Punjab National Bank has scheduled an extraordinary general meeting (EGM) for September 25, 2026, to elect one shareholder director. The election addresses the vacancy created by the completion of Smt. Vandana Bhagavatula’s tenure on October 5, 2026.

The bank’s public shareholding stands at 29.92% as of the filing date. Under Section 9(3)(i) of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, this shareholding level entitles shareholders other than the Central Government to elect two directors. With Shri Ambarish Ojha currently serving alongside Bhagavatula, the board seeks to fill the impending vacancy through this statutory process.

Election Timeline and Process

Shareholders holding shares as of the cut-off date of August 28, 2026, are eligible to nominate, contest, or vote in the election. Nominations must be received by September 10, 2026, at 5:00 pm. Candidates require support from at least 100 shareholders and must hold a minimum of 100 shares throughout their tenure if elected.

The meeting will be conducted via video conferencing or other audio-visual means (VC/OAVM), with remote e-voting facilitated by National Securities Depository Limited (NSDL). If only one valid nomination is received after scrutiny, the candidate will be deemed elected without a poll, and the EGM will be cancelled.

Candidate Eligibility Criteria

Candidates must meet the Reserve Bank of India’s “fit and proper” criteria under the Commercial Banks-Governance Directions, 2025. Key requirements include:

• Age between 35 and 67 years as of the nomination deadline.
• Minimum educational qualification of a graduate degree.
• Special knowledge or practical experience in fields such as banking, finance, law, risk management, or information technology.
• No adverse notices from regulatory bodies or status as a defaulter with any lending institution.

Candidates cannot hold office in any other bank, financial institution, or insurance company. They must also sever any professional relationships with Punjab National Bank before assuming office. The newly elected director will assume office on October 6, 2026, for a term of three years.

Punjab National Bank has revised its Marginal Cost of Funds based Lending Rate (MCLR) for the three-month tenor to 8.50%, effective September 1, 2026. The one-year MCLR remains unchanged at 8.80%.

MCLR rate details

The bank increased the three-month MCLR from 8.45% to 8.50%, marking a 5 basis point hike. All other tenors, including overnight, one-month, six-month, and three-year rates, remain unchanged. The Repo Linked Lending Rate (RLLR) at 8.10% and Base Rate at 9.50% also remain steady.

The table below summarises the revised rates:

The decision reflects a selective adjustment in short-term lending costs while maintaining stability in longer-term retail and corporate loan pricing benchmarks.