New Delhi: Punjab National Bank (PNB) has signed a landmark agreement with NSE Clearing Ltd. to introduce a fully digital Electronic Fixed Deposit Receipt (eFDR) facility for Clearing Members, marking a major step toward digitisation in India’s capital market ecosystem.
The initiative is aimed at improving operational efficiency, reducing paperwork, and enabling faster financial processing for market participants.
Real-Time Digital eFDR Services Introduced
Under the new system, Clearing Members will be able to:
- Create eFDRs in real time
- Renew deposits digitally
- Perform electronic lien marking
Officials said the digital platform will simplify workflows and significantly reduce turnaround time in capital market operations.
Agreement Signed at Mumbai Ceremony
The Master Agreement was signed at PNB’s Zonal Office in Mumbai in the presence of senior officials from both organisations.
Key attendees included:
- Deepak Srivastava, Chief General Manager & Zonal Head, Mumbai
- Huzefa Mahuvawala, Chief Risk Officer, NSE Clearing Ltd.
- Sijo Eluvathingal, Vice President, NSE Clearing Ltd.
Boost to India’s Digital Capital Market Infrastructure
PNB stated that the partnership reflects its focus on technology-driven banking solutions and stronger financial infrastructure.
The digital eFDR facility is expected to:
- Improve processing efficiency for Clearing Members
- Reduce manual documentation
- Enhance transparency and operational convenience
- Support faster collateral management in capital markets
First-of-Its-Kind Initiative in Banking and Market Operations
Officials described the collaboration as a pioneering move in India’s banking and clearing ecosystem. The initiative aligns with the broader push toward digitisation and automation in financial services.
The bank said the new framework would help build a more technology-enabled and efficient capital market environment.
PNB Focuses on Digital Banking Innovation
Punjab National Bank continues to expand its digital banking offerings across retail, corporate, and institutional banking services. The latest partnership with NSE Clearing is part of the bank’s strategy to strengthen digital infrastructure and modernise financial operations.
About Punjab National Bank
Punjab National Bank (PNB) is one of India’s largest public sector banks, offering a wide range of banking and financial services across the country. Founded in 1894, the bank has a strong national presence and is actively investing in digital transformation and technology-driven banking solutions.
