The Punjab National Bank (PNB) has issued an urgent notice to its customers regarding a change in the chequebook rule. The bank announced on Twitter that Oriental Bank of Commerce and United Bank’s existing chequebooks will be phased out on October 1, 2021. Customers were urged to replace their old cheque books as soon as possible by the bank.
After the merger of OBC and United Bank into the PNB in April 2020, the new rule will take effect. Apart from these two, the government’s major consolidation plan amalgamated four other public sector banks into foundation banks.
Syndicate Bank was combined into Canara Bank, Andhra Bank and Corporation Bank were merged into Union Bank of India, and Allahabad Bank was integrated into Indian Bank under the plan. Following the merger, PNB has surpassed State Bank of India (SBI) as the country’s second-largest public sector lender, with Canara Bank fourth, Union Bank of India fifth, and Indian Bank seventh.