Punjab National Bank (PNB), one of India's leading public sector banks, has announced a significant change in its board composition. The bank has appointed D. Anandan as a Director on its Board with immediate effect, replacing Pankaj Sharma.

New Appointment Details

The appointment of D. Anandan comes following a notification from the Department of Financial Services, Ministry of Finance, dated July 24, 2025. This appointment is made under Section 9(3)(b) of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.

About D. Anandan

D. Anandan currently serves as Additional Secretary in the Department of Expenditure, Ministry of Finance, Government of India. His appointment to PNB's board brings valuable experience from the government sector to the bank's leadership.

Regulatory Compliance

In compliance with Regulation 30 of SEBI (LODR) Regulations, 2015, Punjab National Bank has confirmed that:

1. There is no inter-se relationship between D. Anandan and other directors of the bank.
2. Anandan is not debarred from holding the office of a director by any SEBI order or any other authority.

Outgoing Director

With this appointment, Pankaj Sharma has ceased to be a director on the Board of Punjab National Bank. The bank expressed its gratitude for Sharma's contributions during his tenure.

Impact on Bank Governance

This change in directorship is expected to bring fresh perspectives to PNB's board, potentially influencing the bank's strategic decisions and governance practices. The appointment of a senior government official to the board may also strengthen the bank's alignment with public sector banking policies and initiatives.

Punjab National Bank has stated that a detailed profile of D. Anandan will be submitted in due course, providing stakeholders with more information about the new director's background and expertise.

As one of India's largest public sector banks, PNB's board composition is crucial for its governance and strategic direction. Shareholders and market observers will likely watch closely to see how this new appointment may influence the bank's future policies and performance.

Punjab National Bank (PNB), one of India's leading public sector banks, is back in the spotlight as developments unfold in the ongoing Rs 13,000 crore fraud case that has plagued the institution since 2018.

Key Highlights

• Nehal Modi, brother of fugitive diamantaire Nirav Modi, arrested in the US
• Arrest made following extradition requests from Indian agencies
• Nehal Modi accused of money laundering and criminal conspiracy
• Next hearing scheduled for July 17

Arrest Details

US authorities have apprehended Nehal Modi, the brother of Nirav Modi, who is at the center of the massive Punjab National Bank fraud case. This arrest comes in response to extradition requests filed by Indian agencies investigating the Rs 13,000 crore scam that rocked the Indian banking sector.

Charges and Allegations

Nehal Modi faces serious accusations, including:

• Money laundering
• Criminal conspiracy

These charges are directly linked to his alleged involvement in the Punjab National Bank fraud case, which came to light in 2018 and has since been a major point of concern for the bank and its stakeholders.

Legal Proceedings

The arrest marks a significant development in the ongoing investigation. A hearing for Nehal Modi has been scheduled for July 17, where further details about the extradition process and the charges against him are expected to be discussed.

Implications for Punjab National Bank

This latest development in the fraud case continues to keep Punjab National Bank in the public eye. The bank has been working to recover from the financial and reputational damage caused by the scam, which involved fraudulent letters of undertaking issued from one of its branches.

While the arrest of Nehal Modi is a step forward in the legal proceedings, the full impact on PNB's operations and market perception remains to be seen. Investors and market analysts will likely be watching closely for any potential effects on the bank's financial stability and future performance.

As the legal process unfolds, Punjab National Bank continues its efforts to strengthen internal controls and restore confidence among its customers and investors. The outcome of this case and its resolution will be crucial for the bank's long-term recovery and reputation in the Indian banking sector.