Upon nationalisation in 1969 ,the original company , The Punjab National Bank Limited . minus its Banking business was renamed PNB Finance and Industries Limited.
The shareholders of the nationalised Bank were given the option of either taking the cash compensation given by the Govt.or continue to remain shareholders of then renamed PNB Finance.
( Those who retained their shares and if held up till now , have become Lakhpatis / crorepatis )
At the time of Nationalisation ,it was owned by Sahu Jains of the Bennett Coleman and Co ( Times of India ) group.
Before Sahu Jains bought the Bank once the controlling stake had , for some time , passed in to the hands of Rana s of Nepal as some of the then Promoters of the Bank pledged their shares as security for loan from the Rana s.
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Later ,Bennett Coleman group founded another Bank- Times Bank. But it was soon merged with HDFC Bank
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Before Independence , Reserve Bank of India , also had Public shareholders. On nationalisation in 1949, shareholders had the option of taking shares of Imperial Bank ( now State Bank of India ).
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Regarding Bank shares I am reminded of a short story . in Hindi , titled " Mera Makaan " taught to us in school.
The writer starts construction of his house in Delhi and faced over budgeting on nearly every segment of construction.
Friends would tell him " Bhai , Dilli Mein Makaan Banaa Rahey Ho - Yeh Bhi Hona Chahiye - Yeh Bhi Hona Chaihiye
The writer says to complete the house he had encash every bit of his Savings.
:" Mere Imperial Bank Ke Share Bhi Bik Gaye. KISMAT WALON KE PAAS IMPERIAL BANK KE SHARE TH -E - Y
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One the many Banks which later merged with Punjab National Bank was New Bank of India ( now NBI Industrial Finance with Bangurs ).
It is matter of great pride for us that Late Dr. Ganeshi Lal Aggarwal ,founder of New Bank of India , was father-in-law of my maternal uncle ( real Mamaji ) Dewan Brij Kumar IFS ,Former Ambassador of India..
Mamaji , BA LLB ,would tell us how , once ,before 1947 , his father-in-law told him " Why do you not join the Bank ?" .
Mamaji did not want to join.
He answered " Bauji , you know how terrible my handwriting is - Debit ki Jagah Credit Pada jayega aur credit ki jagah debit ".
Mamaji was told not to come near the Bank.
In those days ( no computers ) those applying for a job in Banks had to write their application in their own handwriting.
A good legible handwriting was an important consideration.
A good legible handwriting was an important consideration.
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