PNB initiates account closure protocol to mitigate risk

PNB initiates account closure: In a proactive measure to mitigate potential misuse and associated risks, Punjab National Bank (PNB) has announced the closure of dormant accounts. This strategic move comes as part of the bank's ongoing efforts to streamline operations and uphold stringent security protocols.

Accounts with no transactional activity over the past three years, coupled with a zero outstanding balance, face imminent closure within a month's time, as per PNB's directive. The bank clarified that the three-year timeline for account dormancy calculation extends until April 30th.

It's imperative to note that certain categories of accounts remain exempt from this closure mandate. Accounts intricately linked to Demat accounts, standing instructions with active locker services, accounts held by customers below 25 years of age, minor accounts, as well as those associated with government-backed schemes like Sukanya Samriddhi, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY) are shielded from closure. Additionally, accounts under legal scrutiny or frozen by judicial or regulatory authorities retain immunity from the closure process.

In a separate development within the banking sphere, ICICI Bank has elevated its service offerings by extending UPI payment facilities to its non-resident Indian (NRI) clientele. This progressive move allows NRI customers to utilise their international mobile numbers for seamless UPI transactions within India.

Empowering NRI patrons to transact using international mobile numbers signifies a monumental leap in banking convenience and accessibility. Through this innovative service, ICICI Bank's NRI clientele can effortlessly execute UPI payments by scanning Indian QR codes, employing UPI IDs, or initiating fund transfers to Indian mobile numbers or bank accounts.

This enhancement in banking functionality not only underscores ICICI Bank's commitment to customer-centric innovation but also reflects the institution's unwavering dedication to facilitating frictionless financial transactions. Leveraging its mobile banking app, iMobile Pay, ICICI Bank ensures that NRI customers can effortlessly engage in bill payments, merchant transactions, and e-commerce endeavours utilising their registered international mobile numbers linked to NRE/NRO accounts.

It's pertinent to mention that prior to this advancement, NRI account holders were compelled to register Indian mobile numbers to access UPI payment services, underscoring the transformative nature of ICICI Bank's latest offering.