FSIB Recommends Ashok Chandra as Next MD & CEO of PNB
In response to rising cyber fraud incidents, Punjab National Bank (PNB) has introduced the ‘Safety Ring’ security feature. This optional mechanism provides an additional layer of protection against unauthorized access, aimed at minimizing potential financial losses for users of its internet and mobile banking services.
The ‘Safety Ring’ allows customers to set a daily transaction limit for term deposits (TDs), specifically for online closure or overdraft facilities. This limit is defined by the customer and acts as a safeguard across all digital channels, preventing TDs from being closed, withdrawn, or used for overdrafts beyond the set limit.
Once implemented, the ‘Safety Ring’ ensures stringent control over digital transactions, enhancing overall security for PNB’s internet and mobile banking users. This initiative reflects PNB’s commitment to safeguarding customer finances in an increasingly digital banking environment.
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