PRESS RELEASE 23.12.2006

PNB SHARES ITS ATMs WITH NEPALI BANKS

PUNJAB NATIONAL BANK, NUMBER ONE NATIONALISED BANK, HAS MADE FORAY INTO CROSS COUNTRY ATM SHARING ARRANGEMENT WITH BANKS IN NEPAL. TODAY AN HISTORICAL AGREEMENT WAS EXECUTED BETWEEN PUNJAB NATIONAL BANK AND EVEREST BANK OF NEPAL, TO SHARE THEIR ATMs’ NETWORK FOR THEIR CARD HOLDERS ON EITHER SIDE OF THE BORDER.PNB HAS A LARGE ‘ONLINE ATM NETWORK’ OF MORE THAN 870 ATMS SPREAD THROUGH OUT INDIA.THESE ATMs SHALL BE AVAILABLE TO CARDHOLDERS OF NEPALESE BANKS ALSO. SIMILARLY, CARD HOLDERS OF PUNJAB NATIONAL BANK SHALL BE ABLE TO USE ATMs OF PARTICIPATING BANKS IN NEPAL AT VERY REASONABLE CHARGES.

AT PRESENT, CROSS BORDER TRANSACTIONS TAKE PLACE AT ATMs OF BANKS HAVING ARRANGEMENT WITH MASTER OR VISA NETWORK WHICH IS A COSTLY PROPOSITION FOR ATM/DEBIT CARD HOLDERS. NOW , PNB HAS ARRANGED TO CUT DOWN THE ATM TRANSACTION CHARGES PAYABLE BY ITS ATM/DEBIT CARD HOLDERS to INR. 50.00 FOR CASH WITHDRAWALS FROM THEIR ACCOUNTS FROM ATMs OF PARTICIPATING BANKS IN NEPAL. PRESENTLY, PNB DEBIT CARD HOLDERS CAN USE ATMs OF BANKs ABROAD HAVING ARRANGEMENT WITH MASTERCARD AND PAY INR. 150.00 FOR EACH CASH WITHDRAWAL.

THIS WILL BE A NEW YEAR BONNANZA TO THE BUSINESS COMMUNITY AND TOURISTS WHILE TRAVELLING ACROSS BORDER, TO EITHER SIDE. IT WILL ALSO BENEFIT HUGE NEPALI POPULATION INCLUDING STUDENTS, LIVING ACROSS INDIA, WHO WANT CHEAPER ATM FACILITY FOR WITHDRAWING MONEY FROM THEIR ACCOUNTS IN NEPAL.

BANKS IN INDIA ARE SHARING THEIR ATMS WITHIN INDIA TO PROVIDE BETTER FACILITIES TO THEIR CUSTOMERS. THIS IS THE FIRST CROSS BORDER ATM SHARING ARRANGEMENT.

LOCAL TRANSACTION SWITCHING VENDORS, M/s FINANCIAL SOFTWARE SOLUTIONS (p) Ltd.- A CHENNAI BASED COMPANY IN INDIA AND M/s SMART CHOICE TECHNOLOGY, A SWITCH VENDOR IN NEPAL , ARE PROVIDING THE CROSS COUNTRY ATM SHARING SOLUTION.

MORE BANKS ARE EXPECTED TO JOIN THE PROPOSED CROSS COUNTRY ATM SHARING ARRANGEMENT.

---XXXXXXX---