Ministry of Finance appoints Punjab National Bank as Official Liquidator for 32 Defunct Banks

The Ministry of Finance has appointed Punjab National Bank (PNB) as the official liquidator for 32 defunct banks, mostly cooperative banks. This significant move aims to streamline the liquidation process for these dormant financial institutions, ensuring orderly winding up of their operations and resolution of their assets and liabilities. PNB, as one of India's largest public sector banks, will undertake the crucial responsibility of managing the affairs of these banks, facilitating the recovery of dues, and protecting the interests of depositors and creditors. This step reflects the government's efforts to enhance financial sector stability and efficiency.