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Punjab National Bank incorporates new entity PNB Cards & Services to manage credit card business
Punjab National Bank
State-run Punjab National Bank has incorporated a new wholly-owned subsidiary called PNB Cards & Services Ltd.
State-run Punjab National Bank has incorporated a new wholly-owned subsidiary called PNB Cards & Services Ltd. The subsidiary will provide non-financial support services for PNB's credit card business.
The bank in a regulatory filing on Wednesday said, "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."
PNB Cards & Services has been set up with an authorised capital of Rs 25 crore and paid up capital of Rs 15 crore.
In the filing the bank added, "The Authorised Capital of the 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)."
The information is being submitted in compliance of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.
The number of outstanding credit cards at the end of December 2020 of PNB stood at over 4.3 crore (43,402,879), according to the RBI data.
The value of transactions through credit cards was Rs 137.55 crore (Rs 13,755 lakh) at the point of sale (PoS) and Rs 1.17 crore (Rs 117 lakh) at the ATMs during the month.
The number of transactions at PoS was 5,79,244 while at the ATMs the number of transactions through credit cards were 3,871 in December 2020.
PNB shares closed at Rs 38.30 apiece on BSE, down 3.77 per cent from the previous close.
