PNB sets-up subsidiary to manage credit card business

Punjab National Bank (PNB) has set up a wholly-owned subsidiary namely “PNB Cards & Services Ltd” to manage its credit card business. The PNB Cards & Services Ltd has been incorporated on March 16, 2021, by the Registrar of Companies, Delhi. The new subsidiary will undertake the non-financial support services related to the credit card business of the bank. The authorised capital of the company is Rs 25 crore and the paid-up capital is Rs 15 crore.

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Important takeaways for all competitive exams:

  • Punjab National Bank Headquarters: New Delhi.
  • Punjab National Bank MD and CEO: S. S. Mallikarjuna Rao.
  • Punjab National Bank Founded: 19 May 1894, Lahore, Pakistan.

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