PNB incorporates new entity PNB Cards & Services for credit card biz

Punjab National Bank has recently declared that it has incorporated PNB Cards & Services, a wholly owned subsidiary of the bank. The new entity will undertake non-financial support service related to bank’s credit card business.

PNB, in BSE filing, 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 authorised capital of Rs. 25 crore and paid up capital of Rs. 15 crore. “The authorised capital of the company is Rs. 25 crore and the paid up capital is Rs. 15 crore,” the bank mentioned.

“The information is being submitted in compliance of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015,” PNB added.