Punjab Government Removes HDFC Bank from Empanelled List, Releases Updated List of 24 Banks
| ➡️ Click here to Join Whatsapp News Group - Get instant updates of all Banking News |
The Punjab Government has removed HDFC Bank from its list of empanelled banks and released an updated list of 24 banks for the placement of funds by government departments, corporations, boards, local bodies and other agencies.
The decision to remove HDFC Bank was taken after food procurement agencies reported interest losses related to the operation of their accounts with the bank. HDFC Bank was provided an opportunity to compensate the affected procurement agencies for their losses. The bank compensated PUNSUP for the loss it suffered, but did not provide compensation to other food procurement agencies.
The government also considered comments from the Director of PUNGRAIN regarding HDFC Bank’s failure to respond to government communication and compensate other food procurement agencies. After considering these issues, the Punjab Government decided that it would not be appropriate to conduct government business with HDFC Bank. As a result, the bank has been de-empanelled, and the updated list of 24 empanelled banks has been issued.
Punjab Government’s Updated List of 24 Empanelled Banks
| Rank | Name of the Bank |
|---|---|
| 1 | Central Bank of India |
| 2 | Punjab Gramin Bank |
| 3 | Canara Bank |
| 4 | Punjab National Bank |
| 5 | Punjab & Sind Bank |
| 6 | State Bank of India |
| 7 | Union Bank of India |
| 8 | Bank of India |
| 9 | UCO Bank |
| 10 | Indian Overseas Bank |
| 11 | Indian Bank |
| 12 | ICICI Bank |
| 13 | Bank of Baroda |
| 14 | Axis Bank Ltd. |
| 15 | IDBI Bank Ltd. |
| 16 | Capital Small Finance Bank |
| 17 | AU Small Finance Bank |
| 18 | Punjab State Co-operative Bank* |
| 19 | Kotak Mahindra Bank |
| 20 | Yes Bank |
| 21 | Federal Bank |
| 22 | Bank of Maharashtra |
| 23 | IndusInd Bank |
| 24 | IDFC First Bank |
Punjab State Co-operative Bank has been empanelled as a special case.
