PNB launched the global credit card on commercial level

Punjab National Bank (PNB) is the second largest public sector has added one more credit card to its segment. Bank has launched global credit cards with a view to expand its product range. Two types of cards has been introduced in this category.

PNB Chairman K C Chakrabarty in its speech, during the commercial launch of the card said, "To start with we are launching two varieties of credit cards – Global Gold and Global Classic, which will meet the needs of its customers and will cater to the requirement of different income groups."

He said in November bank has done the soft launch of the cards but now it has launched the cards at commercial level therefore cards will be available across 1,200 branches of the bank across the country. He added in the beginning the card will be offered to existing customers of the bank.

Bank has tied-up with VISA as a payment gateway, thus the card will be accepted in over 29 million merchant establishments and a million ATMs across the worldwide. The card is photo credit card contains a host of features like free credit period of up to 50 days, no annual fee and attractive reward points.

In addition PNB also reported about the completion of 100% core banking implementation at all its 4,604 branches and extension counters. He notified that with the core banking it would be possible to meet the challenges of the financial sector and the centralization of the banking operations.

PNB announce cut in lending rate from Feb 1

Punjab National Bank country's second largest public sector lender has announced a cut in benchmark lending rate by 50 basis points to 11.50 per cent effective February 1. With this cut millions of home loan and auto loan aspirants will get respite.

During the announcement of the bank’s third quarter result PNB Chairman and Managing Director K C Chakrabarty told reporters, "We have decided to cut Prime Lending Rate (PLR) by 50 basis points beginning next month."

He informed bank has taken decision to cut interest rates on home, car, education as well as personal loans by up to 50 basis points. The new cut will be applicable from February 1.

He added after the cut the fixed rate housing loan would range from 9.25 per cent to 11 per cent in accordance to tenors and amounts.

He pointed out likewise the revised floating rate housing loans would range from 9 per cent to 10.25 per cent according to tenors and amounts.

He informed that the new revised interest rates on floating housing loan rate will be applicable both for existing and new accounts.

Chakrabarty remarked deposit rates will be reduced in between 25 to 100 basis points across various maturities effective next month.

He said, as a result after this reduction, the peak retail deposit rate will be reduced from 8.50 per cent in the time bucket of one year to less than 3 years to 8 per cent for one year to less than 5 years.