Which government bank started RTGS services in the country first, know the answer - Newztezz Online


Monday, April 12, 2021

Which government bank started RTGS services in the country first, know the answer

In this era of internet, the transaction of money has become very easy. Apart from this, banks have also made changes in their services for the convenience of customers. For example, RTGS (Real Time Gross Settlement) service was made for 24 hours from the month of December last year. Money is transferred instantly from RTGS in just one click. This facility is available from anywhere and at any time, 24 hours and seven days. But do you know which government bank started this service in the country for the first time. Let's know about it…

Actually, Punjab National (PNB) Bank was the first government bank to introduce RTGS (Real Time Gross Settlement) service in the country. PNB is the second largest government bank in the country today.

First bank to have RTGS facility

In the year 2007, Punjab National Bank became the first public sector bank in the country to provide RTGS (Real Time Gross Settlement) facility to its customers through internet.

Remembering its great tradition, PNB has tweeted and remembered the journey from its inception to being the best forwarder. Also paid tribute to other founder members including Lala Lajpat Rai.

Business commenced from 12 April 1895.

Punjab National Bank (PNB) was registered under the Indian Companies Act on May 11, 1884 with its office in Anarkali Bazar Lahore. But on 12 April 1895, just a day before the festival of Baisakhi in Punjab, the bank was opened for business. It was the first bank in the country. Its founders were Lala Lajpat Rai and Dayal Singh Majithia.

Nationalization with 13 other banks

In July 1969, Punjab National Bank was nationalized along with 13 other banks. Punjab National Bank has a banking subsidiary in the UK. Apart from this, it also has branches in Hong Kong and Kabul. PNB has representative offices in Almaty, Shanghai and Dubai. Presently, the Government of India holds a majority stake in PNB.

PNB branches are present in every part of the country. Today, PNB has more than 100 million subscribers. It has about 7 thousand branches across the country and about 10,700 ATMs in 764 cities.

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