Punjab National Bank collaborating with Nepal’s Everest Bank

Punjab National Bank collaborating with Nepal’s Everest Bank

Indian bank Punjab National Bank has confirmed that they are tying up with Nepal’s Everest Bank. The two companies would now share their ATM network and this is the first such cross-border arrangement for any Indian bank till now.

PNB Chairman, S. C. Gupta spoke on this arrangement: “PNB and Everest Bank have joined hands to provide cheaper cash withdrawal services by sharing their ATMs.”

This would allow the customers of Punjab National Bank to use ATMs of 13 banks in Nepal with which Everest Bank has an understanding with.

Interestingly, PNB already holds 20 per cent equity in Everest Bank.

PNB would now charge Rs. 50 for cash withdrawals by their customers in Nepal. This fee is much lower than Rs. 150 that customers shell out per cash withdrawal from ATMs outside India.