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Nedungadi Bank to function as PNB

By Our Special Correspondent

MUMBAI JAN. 31. The branches of the Nedungadi Bank will function as branches of Punjab National Bank from tomorrow. This is envisaged in the scheme of amalgamation sanctioned by the Central Government in its notification issued today.

In terms of the notification, the depositors' interests are fully protected.

Under the scheme of amalgamation, Punjab National Bank would take over the assets and liabilities of Nedungadi Bank after an evaluation and pay the depositors and creditors to the extent of their balances.

The draft scheme of amalgamation does not envisage allotment of shares of Punjab National Bank to the shareholders of Nedungadi Bank.

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