PNB incorporates PNB Cards & Services for credit card business

PNB Cards & Services has authorised capital of Rs 25 cr

Public sector lender Punjab National Bank on Wednesday said it has incorporated a wholly-owned subsidiary, PNB Cards & Services Limited, which will deal with the banks' non-financial support services related to its credit card business.

“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 the credit card the business of the bank”, the bank said. 

In an exchange notification, the lender said, the authorised capital of the company is Rs 25 crore, which is divided into 25 million shares of Rs 10 each, and the paid-up capital is Rs 15 crore. 

It is important to note that among public sector banks, State Bank of India, the country’s largest lender, has a separate arm for its card business -- SBI Cards and Payment Services.