New Delhi: State-owned Punjab National Bank (PNB) has decided to give its top management an annual allowance of Rs 2 lakh to buy mobile handsets.

As per the revised Staff Welfare Benefits norms, top management of the bank — Managing Director (MD) and executive directors — would be entitled for Rs 2 lakh for buying mobile handset, sources said.

Cost of mobile does not include Goods and Services Tax (GST). At present, the GST rate on mobile phones is 18 percent.

The revised norms are applicable from April 1, 2022 as per the decision of the board of the bank, sources said.

A mail sent to PNB for comments did not elicit any response.

The second biggest lender has four executive directors to assist MD and CEO.

Sources, however, said the entitlement for mobile phones up to the Chief General Manager (CGM) has been retained at the previous level. As per the board-approved revised guidelines, the entitlement for a CGM has been retained at Rs 50,000 while for a GM Rs 40,000.

In 2020, the Delhi-based lender had purchased three luxury cars from Audi for its top management. These luxury cars were for MD and two senior executive directors.

The revised guidelines have also increased the car entitlement for CGM from the existing Rs 12 lakh ex-showroom price, excluding GST to Rs 15.50 lakh ex-showroom price, including all taxes.

A notch below this, GM level, will be eligible to use a car worth Rs 11.50 lakh from the existing limit of Rs 9 lakh.

For the purchase of green energy-based technology such as electric, CNG or environmental-friendly fuel, etc, the officer is allowed to buy it with a price variation of up to 15 percent.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)