Punjab National Bank (PNB) was registered in 1894 and began banking in Lahore in 1895. Its history includes a nationalist-era founding, upheaval during Partition and, much later, a major fraud case. The distinction between the bank’s history and the legal proceedings around that case matters: the latter do not, on their own, show that PNB is “unravelling.”
When was PNB founded, and was it founded in Lahore?
Yes. PNB says it commenced operations in Lahore on April 12, 1895. Its origin account gives an earlier legal milestone: the bank’s memorandum and articles were registered on May 19, 1894. So 1894 is the registration date, while 1895 is when it opened for business. The “120 years ago” wording points to the 1895 opening when counted from 2015; it is not the date of legal formation.
| Date | Milestone |
|---|---|
| May 19, 1894 | PNB’s origin account says its memorandum and articles were registered. PNB origin account |
| April 12, 1895 | PNB says it opened for business in Lahore. The bank’s profile calls it “India’s first Swadeshi Bank.” PNB profile |
| 1900 | PNB’s origin account says it opened a branch in Rawalpindi. PNB origin account |
What were PNB’s origins?
A Swadeshi bank with a broad founding board
PNB presents its founding as part of the Swadeshi movement: an effort to build Indian-run institutions rather than rely on foreign-owned banks. At opening, the bank reports authorized capital of Rs 2 lakh and working capital of Rs 20,000. Its origin account describes a founding board whose members came from different regions and faiths, and says Lala Lajpat Rai was the first person to open an account. These details are from the bank’s own historical account. PNB profile; PNB origin account
How did Partition affect the bank?
PNB’s heritage account says Partition forced it to close 92 offices in West Pakistan. The bank says those offices represented 33% of its offices and 40% of its deposits; it also reports that 15 staff members died amid the violence. These are figures from PNB’s retrospective account, rather than independently audited statistics presented here. PNB heritage account
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What happened in the Nirav Modi PNB fraud case?
The investigation announced in 2018
In 2018, the Ministry of Corporate Affairs said the Serious Fraud Investigation Office (SFIO) had been directed to investigate 107 companies and 7 limited liability partnerships associated with the Nirav Modi and Mehul Choksi groups in connection with the PNB fraud case. The ministry’s release said the investigation was then in progress; it does not establish the investigation’s present status or final outcome. Ministry of Corporate Affairs, 2018
The U.S. bankruptcy proceedings and reported recovery
A 2020 Ministry of Corporate Affairs release described proceedings in the U.S. Bankruptcy Court for the Southern District of New York involving three companies promoted by Nirav Modi. According to the ministry, the court recognized PNB’s claims against proceeds from asset sales. The release also summarized an examiner’s account alleging that diamonds were repeatedly circulated among entities represented as independent—a practice described as round-tripping. The account is an allegation described in bankruptcy proceedings, not a complete determination of criminal liability.
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The same ministry release reported that $3.25 million had been repatriated from the United States in the Nirav Modi case. That figure is the ministry’s reported recovery, not a measure of PNB’s total losses or the total amount recovered. Ministry of Corporate Affairs, 2020
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Does the case mean PNB is “unravelling”?
The fraud case is a significant chapter in PNB’s history, but the cited government releases document an investigation and recovery-related proceedings—not a finding that the bank itself is coming apart. They also do not establish the current status of extradition proceedings or every criminal case connected with the matter. A careful account should keep those legal questions separate from PNB’s longer institutional history.
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