PNB incorporates new subsidiary ‘PNB Cards & Services Limited’ for its credit card business

New Delhi: Punjab National Bank (PNB), one of India's largest public-sector banks, has announced on Wednesday that it has incorporated a new subsidiary 'PNB Cards & Services Limited' for the credit card business of the bank on March 16. In a regulatory filing to the stock exchanges, PNB informed that it has incorporated a wholly-owned subsidiary to undertake the non-financial support services related to the credit card business of the bank.

"The Exchange is hereby informed that a wholly-owned subsidiary of the Bank namely PNB Cards & Services Limited has been incorporated on 16.03.2021 by the Registrar of Companies, Delhi to undertake the non-financial support services related to credit card business of the Bank," the bank informed the BSE.

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As per the information given to the stock exchanges, the authorised capital of the newly incorporated company is Rs 25.00 crore (divided into 250,00,000 Equity Shares of Rs. 10/- each) and the paid-up capital is Rs. 15.00 crore (divided into 150,00,000 Equity Shares of Rs 10/- each).

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