Punjab National Bank (PNB) has decided to restrict its customers from withdrawing money from non-EMV automated teller machines (ATMs) with effect from 01 February 2021, in an attempt to check frauds, related to money transactions. This restriction will apply to both, financial and non-financial transactions. To overcome this, PNB will introduce OTP based systems for withdrawing cash.
WARRIOR 5.0 Batch for SBI, RRB, RBI and IBPS Exams Banking Awareness Online Coaching | Bilingual
What are non-EMV ATMs?
Non-EMV ATMs are those which reads data through magnetic strips and do not hold the ATM card during the transaction.
Other major decision
- PNB has also decided to replace the old IFSC and MICR codes. This means that the old codes will not work after March 31, 2021.
- Customers will have to get a new code from the bank
- This decision has been taken due to merger of Punjab National Bank, Oriental Bank of Commerce and United Bank of India on 1st April 2020.
Important takeaways for all competitive exams:
- Punjab National Bank Headquarters: New Delhi.
- Punjab National Bank CEO: S. S. Mallikarjuna Rao (1 Oct 2019–).
- Punjab National Bank Founded: 19 May 1894, Lahore, Pakistan.
- Punjab National Bank Founders: Lala Lajpat Rai, Dyal Singh Majithia.