PNB seeks RBI nod to open branches in Pak

Punjab National Bank (PNB) has sought the permission of the Reserve Bank of India (RBI) to open two branches in Pakistan.

"We have filed an application with the RBI for opening branches at Lahore and Karachi," S C Gupta, chairman and managing director, PNB, said today.

After the RBI clearance, the bank will approach the Pakistan regulator State Bank of Pakistan for approval, Gupta added.

The bank had shut its 23 branches in Pakistan after the partition. Other banks in the race to open branches in Pakistan include State Bank of India and Bank of India. Even Jammu and Kashmir Bank has expressed interest to open branches across the border.