Change In Management
Awaiting price reaction for this filing.
Punjab National Bank (PNB) has informed the exchanges that Shri Jatinder Singh Bajaj, Zonal Manager in Charge of LIC of India's Northern Zone and Shareholder Director on PNB's Board, has resigned effective June 6, 2025. His resignation follows RBI letters dated May 13, 2025 and June 2, 2025, which disqualified serving LIC employees connected with para-banking activities from serving as Shareholder Directors on Public Sector Bank (PSB) boards. This is in line with RBI's 2019 'Fit & Proper' Criteria for Elected Directors on PSB Boards. Bajaj was a nominee director representing LIC under Section 9(3)(i) of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. No other listed entity directorships were held, and no other material reasons for resignation were disclosed.
This is a routine regulatory-driven vacancy on PNB's board and is unlikely to materially affect the bank's operations or stock price. LIC will need to nominate a replacement shareholder director in due course.