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PNB gets stock exchanges' nod to trade over 266 crore shares post merger with 2 other PSBs

With the amalgamation coming to effect from the beginning of the current fiscal on April 1, 2020, PNB has now become the second largest bank in India.

April 14, 2020 / 05:21 PM IST
Punjab National Bank offers customers 4.5 percent interest on deposits less than Rs 2 crore. Senior citizens earn 5.25 percent. Those depositing between Rs 2 crore to Rs 10 crore earn an interest of 3.25 percent.

Punjab National Bank offers customers 4.5 percent interest on deposits less than Rs 2 crore. Senior citizens earn 5.25 percent. Those depositing between Rs 2 crore to Rs 10 crore earn an interest of 3.25 percent.

 
 
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State-owned Punjab National Bank (PNB) on Tuesday said it has received approval from stock exchanges for trading of over 266 crore shares post amalgamation with two other PSBs. The government had on March 4, 2020, notified about trading approval of 266,96,07,593 equity shares of Rs 2 each issued pursuant to the amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank as per the scheme of merger of public sector banks (PSBs).

"The exchange is hereby informed that trading approvals for 266,96,07,593 equity shares of Rs 2 each... have been granted by exchanges i.e. National Stock Exchange of India Ltd (NSE) and BSE Ltd on 13 April, 2020," PNB said in a regulatory filing.

With the amalgamation coming to effect from the beginning of the current fiscal on April 1, 2020, PNB has now become the second largest bank in India.

The scheme of merger has reduced the number of public-owned banks in India and with the latest round a total of 10 PSBs have been consolidated into four bigger entities.

The number of PSBs in India now stands at 12.
PTI

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