Categories: Banking

PNB Restricts Withdraw of Money from non-EMV ATMs

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.

Find More Banking News Here

Sumit Arora

As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.