Punjab National Bank clarifies on news item regarding insurance foray

With reference to the news item appearing in leading financial daily titled "PNB to enter insurance sector by early 2007", Punjab National Bank has clarified that the matter was taken up with the dealing Division as per which it is submitted that the information has not emanated from the Bank. As the statement is attributed to PNB Principal Insurance Advisory Company Pvt Ltd, the matter has been suitably taken up with them.

It is pertinent to inform that, the investors had been informed about the Bank’s intended foray into Life Insurance Business through the Corporate Announcement dated October 18, 2004 and subsequently RBI approval has been obtained on February 01, 2006 and on March 29, 2006 IRDA has been approached for Requisition for Registration Application by Principal PNB Life Insurance Company Ltd. Response from IRDA is awaited.

Source : Equity Bulls

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