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The Punjab National Bank has decided to fully digitise the payment of residential lease accommodation availed by its employees through the Human Resource Management System (HRMS).
At present, lease-related processes such as sanction, renewal, continuation and surrender are being handled through HRMS, but the actual monthly lease payments are still being processed manually through the Core Banking Solution (CBS) by the respective offices.
The automated lease payment module through HRMS will become effective from November 1, 2026. After this date, offices will not be allowed to make manual payments or post CBS vouchers for employee residential lease payments.
The bank has advised all offices to check the lease details of their staff available in HRMS and make corrections, if required, before October 31, 2026. Offices have also been asked to ensure that the landlord’s account number, account holder name and IFSC or branch details have been entered correctly.
The sanctioned monthly lease amount, lease tenure and validity dates, as well as security deposit entries, should also be verified. Offices have further been asked to check the landlord’s PAN details wherever applicable for TDS deductions and verify GST details wherever relevant.
The notice also states that any pending lease renewal, continuation or surrender requests must be initiated, authorised and finalised in HRMS on or before October 31, 2026. Any difference between the employee’s current lease sanction and the details available in HRMS must also be corrected by the same date.
The bank has clarified that lease payments will be initiated through HRMS based on the data available up to October 31, 2026. Any lease that remains unverified, has expired, or is not completely approved in HRMS will not be picked up for payment.
It will benefit employees in a lot of ways
This new initiative can benefit PNB employees a lot as it will reduce the manual work load. Right now, employees have to do transfers manually in system. If there are 5 employees in a branch then a clerk and a officer have to manually make transfers for lease amount.
Now, the lease payment can be done automatically through HRMS, which will reduce work load on employees and also make payments easier.
It will benefit Bank also
This new system will benefit the Bank to a large extent. Right now, it is very difficult to maintain records of lease payments for each and every employee. Inadvertently, payments may be made twice for the same lease, and it becomes difficult to analyse and maintain records.
Since PNB is a large bank with around 1 lakh employees and around 45,000 officers, it is important for the Bank to maintain proper records to avoid revenue leakage. Through HRMS, the Bank can ensure that lease payments are made correctly each month.
