD
- Punjab National Bank (PNB): 7.30% interest rate for a five-year FD
Benefits of Investing in FDs
Investing in FDs offers several benefits, including:
- Guaranteed returns: FDs offer a fixed interest rate, ensuring that your investment grows at a guaranteed rate.
- Low risk: FDs are a low-risk investment option, making them suitable for conservative investors.
- Liquidity: FDs can be easily liquidated, allowing you to access your funds when needed.
- Tax benefits: Interest earned on FDs is taxable, but you can claim a tax deduction on the interest income.
How to Invest in FDs
To invest in an FD, you can visit the website of the bank or visit a branch in person. You can also invest through mobile banking or online banking platforms. The minimum deposit amount and investment period may vary depending on the bank and the type of FD.
Overall, investing in FDs can be a great way to grow your savings and earn a fixed income. With interest rates up to 8.05% for a five-year investment period, now is a good time to consider investing in an FD.
Banks are placing early wagers, indicating a corporate credit resurgence may be imminent.
The Indian banking sector is witnessing a resurgence in corporate credit growth, driven primarily by working capital financing and project-linked funding. According to senior bankers, the uptick is modest, but it marks a turn for lenders such as HDFC Bank and Axis Bank, which had earlier slowed their wholesale book due to competitive loan pricing. HDFC Bank’s corporate and other wholesale loan book grew 6.4% year on year and 4.7% on quarter, while Axis Bank’s corporate loan book expanded 20% on year and 11% on quarter.
The pickup in corporate credit comes as yields on government securities have risen, making bank loans more attractive for corporates, especially low-rated ones. The weighted average lending rate on fresh rupee loans of scheduled commercial banks was at 8.75% in August, down from 8.81% a month earlier, making it cheaper for corporates to borrow. Bankers agree that while capex-led demand remains modest, working capital financing and project-linked funding are driving incremental growth.
Public sector banks, such as Punjab National Bank and Bank of India, have also joined the lending rebound, buoyed by a healthy project pipeline and improved corporate balance sheets. Punjab National Bank has total loan sanctions worth ₹1.78 trillion, which are awaiting phased disbursements, while Bank of India reported double-digit growth of nearly 12% on year in its corporate book in Q2.
However, pricing remains a challenge, with corporates seeking loans at unrealistically low rates. Indian Overseas Bank chief executive Ajay Kumar Srivastava said that the issue is not demand, but pricing, as corporates seek loans at around 6%, which is not viable for the bank given its own funding costs. Despite this, the bank has a ₹15,000 crore sanctioned pipeline and expects 12-13% on year growth in its corporate loan book this year, led by manufacturing and PLI-linked sectors.
Overall, the sector-wide uptick in corporate credit growth is expected to strengthen in the coming quarters as sanctioned loans move to disbursement stage and investment activity gradually picks up. Ratings agency Icra has not revised its credit growth estimates for FY26 yet, but expects the cuts in goods and services tax rates to support credit expansion for banks and NBFCs in the near term.
Consolidating banking entities to the point of rendering them obsolete
The Indian government’s plan to merge nine public sector banks into three large banks, namely State Bank of India, Punjab National Bank, and Canara Bank, has sparked concern among customers and employees. The move, aimed at enabling these banks to compete with foreign banks, is expected to begin by the end of the next financial year. However, this merger could have far-reaching consequences, including making banking inaccessible to common people, increasing workload, and worsening bank environments.
Bank mergers are not new in India, with several state banks having merged with SBI in the past. Recently, Andhra Bank and Corporation Bank merged with Union Bank, while Dena and Vijaya Banks merged with Bank of Baroda. The real objective behind these mergers was to shift the liability of banks in debt from giving loans to billionaires. Apart from mergers, the privatization of banks is also underway, with IDBI Bank being privatized and Yes Bank being taken over by Japan’s Sumitomo Mitsui Banking Corporation.
The central government’s move to privatize and merge public sector banks has been criticized for forgetting the role that these banks played in keeping the country safe during the global financial crisis. Big banks have no interest in ordinary, rural, and farmer accounts, and have recently imposed minimum balance requirements, making it difficult for ordinary people to access banking services. This could lead to a shift from mass banking to class banking, where only the wealthy have access to banking services.
The merger is expected to lead to widespread closure of branches, voluntary retirement, and compulsory retirement, which will adversely affect services. Customers will be forced to accept unilaterally imposed service charges and penalties. The banking sector is heading from nationalization to privatization and eventually to foreignization, which will have adverse effects on the economy and common people. The government’s move has been criticized for being anti-poor, as it will only benefit the wealthy and large corporations.
The privatization of banks will also lead to a loss of benefits that society achieved through nationalization of banks. Small borrowers are being tied up with laws like SARFAESI, while corporate loans worth crores continue to be written off. The decline in the number of banks will also adversely affect services, and customers will be forced to accept poor services and high charges. The government’s move has been criticized for being a shift from pro-people policies to pro-corporate policies, which will have far-reaching consequences for the economy and common people.
Punjab National Bank (PNB) updates locker fees: Know the revised charges for rural, semi-urban, urban, and metro locations
The Punjab National Bank (PNB) has revised its locker charges, and the new rates will apply to customers in rural, semi-urban, urban, and metro areas. The charges vary depending on the location and type of locker.
In rural areas, the annual locker rent for a small locker will be ₹1,445, while a medium locker will cost ₹2,295 and a large locker will cost ₹3,145. In semi-urban areas, the charges will be slightly higher, with a small locker costing ₹1,945, a medium locker costing ₹3,095, and a large locker costing ₹4,245.
In urban areas, the annual locker rent for a small locker will be ₹2,445, while a medium locker will cost ₹3,945 and a large locker will cost ₹5,395. Metro areas will have the highest charges, with a small locker costing ₹2,945, a medium locker costing ₹4,695, and a large locker costing ₹6,495.
Additionally, customers will have to pay a one-time registration fee of ₹500, as well as an annual maintenance charge of ₹500. The bank will also charge a fee of ₹1,000 for late payment of locker rent.
It’s worth noting that these charges are subject to change and may vary depending on the specific branch and location. Customers are advised to check with their local PNB branch for the most up-to-date information on locker charges.
The revision in locker charges is likely to affect a large number of customers who use PNB’s locker services. The bank has a large network of branches across the country, and its locker services are popular among customers who want to store their valuables in a safe and secure manner.
Customers who are already using PNB’s locker services will need to pay the revised charges from the next billing cycle. New customers who want to rent a locker will have to pay the revised charges from the date of registration.
Overall, the revised locker charges of PNB are competitive with those of other banks in the country. However, customers who are affected by the revision may want to consider shopping around for better deals or exploring alternative options for storing their valuables.
Ten major banks are set to unveil their Q2 financial reports this Saturday, October 18, offering a glimpse into their performance.
On October 18, 10 banks in India, including both private and public sector lenders, are set to announce their September quarter earnings. The list of banks includes HDFC Bank, ICICI Bank, YES Bank, Punjab National Bank, IDFC First Bank, IndusInd Bank, IDBI Bank, The Federal Bank, RBL Bank, and J&K Bank. Other notable companies that will announce their Q2 earnings are UltraTech Cement, UTI AMC, SML Isuzu, and Can Fin Homes.
Analysts expect the Q2 earnings for India Inc. to rebound after a muted Q1, supported by a mix of cyclical and structural factors. The financial sector is expected to be a key driver of overall earnings growth. Banks and non-banking financial companies (NBFCs) are benefiting from steady credit demand across retail, agriculture, and MSME segments, while asset quality has remained stable. Despite slight pressure on net interest margins, profitability is being supported by healthy loan growth, controlled slippages, and recoveries from past stressed accounts.
In terms of asset quality, analysts expect a comfortable outcome for large banks, with private banks appearing to be more comfortable lending aggressively in unsecured segments such as credit card and personal loans. Mid-size banks are expected to see improvement in microfinance asset quality, although credit costs will remain elevated. The focus will be on forward flows in early delinquency buckets and X bucket collection efficiency.
Regarding margins, most analysts believe that margins have bottomed out in Q2FY26, but the decline will be limited for mid-size banks. Public sector banks are expected to witness relatively lower QoQ margin decline, while large private banks are expected to see a sharper decline. The net interest margin (NIM) for Axis Bank, which has already announced its Q2 earnings, came in at 3.73% for the quarter. The bank reported a 26% decline in standalone net profit to ₹5,089.64 crore annually for the quarter ended September 2025.
Overall, the Q2 earnings announcements are expected to be closely watched by investors, with a focus on asset quality, margins, and profitability. The financial sector is expected to be a key driver of overall earnings growth, and the performance of the banks will be closely monitored.
Today, 22 companies, including notable names such as Tech Mahindra, ICICI Prudential, Bank of Maharashtra, IREDA, and Sula, are scheduled to announce their Q2 results.
Today, 22 companies are set to report their Q2 results, including notable names such as Tech Mahindra, ICICI Prudential, Bank of Maharashtra, IREDA, and Sula. This quarterly earnings season is expected to provide valuable insights into the performance of these companies and the overall state of their respective industries.
Tech Mahindra, a leading IT services company, is anticipated to report strong revenue growth driven by increasing demand for digital transformation services. The company’s Q2 results will be closely watched by investors, as it is expected to provide guidance on its future growth prospects.
ICICI Prudential, a major life insurance company, is also scheduled to report its Q2 results today. The company’s performance is expected to be impacted by the ongoing pandemic, which has affected the insurance industry as a whole. Investors will be keenly watching the company’s Q2 results to gauge its ability to navigate the challenging market conditions.
Bank of Maharashtra, a public sector bank, is another company reporting its Q2 results today. The bank’s performance is expected to be influenced by the ongoing economic recovery, as well as the government’s efforts to boost growth. Investors will be looking for updates on the bank’s asset quality, provisioning, and growth prospects.
IREDA, a state-owned financial institution, is also set to report its Q2 results today. The company’s performance is expected to be driven by its lending activities in the renewable energy sector. Investors will be watching the company’s Q2 results to assess its progress in achieving its growth objectives.
Sula, a leading wine manufacturer, is also reporting its Q2 results today. The company’s performance is expected to be impacted by the ongoing pandemic, which has affected the hospitality and tourism industries. Investors will be keenly watching the company’s Q2 results to gauge its ability to adapt to the challenging market conditions.
Other companies reporting their Q2 results today include Adani Green Energy, Central Bank of India, and Punjab National Bank, among others. The Q2 results of these companies will provide valuable insights into their respective industries and will be closely watched by investors and analysts. The results will also provide guidance on the future growth prospects of these companies and the overall state of the economy.
PNB reports 10.7% increase in domestic loans and 10.4% growth in deposits, according to the latest Banking and Finance News.
Punjab National Bank (PNB) has reported a 10.7% year-on-year increase in domestic advances, reaching Rs 11.19 lakh crore as of September 30. Domestic deposits also rose by 10.4% to Rs 15.63 lakh crore. On a sequential basis, the bank’s credit growth outpaced its deposit growth. Globally, PNB’s advances grew 10.3% and deposits increased by 10.9% year-on-year.
In comparison, Union Bank of India’s domestic advances grew by a modest 0.43% quarter-on-quarter, while deposits fell by 0.44% during the same period. However, on a year-on-year basis, the bank’s domestic advances rose 5.34% to Rs 9.42 lakh crore, and domestic deposits increased by 1.89% to Rs 12.34 lakh crore. Notably, Union Bank’s domestic retail term deposits grew 14.10% year-on-year, and domestic retail advances surged by 23.96%.
Private lenders, such as YES Bank, maintained their momentum, with loans and advances rising 6.5% year-on-year to Rs 2.50 lakh crore, and deposits increasing by 7.1% to Rs 2.97 lakh crore. The bank’s CASA ratio improved to 33.8% from 32.8% in the previous quarter.
Tamilnad Mercantile Bank reported a 10.5% year-on-year growth in total advances, reaching Rs 46,996 crore, while deposits rose 12.32% to Rs 55,421 crore. The bank’s CASA deposits grew 9.30% year-on-year to Rs 15,163 crore. Overall, the banking sector has shown mixed results, with some public sector banks, such as PNB, leading the way in terms of credit growth, while private lenders continue to maintain their momentum. Union Bank’s focus on retail lending has yielded positive results, with significant growth in retail advances and deposits.
Asheesh to head Union Bank, Kalyan Kumar to lead Central Bank of India as government announces new MD appointments
The Indian government has appointed Asheesh Pandey as the Managing Director (MD) of Union Bank of India and Kalyan Kumar as the MD of Central Bank of India. These appointments were made to fill the vacancies at the top positions of these public sector banks. The appointments were approved by the Appointments Committee of the Cabinet (ACC) and are effective for a period of three years.
Asheesh Pandey, who was previously the Executive Director of Punjab National Bank, will take over as the MD of Union Bank of India. He has over 30 years of experience in the banking sector and has worked in various roles, including as a branch manager, regional manager, and head of credit. Pandey is expected to lead Union Bank of India’s efforts to improve its financial performance, expand its customer base, and enhance its digital banking services.
Kalyan Kumar, who was previously the Executive Director of State Bank of India, will take over as the MD of Central Bank of India. He has over 25 years of experience in the banking sector and has worked in various roles, including as a branch manager, regional manager, and head of retail banking. Kumar is expected to lead Central Bank of India’s efforts to improve its asset quality, increase its lending to priority sectors, and strengthen its risk management systems.
The appointments of Pandey and Kumar are part of the government’s efforts to revitalize the public sector banking sector, which has been facing challenges such as high non-performing assets (NPAs), low credit growth, and intense competition from private sector banks. The government has been taking steps to strengthen the governance and management of public sector banks, including the appointment of new MDs and CEOs, to improve their financial performance and enhance their competitiveness.
The appointments of Pandey and Kumar are also expected to bring in fresh perspectives and ideas to Union Bank of India and Central Bank of India, respectively. Both banks have been facing challenges in recent years, including high NPAs and low credit growth, and the new MDs are expected to play a key role in turning around their fortunes. Overall, the appointments of Pandey and Kumar are significant developments in the Indian banking sector and are expected to have a positive impact on the performance of Union Bank of India and Central Bank of India.
Asheesh Pandey and Kalyan Kumar have been appointed by the government as the new Managing Director of Union Bank and the head of Central Bank of India, respectively.
The Indian government has made two key appointments in the banking sector, naming Asheesh Pandey as the Managing Director (MD) and CEO of Union Bank of India, and Kalyan Kumar as the head of Central Bank of India. These appointments were approved by the Appointments Committee of the Cabinet, which is headed by the Prime Minister, for an initial period of three years.
Asheesh Pandey, currently the Executive Director of Bank of Maharashtra, will take over as MD and CEO of Union Bank of India, effective from the date of his assumption of charge. Kalyan Kumar, who is the Executive Director of Punjab National Bank (PNB), will succeed M V Rao as MD and CEO of Central Bank of India after Rao’s superannuation in July.
The Financial Services Institutions Bureau (FSIB) had recommended Pandey and Kumar for these positions on May 30. The FSIB is headed by former Department of Personnel and Training Secretary Bhanu Pratap Sharma, and its other members include Animesh Chauhan, former chairman and MD of Oriental Bank of Commerce, Deepak Singhal, former executive director of the Reserve Bank, and Shailendra Bhandari, former MD of ING Vysya Bank.
These appointments are significant, as they come at a time when the Indian banking sector is undergoing significant changes and reforms. The government has been working to strengthen the banking sector, and these appointments are seen as a key part of this effort. The appointments of Pandey and Kumar are expected to bring in fresh perspective and leadership to Union Bank of India and Central Bank of India, respectively.
The appointments are also seen as a reflection of the government’s commitment to appointing experienced and talented professionals to key positions in the banking sector. Both Pandey and Kumar have significant experience in the banking sector, and their appointments are expected to be beneficial for the banks and the sector as a whole. Overall, these appointments are an important development in the Indian banking sector, and are expected to have a positive impact on the sector’s growth and development.
Punjab National Bank (PNB) inks agreement with Bharat Sanchar Nigam Limited (BSNL) to provide salary accounts for employees
Punjab National Bank (PNB), a leading public sector bank in India, has signed a Memorandum of Understanding (MoU) with Bharat Sanchar Nigam Limited (BSNL) to open salary accounts for BSNL employees. The MoU was signed in the presence of senior officials from both organizations, including Shri Suresh Kumar Rana, CGM of PNB, and Shri Prabhu Dayal Chirania, Sr. GM of BSNL.
Under the MoU, PNB will offer specially designed salary accounts to BSNL employees, providing a range of benefits aimed at ensuring their financial security and convenience. The key features of these salary accounts include customized account numbers, free insurance covers, and special concessions on home and car loans. The accounts will also offer free hospicash facility, term insurance, personal air and accidental insurance cover, and accidental education cover, among other benefits.
PNB’s salary accounts will also provide overdraft facilities and family banking benefits, making it a comprehensive financial solution for BSNL employees. The bank has committed to delivering value-added products that not only ensure the financial well-being of account holders but also support their families with a strong protection and benefit framework.
The partnership between PNB and BSNL is expected to promote inclusive growth and strengthen institutional relationships. Shri Suresh Kumar Rana, CGM of PNB, expressed his delight at partnering with BSNL and emphasized the bank’s commitment to delivering comprehensive financial services to its employees. The MoU is a significant step towards providing BSNL employees with a range of financial benefits and conveniences, and is expected to have a positive impact on their overall financial well-being.
The signing of the MoU is a testament to PNB’s efforts to build strong relationships with institutional clients and provide them with tailored financial solutions. By offering specially designed salary accounts to BSNL employees, PNB is demonstrating its commitment to providing value-added services that meet the unique needs of its clients. The partnership is expected to be mutually beneficial, with PNB gaining a significant client base and BSNL employees gaining access to a range of financial benefits and conveniences.
Punjab National Bank (PNB) partners with Bharat Sanchar Nigam Limited (BSNL) to offer exclusive salary accounts for BSNL employees
Punjab National Bank (PNB), one of India’s leading public sector banks, has signed a Memorandum of Understanding (MoU) with Bharat Sanchar Nigam Limited (BSNL) to provide salary accounts for BSNL employees. The MoU was signed in the presence of senior officials from both organizations, including Shri Suresh Kumar Rana, CGM of PNB, and Shri Prabhu Dayal Chirania, Sr. GM of BSNL.
Under this agreement, PNB will offer its specially designed salary account packages to BSNL employees, which will include a range of benefits aimed at ensuring their financial security and convenience. The key features of these salary accounts include customized account numbers, free hospicash facilities, free term insurance, and free personal air and accidental insurance cover. Additionally, account holders will be eligible for free accidental education cover, girl child marriage cover, and family banking benefits.
PNB will also provide overdraft facilities and special concessions on home loan and car loan interest rates, processing charges, and documentation charges. The bank’s objective is to deliver value-added products that not only ensure the financial well-being of account holders but also support their families with a strong protection and benefit framework.
The partnership between PNB and BSNL is expected to promote inclusive growth and strengthen institutional relationships. Shri Suresh Kumar Rana, CGM of PNB, expressed his delight at partnering with BSNL and extending the bank’s comprehensive financial services to its employees. He emphasized PNB’s commitment to delivering products that support the financial well-being of account holders and their families.
The MoU signing ceremony was attended by senior dignitaries from both organizations, including Shri Parveen Goyal, CGM of PNB’s Delhi Zonal Office, and Shri Shailender Kumar, DGM of BSNL’s Corporate Budget and Banking. The partnership is a significant development in the banking and telecommunications sectors, and it is expected to benefit BSNL employees across the country. With this agreement, PNB aims to expand its customer base and strengthen its position as a leading public sector bank in India.
Official Statement: Public Information Bureau – PIB
Telecommunications Consultants India Limited (TCIL) has signed a Memorandum of Understanding (MoU) with Punjab National Bank (PNB) to modernize the bank’s IT infrastructure and digital backbone. The partnership aims to strengthen PNB’s comprehensive IT solutions and accelerate its digital transformation.
The MoU was announced in a press release by the Press Information Bureau, and reported by various news outlets, including ET Telecom, Indian Masterminds, PSU Connect, and India Education Diary. According to the reports, the pact will enable TCIL to provide PNB with cutting-edge IT solutions, including the modernization of the bank’s existing IT infrastructure, the development of new digital channels, and the implementation of advanced cybersecurity measures.
The partnership is expected to enhance PNB’s digital capabilities, improve customer experience, and increase operational efficiency. TCIL will leverage its expertise in IT consulting and telecommunications to help PNB achieve its digital transformation goals. The company will provide PNB with a range of services, including IT infrastructure modernization, digital channel development, cybersecurity, and data analytics.
The MoU is a significant development for PNB, which has been actively pursuing digital transformation in recent years. The bank has been investing heavily in digital technologies, including mobile banking, online banking, and digital payments. The partnership with TCIL is expected to further accelerate PNB’s digital journey and enable the bank to provide its customers with more convenient, secure, and efficient banking services.
The partnership is also a significant win for TCIL, which has been expanding its presence in the Indian IT market. The company has been providing IT consulting and telecommunications services to a range of clients, including government agencies, banks, and private sector companies. The MoU with PNB is a major milestone for TCIL and demonstrates the company’s capabilities in providing comprehensive IT solutions to large and complex organizations. Overall, the partnership between TCIL and PNB is a positive development for both parties and is expected to drive growth, innovation, and digital transformation in the Indian banking sector.
Fugitive businessman Mehul Choksi may soon face extradition proceedings in a Belgian court for his alleged involvement in the ₹13,000 crore PNB scam, with several key details emerging in the case.
Mehul Choksi, a fugitive Indian businessman, is likely to face extradition proceedings in a Belgian court over his alleged involvement in the ₹13,000 crore Punjab National Bank (PNB) scam. Choksi, who is currently living in Antigua, has been charged by Indian authorities with money laundering and fraud in connection with the scam.
The PNB scam, which was uncovered in 2018, involved the issuance of fraudulent letters of undertaking (LoUs) by bank officials, which allowed Choksi’s companies to obtain loans from overseas banks. The scam is estimated to have caused a loss of ₹13,000 crore to the bank. Choksi, who is the uncle of Nirav Modi, another accused in the scam, has denied any wrongdoing and claims that he is being targeted by the Indian government for political reasons.
Choksi had obtained citizenship of Antigua in 2017, and has been living there since then. However, India has been trying to extradite him to face trial in the country. In 2020, the Indian government had sent a request to the Antiguan government to extradite Choksi, but the request was rejected. Choksi has also approached the courts in Antigua to prevent his extradition to India.
Recently, it has been reported that Choksi’s case may be heard by a court in Belgium, where he has assets and business interests. The Belgian court may consider India’s request to extradite Choksi, which could pave the way for his extradition to India. If extradited, Choksi will face trial in India and could face severe penalties, including imprisonment and fines, if found guilty.
The development in Choksi’s case is significant, as it could set a precedent for the extradition of other fugitive Indian businessmen who are living abroad. The Indian government has been trying to extradite several other individuals, including Nirav Modi and Vijay Mallya, who are accused of financial crimes in India. The success of Choksi’s extradition could embolden the Indian government to pursue other cases more aggressively.
It is worth noting that the extradition process can be complex and time-consuming, and it may take several months or even years for the Belgian court to decide on Choksi’s case. However, the fact that Choksi’s case may be heard by a court in Belgium is a significant development, and it could have major implications for the fugitive businessman and his associates.
India assures Belgium of humane prison conditions for Mehul Choksi if he is extradited in connection with the PNB scam.
The Indian government has assured Belgium that Mehul Choksi, a fugitive diamond merchant wanted in connection with the Punjab National Bank (PNB) scam, will be provided with a humane jail stay if he is extradited to India. Choksi is currently residing in Antigua and Barbuda, but was recently detained in Dominica on an illegal entry charge.
India has been seeking Choksi’s extradition, and the assurance to Belgium is part of the country’s efforts to convince the European nation to support its request. The Indian government has stated that Choksi will be treated in accordance with international human rights standards and will be provided with adequate medical care and living conditions if he is extradited.
The PNB scam, which was uncovered in 2018, involves the fraudulent issuance of letters of undertaking (LoUs) by bank officials, allowing companies linked to Choksi and his nephew Nirav Modi to obtain loans from overseas banks. The scam is estimated to have caused a loss of over $2 billion to the bank.
Choksi and Modi fled India before the scam was discovered, and have been living in exile ever since. India has been seeking their extradition, but the process has been slow due to various legal and diplomatic hurdles.
The assurance to Belgium is significant, as it suggests that India is willing to provide humane treatment to Choksi if he is extradited. This could help to alleviate concerns about the treatment of prisoners in Indian jails, which have been criticized in the past for their poor conditions.
It remains to be seen whether Choksi will be extradited to India, but the assurance to Belgium is a positive development in the country’s efforts to bring the fugitive diamond merchant to justice. The Indian government has also been pursuing extradition requests for Nirav Modi, who is currently living in the UK.
The PNB scam has highlighted the need for greater oversight and regulation of the banking sector in India, and the government has taken various measures to prevent similar scams in the future. The extradition of Choksi and Modi would be a significant step towards bringing those responsible for the scam to justice and recovering the losses caused by their actions.