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PNB Set up ‘PNB Cards & Services Ltd’ –  A Subsidiary to Manage Credit Card Business 

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Punjab National Bank sets-up subsidiary to manage credit card businessOn March 16, 2021, Punjab National Bank (PNB) set up a wholly-owned subsidiary named PNB Cards & Services Ltd to provide the non -financial support services related to the credit card business of the bank.

  • The authorized capital of PNB Cards & Services Ltd is Rs 25 crore and the paid-up capital is Rs 15 crore.
  • The company has been incorporated by the Registrar of Companies(ROC), Delhi

Specific Features about PNB:

  • According to the RBI data, the number of outstanding credit cards at the end of December 2020 of PNB stood at over Rs 4.3 crores (43,402,879)

Transactions over a month in PNB:

  • In December 2020, the number of transactions through credit card at PoS were 5,79,244 and its value was about Rs 137.55 crore and
  • The number of transactions through credit cards at ATMs was 3,871 and its value was about Rs 1.17 crore in the same month.

Existing Card services:

  • HDFC Bank is the largest credit card issuer in India and SBI Cards is the second-largest pure-play credit-card issuer in the country.

Note – Registrar of Companies in India (ROC) is the governmental authority for Company Registration and LLP Registration and regulation of Limited Companies and Limited Liability Partnership (LLP) in India.

Recent Related News:

On December 1, 2020, Punjab National Bank (PNB) developed and launched ‘PNB LenS-The Lending Solution’, an IT (Information Technology) based lending solution for loan management.

About Punjab National Bank(PNB):

Founded– May 19, 1894
Commenced Operations– April 12, 1895
MD & CEO – CH. S. S. Mallikarjuna Rao
Headquarters– New Delhi, India
Tagline– The name you can bank upon