Punjab National Bank plans to take advantage of running a credit card business

Johannesburg – State-owned Punjab National Bank (PNB) has set up a wholly owned subsidiary to run its credit card business, the bank said on Wednesday.
PNB Cards & Services Ltd’s wholly owned bank was filed on March 16, 2021, by the Registrar of Companies, Delhi, the regulatory file said. The subsidiary will provide non-financial support services related to the bank credit card business.

The company’s authorized capital is Rs 25 crore and the pay is Rs 15 crore, PNB said.

The number of credit cards remaining at the end of December 2020 for PNB stands above 4.3 crore (43,402,879), according to RBI data.

The amount of credit card transactions was Rs 137.55 crore (Rs 13,755 lakh) at the point of sale (PoS) and Rs 1.17 crore (Rs 117 lakh) at ATMs during the month.

The total number of PoS transactions was 5,79,244 while at ATMs the number of credit card transactions was 3,871 in December 2020.

PNB shares closed at Rs 38.30 each on the BSE, down 3.77 percent from the previous close.

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