Punjab National Bank has informed the Exchange regarding Resignation of Mr Jatinder Singh Bajaj as Non- Executive Independent Director of the company w.e.f. Jun 06, 2025.
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Mr Jatinder Singh Bajaj has resigned from the Board of Punjab National Bank as a Shareholder Director (LIC nominee), effective June 6, 2025. The resignation follows RBI letters dated May 13, 2025 and June 2, 2025 disqualifying LIC employees connected with para-banking activities from serving on Public Sector Bank boards as Shareholder Directors, under RBI's Fit & Proper Criteria Directions, 2019. He had been serving as Zonal Manager in Charge, Northern Zone of LIC of India, and was on PNB's board under Section 9(3)(i) of the Banking Companies Act, 1970. The director has confirmed there are no other material reasons for his resignation. Note: the NSE headline refers to him as Non-Executive Independent Director, but the filing clarifies he is a Shareholder Director representing LIC.
This is a regulatory-driven, not voluntary, change and is unlikely to materially impact the stock. LIC will need to nominate a replacement shareholder director, and the transition is procedural in nature.