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.

ALSO READ: 

1. Unions warn bank strike will be bigger, indefinite like farmers’ stir, if govt doesn’t yield

2. Bank strike: Unions have a valid question for Finance Minister

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).

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)