Punjab National Bank Appointed Liquidator for 32 Defunct Banks by Calcutta High Court
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The Ministry of Finance, through its Department of Financial Services, has officially appointed Punjab National Bank (PNB) as the official liquidator for 32 defunct banking companies. This announcement was made on June 3, 2025, via Notification No. S.O. 2476(E), issued under Section 39 of the Banking Regulation Act, 1949.
Why Was PNB Appointed as Liquidator?
The Calcutta High Court is handling the winding-up process for 32 old and non-operational banks. These banks had stopped functioning many years ago but still needed proper closure under legal and financial guidelines. To complete this process in an organized and lawful way, the Court has selected Punjab National Bank to take charge as the official liquidator.
What Is the Role of an Official Liquidator?
An official liquidator is responsible for managing the assets and liabilities of banks that are shutting down. They ensure that any pending financial matters, customer claims, or company assets are handled according to law. PNB will now take care of the legal and financial closure of these 32 banks.
List of the 32 Defunct Banks Under Liquidation
Punjab National Bank will manage the liquidation of the following banks:
- Associated Bank of Tripura
- Bank of Calcutta Ltd.
- Beleghata Bank Ltd.
- Bengal Bank Ltd.
- Berhampore Bank Ltd.
- Bishnupur Bank Ltd.
- Calcutta Commercial Bank Ltd.
- Calcutta Industrial Bank Ltd.
- Calcutta National Bank Ltd.
- Central Calcutta Bank Ltd.
- Comrade Bank Ltd.
- East Bengal Commercial Bank Ltd.
- Eastern Traders Bank Ltd.
- Economic Bank Ltd.
- Girish Bank Ltd.
- Hazradi Bank Ltd.
- Kuver Bank Ltd.
- Lakshmi Industrial Bank Ltd.
- Mercantile Exchange Bank Ltd.
- Nath Bank Ltd.
- National Economic Bank Ltd.
- Noakhali Union Bank Ltd.
- Northern Bank Ltd.
- Pacific Bank Ltd.
- People’s Credit Bank Ltd.
- Pioneer Bank Ltd.
- Pioneer Commercial Bank Ltd.
- Sonar Bangla Bank Ltd.
- Sree Bank Ltd.
- Sterling Bank Ltd.
- Subarban Bank Ltd.
- Tripura Modern Bank Ltd.
Who Issued the Notification?
The official notification was signed by Ms. Manasa Gangotri Kata, who is a Director in the Department of Financial Services. This move is aimed at ensuring that the liquidation of these banks follows a clear legal process, and all pending matters are resolved in a transparent and systematic manner.