PNB Restricts Withdraw of Money from non-EMV ATMs

Punjab National Bank (PNB) has determined to limit its clients from withdrawing cash from non-EMV automated teller machines (ATMs) with impact from 01 February 2021, in an try and verify frauds, associated to cash transactions. This restriction will apply to each, monetary and non-financial transactions. To overcome this, PNB will introduce OTP primarily based programs for withdrawing money.

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What are non-EMV ATMs?

Non-EMV ATMs are these which reads information by magnetic strips and don’t maintain the ATM card throughout the transaction.

Other main resolution

  • PNB has additionally determined to switch the previous IFSC and MICR codes. This implies that the previous codes is not going to work after March 31, 2021.
  • Customers should get a brand new code from the financial institution
  • This resolution has been taken as a consequence of merger of Punjab National Bank, Oriental Bank of Commerce and United Bank of India on 1st April 2020.

Important takeaways for all aggressive exams:

  • Punjab National Bank Headquarters: New Delhi.
  • Punjab National Bank CEO: S. S. Mallikarjuna Rao (1 Oct 2019–).
  • Punjab National Bank Founded: 19 May 1894, Lahore, Pakistan.
  • Punjab National Bank Founders: Lala Lajpat Rai, Dyal Singh Majithia.

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