PNB launches global credit card

PNB launches global credit card Leading public sector bank, Punjab National Bank, formally launched the Global Credit Card, acceptable in over 29 million merchant establishments and one million ATMs in the world.

The gold credit card, launched by the Deputy Chairman of the Planning Commission Montek Singh Ahluwalia on Friday, will also have access to e-commerce sites besides hosting features such as photo card and SMS alerts.

Explaining further about card, K. C. Chakrabarty, Chairman and Managing Director of the bank, said that initially two consumer credit cards - PNB Global Gold and PNB Global Classic would be introduced, with credit period of 20-50 days, to serve various income groups without any joining fees, annual charges or fuel surcharge.

However, finance charges and cash advance charges would be levied as per market rules and value added transactions.

PNB also extended 100 per cent core banking solution (CBS) at all its 4,604 branches and extension counters, with the supports of Infosys Technologies, Sun Microsystem infrastructure and Oracle.

Speaking on the occasion, PNB chairman, Mr. Chakrabarty said, "We have proved to the world that new banking technology can be implemented in a legacy system of a public sector bank. A lot of people had said some years ago that public sector banks would collapse under the legacy systems when they face competition from tech-savvy new generation banks."

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