Overview

Punjab National Bank (PNB) is an Indian public-sector commercial bank headquartered in New Delhi. Registered in May 1894 and opened for business in Lahore in April 1895, it was created by Indian capital and associated with the economic-nationalist and Swadeshi environment of late colonial India. Its early supporters included Dyal Singh Majithia and Lala Harkishen Lal, while Lala Lajpat Rai was associated with its early management. The bank’s founding objective was to create a nationally oriented Indian institution capable of supporting domestic commerce and economic development. The bank’s history reflects the political and institutional changes of South Asia. It expanded beyond Lahore at the beginning of the twentieth century and later absorbed or amalgamated with several banking institutions, including Bhagwan Dass Bank, Bharat Bank, Universal Bank of India, Indo Commercial Bank, Hindustan Commercial Bank, New Bank of India and Nedungadi Bank. The Partition of India caused PNB to lose its Lahore premises and many offices in what became Pakistan. Before Partition, the bank moved its registered office to India and subsequently established its headquarters in New Delhi. It was nationalised by the Government of India in July 1969 along with thirteen other major commercial banks. PNB’s modern business covers retail and personal banking, agricultural and priority-sector lending, corporate and institutional banking, international banking, cards, investment services and other financial products. Typical offerings include current and savings accounts, deposits, home and personal loans, business and corporate credit, agricultural finance, remittance services, debit and credit cards, digital banking and investment-related services. Through subsidiaries, associates and joint ventures, the wider PNB group has also participated in housing finance, insurance, investment banking, government securities, rural banking and overseas banking. The bank has maintained an international presence through PNB International Bank in the United Kingdom and operations or representative offices in several countries. Its overseas interests have included Druk PNB Bank in Bhutan, Everest Bank in Nepal and JSC Tengri Bank in Kazakhstan, alongside branches or representative offices in locations such as Hong Kong, Dubai, Kabul, Shanghai, Oslo, Almaty and Sydney. The network and ownership structure have changed over time as the bank has entered, expanded, reorganised or exited overseas businesses. PNB became a major subject of public and regulatory scrutiny after disclosing in February 2018 that it had detected fraudulent transactions associated with its Mumbai branch, with the reported exposure described at approximately US$1.77 billion. The episode prompted extensive investigation and debate about bank controls, trade-finance processes and oversight. In another major structural development, Oriental Bank of Commerce and United Bank of India were amalgamated into PNB on 1 April 2020 following a government-announced consolidation programme. The transaction increased PNB’s scale and made it the second-largest public-sector bank in India by the measures cited in the merger announcement. PNB’s shares are listed on the Bombay Stock Exchange and the National Stock Exchange of India, and the bank has been included in major Indian market indices. Its public-sector identity, broad branch network and role in government-directed financial inclusion distinguish it from privately controlled Indian banks. In addition to conventional banking, its stated social and community activities have included girl-child education, rural training, healthcare camps, environmental initiatives, sports development and support for rural self-employment institutions. PNB therefore combines a mass-market banking role with government ownership, corporate finance, international links and a portfolio of associated financial businesses.

History

Punjab National Bank was registered on 19 May 1894 under the Indian Companies Act and began operations in Lahore on 12 April 1895. It was founded with Indian capital and a broad-based board drawn from different regions and communities. The institution was associated with the Swadeshi-era aspiration to build financial organisations serving Indian economic interests. Dyal Singh Majithia and Lala Harkishen Lal were among the prominent figures connected with its foundation, and Lala Lajpat Rai participated in its early management. Accounts held by notable Indian political figures and institutions later became part of the bank’s historical legacy. PNB expanded outside Lahore in 1900 and subsequently developed branches in cities including Karachi and Peshawar. It absorbed Bhagwan Dass Bank in 1940. The Partition of India was a decisive disruption: the bank lost its Lahore premises and had to close or relinquish numerous offices in West Pakistan, while transferring its registered office to India. Its head office was established in New Delhi, and the bank continued its Indian operations during the reorganisation of the subcontinent’s banking system. During the post-independence period, PNB grew through acquisitions and amalgamations. It acquired Bharat Bank’s branches in 1951, moved its head office from Calcutta to Delhi in 1960, and in 1961 acquired Universal Bank of India while also amalgamating Indo Commercial Bank. Its Rangoon branch was nationalised by Burma’s revolutionary government in 1963, and its Pakistan operations were seized by the Pakistani government after the 1965 India–Pakistan war. In 1969, the Government of India nationalised PNB with thirteen other major commercial banks. The bank’s later expansion included a London branch, although the Reserve Bank of India required its transfer to State Bank of India in 1986 after a fraud-related episode. In the same year PNB acquired Hindustan Commercial Bank. It acquired New Bank of India in 1993, established an Almaty representative office in 1998, and took over Nedungadi Bank in 2003. During the 2000s it expanded its international relationships and presence through operations in Afghanistan, China, the United Arab Emirates, Hong Kong, the United Kingdom, Norway, Bhutan, Nepal and Kazakhstan. It established PNB International Bank in the United Kingdom and took stakes in Druk PNB Bank, Everest Bank and a Kazakhstan banking entity. It also entered India’s insurance sector through an investment in MetLife India, subsequently known as PNB MetLife India. A major crisis occurred in 2018, when PNB disclosed fraudulent transactions linked to its Mumbai branch. The reported exposure of approximately US$1.77 billion generated investigations, legal proceedings and regulatory attention, and raised questions about internal controls and the verification of trade-finance instruments. The incident became one of the most prominent banking scandals in modern India and affected public discussion of governance at state-owned banks. The next major institutional transformation was public-sector consolidation. In August 2019, the Finance Minister announced that Oriental Bank of Commerce and United Bank of India would merge with PNB. The Union Cabinet approved the plan in March 2020, and the amalgamation became effective on 1 April 2020. Customers of the two incoming banks became PNB customers, while the enlarged institution assumed a significantly larger branch network and balance-sheet scale. PNB continues to operate as a listed, government-owned Indian bank. Its activities span mass-market deposits, lending, corporate finance, agriculture, payments, cards, digital channels and international banking. Its subsidiaries and associates extend into investment services, housing finance, insurance, rural banking and overseas banking. The bank also presents financial inclusion, rural development, education, healthcare, environmental activity and sports support as elements of its corporate-social-responsibility programme.

2020
Public-sector bank merger completed
[1]Punjab National Banken.wikipedia.org
Oriental Bank of Commerce and United Bank of India were amalgamated into PNB on 1 April 2020.
2003
Nedungadi Bank acquired
[1]Punjab National Banken.wikipedia.org
PNB took over Nedungadi Bank, an established private-sector bank in Kerala.
1993
New Bank of India acquired
[1]Punjab National Banken.wikipedia.org
PNB acquired New Bank of India, a previously nationalised bank.
1969
Nationalisation
[1]Punjab National Banken.wikipedia.org
The Government of India nationalised PNB with thirteen other major commercial banks on 19 July 1969.
1947
Registered office moved to India
[1]Punjab National Banken.wikipedia.org
Before Partition, PNB received permission to transfer its registered office from Lahore to New Delhi.
1900
First branch outside Lahore
[1]Punjab National Banken.wikipedia.org
PNB established its first branch outside Lahore in India.
1895
Operations began
[1]Punjab National Banken.wikipedia.org
The bank opened for business in Lahore on 12 April 1895.
1894
Bank registered in Lahore
[1]Punjab National Banken.wikipedia.org
Punjab National Bank was registered under the Indian Companies Act on 19 May 1894.

Products and positioning

A large Indian government-owned universal bank combining broad public-sector reach, retail and corporate banking, financial inclusion and selected international operations.

Banking
Retail banking
PNB’s retail banking business serves individuals and households through savings and current accounts, deposits, personal and home loans, payment cards, remittances and digital banking channels. The segment also supports financial inclusion and everyday transaction banking across the bank’s extensive Indian network.
Banking
Corporate and institutional banking
The corporate franchise provides credit and transaction services to companies, institutions and government-linked customers. Its activities include working-capital finance, term lending, trade finance, cash management and other services associated with large commercial relationships.
Banking
International banking
PNB’s international business includes its UK subsidiary, overseas branches and representative offices, and holdings in banks in Bhutan, Nepal and Kazakhstan. These operations support cross-border banking, remittances and relationships involving Indian customers and businesses abroad.
Payments and digital finance
Cards and digital banking
The bank provides debit and credit cards, electronic payments, online banking and mobile-oriented services. Later technology initiatives described in the cited material include multilingual digital-banking applications and electronic surveillance for ATMs.
Financial services
Investment and insurance services
Through subsidiaries, associates and strategic holdings, the PNB group has participated in investment services, government securities, housing finance and insurance distribution or underwriting-related businesses, including PNB MetLife India.

Controversies

2026
Customers allege unauthorized transfers at PNB branch
Customers of Punjab National Bank's Sector Pi-1 branch in Greater Noida alleged that money was withdrawn or transferred from their accounts without authorization, including through the premature closure of fixed deposits. The bank and police had not officially confirmed the suspected amount or the number of affected customers. The allegations concerned unauthorized activity on customer accounts at the branch; no confirmed figures for the suspected amount or the count of affected customers were released by the bank or police.
Source
2021
Punjab National Bank responds to data-breach claims
In November 2021, Punjab National Bank responded to claims made in a CyberX9 report that a vulnerability in its server had exposed customers' personal and financial information. The bank denied the claim that critical data had been exposed, while confirming that a glitch had occurred. The bank's response addressed the report's allegations by acknowledging the technical issue but rejecting the assertion that customers' personal and financial information was exposed as a result.
Source
2020
RBI fines six entities for regulatory non-compliance
In a regulatory action, the Reserve Bank of India imposed monetary penalties totaling over Rs 5.78 crore on six entities for non-compliance with regulatory guidelines. The entities named were Sodexo, PhonePe, QwikCilver Solutions, Punjab National Bank, Muthoot Vehicle & Asset Finance, and Delhi Metro Rail Corporation. The penalties were announced as part of the central bank's enforcement of regulatory compliance among the listed institutions.
Source
2018
Punjab National Bank fraud case
PNB disclosed fraudulent transactions associated with its Mumbai branch, with reported exposure of approximately US$1.77 billion. The case resulted in investigations and sustained scrutiny of controls, governance and trade-finance processes.
Source

Marketing campaigns

2026Credit-card digital offers platform with GYFTR
India
A reported three-year customer-engagement initiative intended to give PNB credit-card customers access to curated offers and digital brand experiences.
Source
2014PNB Ladli
India
A programme described in the reference material that seeks to encourage girls’ education in rural and semi-urban areas.
Outcome. Continued as part of the bank’s social and inclusion initiatives.
Source
PNB Hockey Academy
India
A sports-development initiative supporting hockey and young Indian talent.
Source

Brand decisions

2026
Multilingual AI banking memorandumStrategy
Background
The cited reference describes a collaboration with Digital India’s BHASHINI division to improve access to banking services in customers’ preferred languages.
Action taken
PNB signed an MoU to explore multilingual artificial intelligence in digital banking and citizen-oriented financial services.
Source
2020
Amalgamation with Oriental Bank of Commerce and United Bank of IndiaM&A
Background
The Government of India pursued consolidation of public-sector banks to create larger institutions. PNB’s board approved the exchange ratios after Cabinet approval.
Action taken
PNB completed the amalgamation of Oriental Bank of Commerce and United Bank of India on 1 April 2020.
Aftermath
The enlarged bank became the second-largest public-sector bank by the scale cited in the merger announcement, and customers of the two merging banks became PNB customers.
Source

Recent events

2026.11.01
Reported2026.11.01
Punjab National Bank raises six MCLR benchmarks[6]旁遮普国家银行上调六项MCLR基准利率econotimes.com
Punjab National Bank raised all six Marginal Cost of Funds Based Lending Rate (MCLR) benchmarks by 10 basis points from November 1, 2026. The bank kept its repo-linked lending rate and base rate unchanged.
Unconfirmed
Reported2026.10.29
Customers allege unauthorized transfers at PNB branch[4]Customers allege unauthorized transfers at PNB branchdailypioneer.com
Customers of Punjab National Bank’s Sector Pi-1 branch in Greater Noida alleged that money was withdrawn or transferred from their accounts without authorization, including through premature closure of fixed deposits. The bank and police had not officially confirmed the suspected amount or the number of affected customers.
2026.10.22
Reported2026.10.22
PNB announces revised credit card fees[7]PNB宣布调整信用卡费用jagranjosh.com
Punjab National Bank announced revised fees scheduled to take effect on November 1, 2026, including higher cash advance fees and a revised late payment fee for outstanding amounts above ₹10,000.
2022.01.31
Reported2022.01.31
PNB and Patanjali launch co-branded contactless credit cards[8]旁遮普国家银行与Patanjali推出联名非接触式信用卡freepressjournal.in
Punjab National Bank and Patanjali Ayurved Limited launched co-branded contactless credit cards on NPCI’s RuPay platform, in Platinum and Select variants.
2021.11.23
Reported2021.11.23
Punjab National Bank responds to data-breach claims[5]Punjab National Bank responds to data-breach claimslivemint.com
Punjab National Bank denied claims in a CyberX9 report that a vulnerability in its server exposed customers' personal and financial information. The bank confirmed a glitch but denied that critical data had been exposed.
2021.09.12
Reported2021.09.12
PNB appoints Rekha Jain as shareholder director[9]PNB 任命 Rekha Jain 为股东董事livemint.com
Punjab National Bank appointed Rekha Jain as a shareholder director; the bank said she assumed office on September 12, 2021.
2021.09.11
Reported2021.09.12
Asha Bhandarker steps down as PNB shareholder director[9]PNB 任命 Rekha Jain 为股东董事livemint.com
Asha Bhandarker stepped down as Punjab National Bank shareholder director on Saturday after completing a three-year tenure. The source was published on September 12, 2021.
Weekdays and relative dates follow the original report; their exact calendar dates have not been verified.
Unconfirmed
Reported2020.11.21
RBI fines six entities for regulatory non-compliance[3]RBI fines six entities for regulatory non-compliancebusinesstoday.in
The Reserve Bank of India imposed monetary penalties totaling over Rs 5.78 crore on six entities, including Sodexo, PhonePe, QwikCilver Solutions, Punjab National Bank, Muthoot Vehicle & Asset Finance, and Delhi Metro Rail Corporation, for non-compliance with regulatory guidelines.
2020.09.09
Reported2020.09.09
PNB launches Festival Bonanza Offer with waived loan charges[10]PNB推出节庆优惠，免除部分贷款费用livemint.com
Punjab National Bank launched a festival promotion waiving upfront or processing fees and documentation charges on some retail loan products, including housing and car loans. The offer was available through December 31, 2020.
2020.08.15
Reported2020.08.15
PNB launches DIGITAL APNAYEN campaign[11]旁遮普国家银行推出“DIGITAL APNAYEN”活动financialexpress.com
Punjab National Bank launched the DIGITAL APNAYEN campaign to encourage customers to use digital banking channels. Under the campaign, the bank said it would contribute Rs 5 to the PM CARES Fund on behalf of each customer making a first financial transaction to activate a RuPay Debit card.

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