Branch Manager Suspended for raising voice against Leave Denial

At Punjab National Bank in New Delhi, a startling instance has surfaced. According to accounts, a branch manager was suspended for speaking out against the higher authority's decision to deny leave. 

The branch manager has submitted one day leave which was declined by the higher authority. The branch manager put this on his WhatsApp status – he wrote “Single Day Casual Leave is denied by Competent Authority. Why this kolaveri di?”

 To his astonishment, however, the bank administration promptly sent him an explanation letter. The branch manager allegedly broke the bank's social media policy, according to the management. According to the letter, bank workers should refrain from criticizing the bank's management and from participating in any social media groups that do so. The branch manager has five days to provide an explanation.

The branch manager responded that since the content was not offensive or defamatory and didn't include any private information, he hadn't broken the bank's social media policy. It was merely a private statement of concern about issues pertaining to corporate openness and employee welfare. He asserted that every Indian citizen has the inherent right to constructive criticism and peaceful expression.The branch manager has now being suspended and the case is going on.

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PSU Bank introduce new app for their Employees, is this app to track staff?

Another problem surrounds Punjab National Bank, one of India's biggest public sector banks. A new debate has emerged following the conclusion of the new transfer policy problem. 

Punjab National Bank has unveiled two new features for its staff: the PNB Aagman app for tracking attendance and a feedback system based on QR codes. The PNB Aagman app will be discussed in this post. 

This new software was released by PNB to track employees' locations and record their attendance. This implies that an employee can only record their attendance if they are present at their workplace. The app user will need to provide the app with their location in order to accomplish this. There are versions of the mobile app for iOS and Android.

PNB employees can download the app and mark attendance via this app. Everything seems to be super cool and hi-tech but the employees are not happy with it. Employees and Bank Associations have taken to social media to express their anger and grief regarding the app.

Users are protesting that the software infringes their privacy, as you can see from the tweets above. We Bankers Association claims that Punjab National Bank already uses a desktop biometric attendance marking system, so why is the bank using an app for attendance? The bank has been accused by the Association of live-tracking its workers. Workers are concerned that the software could be used to spy on them. 

The Bank Officers' Association has expressed grave worries regarding two new PNB-introduced systems: the customer feedback technique based on QR codes and the AAGMAN App for recording attendance. According to the group, these new methods cause needless stress at work and invade officers' privacy.

The app is location-based, which means it tracks where the officer is. It also seeks access to officers’ personal data, such as their contact list, phone calls, and other private information. The association pointed out that biometric attendance is already in place in the bank, which serves the same purpose. Therefore, introducing another system for attendance seems unnecessary and looks like an attempt to control the private lives of officers.

Users complain various issues with the app

1. The mobile app is not available on the Google Play Store, which is the official app store for Android. When an app is uploaded on the Google Play Store, Google checks the app and the app goes live only if it as per Google’s policies. In this case, the PNB Aagman app is not available on the Google Play Store means there might be some issue with the app.

2. The app does not seem to be working properly. When users downloaded the app for testing, the app kept on showing the message – Loading, and finally, the app crashed. This means the app has some developmental issues.

3. The app asks for various permissions, such as permissions to access phone calls, which completely violates the privacy of users. Such permissions are not needed for an attendance app. These permissions are needed to manage phone calls and contacts. Recently, Google and the Government of India have asked Citizens not to provide any permission that is irrelevant to the working of any app. This means that a camera app should not ask for phone permission, a calendar app should not ask for camera permission, and so on. So in this case, an attendance app should not ask for phone call permissions. The app is based on marking biometric via location tracking and so it should ask for location permissions only.

4. Users say that the bank has already implemented biometric attendance in desktops and the system is working flawlessly. When one system of attendance marking is working properly then why bank is spending money on mobile apps? Instead, this money should be utilised in the betterment of the existing system. The development and maintenance of mobile apps require a lot of funds and these could have been used to make the existing biometric system better.

Meanwhile, PNB Management is working hard to revamp the bank and improve customer service. What happens next – let’s see – whether the app will be implemented or not. What are your thoughts? Tell us in the comment section below.

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PSU Bank filed CBI complaint in Rs.16 Crore Fraud case

 In a significant ₹16-crore bank fraud case involving Punjab Lightning Industries Limited, situated in Industrial Area, Phase 2, Mohali, the Central Bureau of Investigation (CBI) has formally filed a chargesheet. The trial will start on June 4, 2025, at a special CBI court in Chandigarh. The case was first registered on June 27, 2024.

How the Bank Fraud Happened

According to the CBI’s chargesheet, the company’s directors Vinay Gupta and Urvashi Gupta had taken a loan of nearly ₹16 crore from Punjab National Bank (PNB). The loan was meant for the business’s working capital and commercial activities. However, instead of using the money for the business, they allegedly diverted the funds for personal use and to pay off loans of other companies owned by them.

What the Bank Discovered

The fraud came to light after the company stopped repaying the loan, which raised concerns at the bank. Punjab National Bank then conducted an internal investigation, which revealed shocking findings. During the audit of the company’s unit in Mohali, it was discovered that:

• No production was going on at the factory.
• There was no raw material or finished goods on site.
• The factory had been shut down for several months.

Misuse of Loan for Buying Property

The audit further revealed that Vinay Gupta used part of the loan amount to buy a house in Sector 15-A, Chandigarh, and the property was registered under his son’s name. He also bought another property in Sector 11, which clearly indicated that the funds were not being used for the business, but rather for personal gains.

Legal Action and CBI Investigation

Following the internal audit, PNB filed a complaint with the CBI, as the evidence pointed toward intentional default by the company directors. After investigating the matter, the CBI charged them under:

• Section 420 of the Indian Penal Code (IPC) – for cheating.
• Section 120-B of the IPC – for criminal conspiracy.
• Relevant sections of the Prevention of Corruption Act.

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PSU Bank Employees Protest Against Perquisite Tax

Employees of Punjab National Bank (PNB) in Churu staged a forceful demonstration outside the bank branch close to Dharmastupa on Wednesday. The protest was planned in reaction to the bank's new loan issue circular and the implementation of the perquisite tax. Workers are required to pay taxes on loans with low interest rates. Some employees are even receiving negative salaries as a result of this.

In contrast to other banks, PNB should also pay the perquisite tax itself, the protesting staff said, expressing their displeasure with the added tax load. The workers claim that their morale is suffering as a result of this additional financial burden. 

Also Read- Top 10 Mobile Banking Applications in India

They particularly highlighted the difficulties faced by officers enrolled in the new pension scheme, who are already deprived of the benefits provided under the old pension scheme. These officers, they said, would face even more challenges due to the new tax burden.

In addition to the tax issue, the employees also voiced strong opposition to a recent circular issued by the bank’s management concerning loans. They argued that the new circular would financially harm the employees and called for its immediate cancellation. The protesters demanded that the management create policies that ensure the financial well-being and stability of the employees.

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Punjab National Bank(PNB) Q3 net profit doubles, NII up 7.2%

 

On Friday, Punjab National Bank said that its standalone net profit for the third quarter, which ended on December 31, 2024, had doubled to Rs 4,508 crore. In the previous year's October–December quarter, the bank made a net profit of Rs 2,223 crore.

According to a regulatory statement by Punjab National Bank (PNB), the bank's overall revenue climbed to Rs 34,752 crore in the third quarter of the current fiscal year from Rs 29,962 crore in the same time last year.

Also Read - Quarterly Financial Results of Public & Private sector banks for Q3FY25

The bank's interest income increased from Rs 27,288 crore during the same time last fiscal year to Rs 31,340 crore during the quarter. In comparison to Rs 10,293 crore in the same quarter, the bank's Net Interest Income (NII) increased 7.17 percent to Rs 11,032 crore.

Regarding asset quality, the bank's gross non-performing assets ratio decreased from 6.24 percent to 4.09 percent in the previous year. Similarly, at the conclusion of the third quarter of the previous fiscal year, net non-performing assets (NPAs), or bad loans, decreased from 0.96 percent to 0.41 percent. Consequently, provisions for bad loans decreased from Rs 2,994 crore in the previous year to Rs 318 crore in the current quarter.

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Top 10 Mobile Banking Applications in India

Over the past few decades, technology has advanced significantly. From computers to laptops and iPads, software to applications, and mobile phones to Android devices, the digital age is pervasive. These days, many people use mobile banking apps. When conducting online transactions, a mobile banking app provides convenience, speed, and flexibility.

Nowadays, a large number of Indians are uncomfortable using traditional banking. They have therefore embraced mobile banking. Because of this, practically all private sector and PSU banks offer mobile banking apps for online transactions. This lessens the need for a laptop or desktop computer, and most importantly, it eliminates the need for you to physically visit the bank in order to complete any banking task.

 

1. Kotak-811 & Mobile Banking App

Kotak-811 - A app from Kotak Mahindra Bank offers a zero-balance savings account with an internationally enabled virtual debit card. It features a slick digital banking app UI. It is the first app in India to offer WhatsApp banking. You may now bank on a familiar platform using this app.

Features

* View account details and transaction details, and download e-statements.

* Send and receive money for instant transfers using IMPS, NEFT, and UPI.

* Manage your zero-balance savings account with an internationally enabled virtual debit card for online payments.

* Connect your bank account with WhatsApp and initiate banking transactions through a chat interface.

Pros

User-friendly interface with innovative features, ero-balance savings account with virtual debit card,WhatsApp banking for convenient banking on a familiar platform

Cons

Limited investment options compared to dedicated investment apps, Occasional app crashes reported by some users, Might be overwhelming for users who only need basic functionalities

2. HDFC Bank Mobile Banking App

The HDFC Bank app from one of India’s largest banks, allows you to manage your finances conveniently. You can check account summaries, make payments, transfer funds, and pay utility bills all within the HDFC net banking app.

Features

* Send and receive money using IMPS, NEFT, and UPI through the HDFC bank mobile banking app.

* Schedule and pay various bills, including utilities and credit cards.

* Personalize your app dashboard to display the features you use most frequently.

* Access a streamlined version of the HDFC app download for users with slower internet connections.

Pros

User-friendly interface with customizable features, Reliable and secure platform from a major bank, Lite version available for users with slower internet

Cons

Limited investment options compared to dedicated investment apps, Some users report occasional app crashes, May not offer the most advanced features compared to some other apps

3. YONO SBI 

YONO SBI- App of State Bank of India, Previously known as SBI Anywhere Personal, YONO SBI offers a user-friendly and secure platform for SBI account holders. It supports multiple languages and allows click-based and voice-assisted transactions for a convenient banking experience.

Features

* Use YONO app to send and receive money using IMPS, NEFT, and UPI.

* Schedule and pay various bills, including utilities and credit cards.

* Access the SBI mobile banking app in multiple regional languages for broader accessibility.

* Perform banking transactions using voice commands for added convenience.

Pros

Voice-assisted transactions, All-in-one Platform (investments, shopping, travel booking), Cardless Cash Withdrawal

Cons

Might be overwhelming for users who only need basic functionalities., Customer service responsiveness might vary.,Limited investment options compared to dedicated investment apps.

4. Axis Mobile App

Renowned for its stability, Axis Mobile offers a comprehensive suite of banking services.

Features

* Use the Axis Bank app to schedule automatic payments for various bills, including utilities and credit cards.

* Track your mutual fund investments within the Axis mobile app.

* Set spending limits, turn contactless payments on/off, and temporarily block your card if misplaced.

Pros

Stable and reliable performance, Wide range of features for managing finances, Auto-pay functionality for bills, Debit card control options

Cons

Occasional app crashes reported by some users, Limited investment options compared to dedicated investment apps

5. IDBI Bank GO Mobile+ App

Designed for a smooth banking experience, IDBI GO Mobile+ offers a user-friendly interface and various services. You can check account statements, make payments, recharge prepaid mobiles, and pay utility bills.

Features

* Choose seasonal themes or customize your login screen on the IDBI bank app.

* Secure your login with a selfie picture.

* Use IDBI app to view holdings and transactions directly within the app.

Pros

Simple and easy-to-use interface,Supports regional languages,Covers essential banking needs,Mobile recharge functionality

Cons

Limited investment and advanced features,Customer service responsiveness might vary

6. BOB World

Developed by the Bank of Baroda, BOB World is an app known for its user-friendliness.

Features

* Withdraw cash at BOB ATMs using a one-time MPIN generated within the Bank of Baroda app.

* Generate QR codes on BOB mobile banking app for easy bill payments at merchant locations.

* Store and manage digital receipts for your transactions within the app.

Pros

Convenient bill payments & organized receipts, Simplified cash deposits, Security features (2FA, biometrics, data encryption)

Cons

Relies on QR reader compatibility & increases app storage use, Limited branch availability for cash deposit requests, Responsiveness of customer service

7. ICICI Bank iMobile Pay App

A highly rated app by ICICI Bank, iMobile Pay offers a comprehensive suite of banking services.

Features

* Open fixed deposits (FDs), invest in recurring deposits (RDs) and manage existing investments.

* Access and manage your ICICI Bank life insurance policies on the ICICI Bank mobile app.

* Get quick access to personal loans against your credit card on the imobile app.

Pros

The ICICI bank app features a streamlined layout for effortless navigation, Customize your dashboard for quick access to frequently used features, Clear menus and categorized services

Cons

The app may experience occasional technical glitches or crashes, Some users report slower processing times for transactions, The app might require frequent updates to ensure smooth performance

8. Canara Bank ai1 Mobile Banking App

Designed with the goal of “One Bank, One App,” Canara Bank’s ai1 app offers a variety of banking services.

Features

* Use Canara bank app to pay instantly at stores with a tap using your phone (RTGS/NEFT enabled).

* Start fixed or recurring deposits or invest in mutual funds all within the Canara bank mobile app.

* Set up recurring payments for your bills and savings goals.

Pros

Book flights, hotels, buses, and cabs directly through the app, Check your credit score and pay bills seamlessly through Bharat Bill Payment,Access insurance, Demat services, and IPO applications

Cons

Occasional problems might occur with UPI transactions, Features might be limited for users who don’t have a Canara Bank account, The app might experience occasional slowdowns or technical glitches.

9. Bank of India BOI Mobile App

BOI Mobile boasts a secure and comprehensive banking experience for Bank of India account holders.

Features

* View balances and statements and manage all accounts on the Bank of India app.

* Transfer funds quickly with IMPS, NEFT, and RTGS, and utilize the “Favourite” feature on the Boi mobile app.

* Locate ATMs, manage cheques, and access various banking services.

Pros

Efficient navigation for transfers and management, User-friendly interface with easy account access, Streamlined process for adding “Favourites.”

Cons

Interface might be challenging for new users to navigate, Lacks advanced features compared to some competitors, Occasional transaction delays and app crashes reported.

10. Punjab National Bank PNB ONE App

PNB ONE is the official mobile banking app from Punjab National Bank.

Features

* Gain quick access to all your accounts through an interactive interface by downloading the PNB One app.

* Invest in term deposits and mutual funds, all within the PNB One app.

* Track cheque status, request stop payments, and manage cheques conveniently.

Pros

Access value-added services like PAN/Aadhaar registration, Manage existing credit/debit cards, Enjoy the app in English, Hindi, and other languages.

Cons

 Features might be limited for non-PNB customers, May be complex for new users to navigate, App crashes and slow processing times reported.

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New MD & CEO appointed in Two Public Sector Banks

Two major public sector banks, Indian Bank and Punjab National Bank, have had their leadership changes authorized by the Appointments Committee of the Cabinet (ACC), the government said in two separate orders.Ashok Chandra, who is now Canara Bank's executive director, was named PNB's managing director and chief executive officer (MD & CEO) for a three-year term.

"The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for appointment of Shri Ashok Chandra (DoB: 16.12.1968), Executive Director (ED), Canara Bank as Managing Director and Chief Executive Officer (MD&CEO), Punjab National Bank (PNB), for a period of three years w.e.f. the date of assumption of charge of the office, or until further orders, whichever is earlier," the order said.

Read More - Top 10 Government Banks in India 2024

The new MD and CEO of Indian Bank is Binod Kumar, the Executive Director of PNB.After a performance assessment, Kumar, who was hired for a three-year tenure, may be eligible for a two-year extension.

After the Reserve Bank of India (RBI) allegedly made disparaging statements about the top executive, the Financial Services Institution Bureau (FSIB) revoked its previous recommendation, which was followed by his hiring.

"Appointment of Shri Binod Kumar (DoB: 01.01.1971), Executive Director, Punjab National Bank as Managing Director and Chief Executive Officer, Indian Bank for a period of three years w.e.f. the date of his assumption of charge of the post, or until further orders, whichever is earlier," stated the order.

The reports that the FSIB recommended Asheesh Pandey, executive director of Bank of Maharashtra, for the top job at Indian Bank in April 2024. The banking regulator then wrote to the finance ministry, requesting that it take its observations into account when assessing Pandey's candidacy.

According to the RBI, Asheesh Pandey's "behavior and conduct" during a supervisory findings exit meeting was "found not befitting his position and responsibilities concerning regulatory compliance."

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Punjab National Bank (PNB) Q2FY25 Net profit increases 145%

Punjab National Bank (PNB) reported a substantial 2.5x year-on-year surge in its standalone net profit to Rs 4,303.5 crore for the quarter ending September 2024, compared with Rs 1,756.1 crore in the same period a year earlier. The jump in profit was helped by an over Rs 3,150-crore fall in new provisions recorded during the quarter, while the interest income surged and asset quality improved.

The PSU bank’s NII for the July-September quarter rose by 6 percent year-on-year to Rs 10,517 crore, up from Rs 9,923 crore last year.

The new provisions and contingencies recorded during the quarter fell sharply to just Rs 288 crore from Rs 3,444.2 crore, boosting the public sector lender’s bottomline.

PNB's gross NPA ratio improved to Rs 4.48 percent at the end of September, from 4.98 percent at the end of June. Net NPA ratio too improved to 0.48 percent from 0.6 percent in the preceding quarter.

The new provisions and contingencies recorded during the quarter fell sharply to just Rs 288 crore from Rs 3,444.2 crore, boosting the public sector lender’s bottomline.

PNB's gross NPA ratio improved to Rs 4.48 percent at the end of September, from 4.98 percent at the end of June. Net NPA ratio too improved to 0.48 percent from 0.6 percent in the preceding quarter.

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