Nedungadi
Bank merger: PNB seeks clarifications from RBI
Jays
Jacob
9 November 2002
 Kochi:
Punjab National Bank (PNB) has sought clarifications
from the Reserve Bank of India (RBI) on the issue of PNB’s
merger with Nedungadi Bank (NBL), which is now under moratorium.
It
is reliably learnt that PNB has sent a letter to the RBI
seeking clarifications on certain points. PNB has not
received a reply from the RBI yet.
The
RBI moratorium order and subsequent statements from NBL
fail to mention anything about PNB, with whom NBL is supposed
to be merged. NBL is maintaining that the moratorium is
only a prelude to the merger.
If
PNB decides to take over NBL, it will prepare a report
and send that to NBL. Then the director boards of both
the banks will send their reports to the RBI.
 PNB
was established in 1895 in Lahore in Undivided India.
Freedom fighter Lala Lajpat Rai was one of the founders
of the bank. The bank was nationalised along with 13 others
in 1969.
List
of reports on Punjab National Bank
List
of reports on Nedungadi Bank
List
of reports on Reserve Bank of India
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