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Punjab National Bank has informed BSE that the Bank has decided to increase its BPLR from existing level of 12.50% p.a. to 13% effective July 01, 2008.

The rates of interest on Housing Loans, Car Loans and Personal Loan have also been reviewed and it has been decided to increase these rates by 50 bps. Further, Bank has also decided to increase its Deposit rates ranging from 25 bps to 50 bps in some of the time slabs. These rates will come into effect from July 01, 2008.

Punjab National Bank has informed BSE that the Government of India, Ministry of Finance, Department of Financial Services in exercise of the powers conferred by clause (b) of sub-section 3 of Section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 read with sub-clause(1) of clause 3 of the Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970 vide notification dated June 10, 2008 has nominated Smt. Ravneet Kaur, Joint Secretary, Deptt. of Financial Services as Govt. nominee Director on the Board of Punjab National Bank with immediate effect and until further orders in place of Shri. Rakesh Singh.

With reference to the earlier announcement dated June 06, 2008 regarding the Board of Directors of the Bank will be meeting on June 19, 2008 to approve Consolidated Financial Results (Audited) of the Bank for the year ended March 31, 2008, Punjab National Bank
has now informed BSE that due to unavoidable circumstances, the said meeting shall now be held on June 18, 2008.

Punjab National Bank has announced the following Audited results for the quarter & year ended March 31, 2008:

The results for the Quarter ended March 31, 2008

The Bank has posted a net profit of Rs 5437.60 million for the quarter ended March 31, 2008 as compared to Rs 2377.00 million for the quarter ended March 31, 2007. Total Income has increased from Rs 37127.90 million for the quarter ended March 31, 2007 to Rs 44170.00 million for the quarter ended March 31, 2008.

The results for the Year ended March 31, 2008

The Bank has posted a net profit of Rs 20487.60 million for the year ended March 31, 2008 as compared to Rs 15400.80 million for the year ended March 31, 2007. Total Income has increased from Rs 129665.40 million for the year ended March 31, 2007 to Rs 162625.80 million for the year ended March 31, 2008.

Punjab National Bank has informed BSE that the Bank shall exercise the option of submitting Audited Financial Results for the financial year 2007-2008 within the stipulated period of three months of end of the financial year. Accordingly, the unaudited financial results for the quarter / year ended March 31, 2008 shall not be published.

With reference to the earlier announcement dated March 24, 2008, Punjab National Bank has informed BSE that the Upper Tier II Bonds Series IV issue opened on March 25, 2008 and closed on March 26, 2008. The issue size was Rs 500 crore with option to retain oversubscription. An amount of Rs 600 crore was received and full subscription of Rs 600 crore has been retained.

Punjab National Bank has informed BSE that the Bank will be raising Rs 500 crore as PNB Upper Tier II Bonds Series IV, with option to retain oversubscription, through private placement.

The proposed date of opening will be March 25, 2008 and proposed date of closing will be March 26, 2008.

Punjab National Bank has informed BSE that the Bank will be raising Rs 500 crores (With option to retain Over Subscription) as PNB Upper Tier II Bonds Issue series III through private placement.

The proposed date of opening will be February 29, 2008 and proposed date of closing will March 03, 2008.

Punjab National Bank has informed BSE that Government of India, Ministry of Finance, Department of Financial Services in exercise of the powers conferred by sub-section 3(h) and (3-A) of Section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980 read with sub-clause(1)of clause 3 of the Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970/1980 vide notification dated February 27, 2008 has nominated Shri. Mushtaq Attaullah Antulay and Shri. Gautam P Khandelwal as part?time non - official Directors on the Board of Punjab National Bank for a period of three years from the date of Notification and / or further orders, whichever is earlier.

Punjab National Bank has informed BSE that the Bank has reduced the BPLR from existing level of 13% p.a. to 12.50% p.a. effective from March 01, 2008.

In addition, Bank has also selectively reduced its interest rates by 50 bps on loan, which are not linked to BPLR such as housing Loans above Rs 20 lacs where interest rate will be in the range of 9.5% to 10.5% (against the existing rates ranging from 10% to 11%). Further, the interest rates in respect of loans granted for second house have also been reduced by 50 basic point (bps). Bank has also reduced rates of interest on Car loans consumer loans (personal loans) by 50 bps to 100 bps.