Punjab National Bank Launches Virtual Credit Card: This Is How It Works

Now state-run Punjab National Bank(PNB) has launched a PNB e-Credit Card. The card launched on 24th December 2020 is basically a digital imitation of a physical credit card.

The best part about this e-Card is that the consumers don’t need to carry this physically.

This e-Card can be used at any e-commerce platform or merchant website.

Use Made Easy By PNB Genie Mobile App

For getting the information about this PNB e-card, the customers can access it by clicking on the e-Credit Card facility in PNB Genie Mobile app.

The PNB Genie App also helps in activation of the card for International and domestic use.

Apart from that, it can also be used to set up the transaction limits for ATM, eCommerce and contactless payments.

The existing PNB customers can easily update their PNB Genie with the latest app available on Google play store and Apple’s app store to use the new feature. 

After the merger of Union Bank Of India(UBI) and Oriental Bank Of Commerce(OBC) with PNB on 1 April 2020, it has become the second-largest nationalized bank of India considering the business and branch network.

PNB Sale Three Stressed Accounts

In another development, PNB has put up for sale three stressed accounts, with total outstanding dues of nearly Rs 34.50 crore.

The accounts belong to Mangalam Oil Industries with outstanding dues of Rs 10.77 crore, Alliance Fibres Ltd (Rs 18.31 crore) and Birsa Institute of Technology (Trust) (Rs 5.41 crore).

Further, the process is being undertaken by the state-owned bank’s Stressed Assets Targeted Resolution Action Division.

According to the PNBauction notice, “We intend to place three accounts for sale to ARCs/ NBFCs/ other banks/ FIs etc, on the terms and conditions stipulated in the bank’s policy, in line with the regulatory guidelines,”.

Out of these accounts, Mangalam Oil Industries and Alliance Fibres are based out of Ahmedabad and while the third one is based in Raipur.

Here, the SASTRA division is tasked to enhance the bank’s recovery mechanism post the massive fraud caused by the jewellers duo Nirav Modi and Mehul Choksi, unearthed in early 2018.