Punjab National Bank Appointed as Official Liquidator for 32 Defunct Banks by Calcutta HC [Read Order]

The Ministry of Finance (Department of Financial Services) issued Notification No. S.O. 2476(E) dated June 3, 2025, announcing the appointment of Punjab National Bank as the official liquidator under Section 39 of the Banking Regulation Act, 1949. This appointment related to the winding-up proceedings of 32 defunct banking companies by the Calcutta High Court.

The notification empowers Punjab National Bank to act as the official liquidator for a list of legacy banks that are undergoing liquidation, including the Associated Bank of Tripura, Bank of Calcutta Ltd., Calcutta National Bank Ltd., and Sonar Bangla Bank Ltd., among others. This move is to resolve legacy banking matters effectively and in a legally structured manner.

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The complete list comprises the following 32 entities:

1. Associated Bank of Tripura
2. Bank of Calcutta Ltd.
3. Beleghata Bank Ltd.
4. Bengal Bank Ltd.
5. Berhampore Bank Ltd.
6. Bishnupur Bank Ltd.
7. Calcutta Commercial Bank Ltd.
8. Calcutta Industrial Bank Ltd.
9. Calcutta National Bank Ltd.
10. Central Calcutta Bank Ltd.
11. Comrade Bank Ltd.
12. East Bengal Commercial Bank Ltd.
13. Eastern Traders Bank Ltd.
14. Economic Bank Ltd.
15. Girish Bank Ltd.
16. Hazradi Bank Ltd.
17. Kuver Bank Ltd.
18. Lakshmi Industrial Bank Ltd.
19. Mercantile Exchange Bank Ltd.
20. Nath Bank Ltd.
21. National Economic Bank Ltd.
22. Noakhali Union Bank Ltd.
23. Northern Bank Ltd.
24. Pacific Bank Ltd.
25. People’s Credit Bank Ltd.
26. Pioneer Bank Ltd.
27. Pioneer Commercial Bank Ltd.
28. Sonar Bangla Bank Ltd.
29. Sree Bank Ltd.
30. Sterling Bank Ltd.
31. Subarban Bank Ltd.
32. Tripura Modern Bank Ltd.

This notification, signed by Ms. Manasa Gangotri Kata, Director, is expected to facilitate smoother liquidation proceedings and ensure compliance with regulatory frameworks.

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