CURRENT AFFAIRS : BANKING & FINANCE
Punjab National Bank Launches Digital Gold Loan for Convenient Credit Access
- Public sector bank Punjab National Bank (PNB) launched the PNB Digital Gold Loan scheme.
- The digital lending solution was introduced during the bank’s Digital Mahotsav event.
Aim of the Scheme :
- To provide hassle-free credit to customers to quickly meet their personal as well as agriculture credit requirements by using gold jewellery and/or ornaments as collaterals.
Key Highlights :
- Two schemes have been introduced :
- PNB Gold Loan: Targeting the retail segment.
- PNB Swarnim: Catering to the agriculture segment.
- Loan Amount and Collaterals : The PNB Digital Gold Loan scheme allows individuals to borrow amounts ranging from Rs 25,000 to Rs 25 lakh for personal needs.
- Additionally, the loan is available for supporting agriculture or allied activities.
- Eligibility for Agriculture Loans : Borrowers seeking short-term production and/or investment credit for agriculture activities are eligible.
- Activities include crop production, land-based activity other than crop cultivation, irrigation, and allied agriculture activities.
- Loan Range for Agriculture Activities : Eligible borrowers can avail loans ranging from a minimum of Rs 10,000 to a maximum of Rs 2 lakh for agricultural purposes.
About PNB :
- Founded : 19 May 1894
- Headquarters : Dwarka, Delhi, India
- MD & CEO : Atul Kumar Goel
- Tagline : You Can Bank Upon
PayGlocal Receives Regulatory Approval from RBI for Payment Aggregator License
- The Reserve Bank of India (RBI) has given approval to PayGlocal for a payment aggregator license.
- It has received in-principle approval from RBI for Payment Aggregator (PA) license
- After completion of the process, PayGlocal will be able to onboard merchants onto its platform for online payment processing.
- PayGlocal has garnered support from prominent investors, including PeakXV (formerly known as Sequoia Capital India) and Tiger Global, through successful capital raising.
