Ebix Cash Secures Rs 138.75 Crore Contract with Punjab National Bank

New Delhi: Eraaya Lifespaces Limited recently announced that its Indian flagship subsidiary, Ebix Cash Limited, has secured a major contract for Network Integrating Services with Punjab National Bank, one of India’s leading public sector banks. 

Valued at approximately Rs. 138.75 crore, this contract extends for another 3 years. It further establishes Ebix Cash’s capabilities and dominance in the critical banking sector, which plays a pivotal role in driving inclusive growth and improving access to banking services nationwide.

Since 2021, Ebix Cash has been managing PNB’s enterprise-wide network across India, and the renewal of this contract, effective from October 1, 2024, underscores the bank’s trust in Ebix’s services. The contract covers a vast operational scope, encompassing PNB’s extensive infrastructure, which includes 10,800 branches, 5,000 ATMs, and 4,000 branches of PNB-sponsored Regional Rural Banks.

In addition to managing this extensive network, Ebix Cash will oversee PNB’s state-of-the-art Data Centre located in Delhi, the Advanced Network Operations Centre, and the Disaster Recovery Centre in Mumbai, as well as 13 zonal offices and 131 circle offices.

To support these operations, a dedicated team of over 1,100 personnel will be deployed, including more than 600 Ebix employees, complemented by a robust network of field staff. 

The company stated that this renewed collaboration with PNB not only reinforces its commitment to excellence but also positions Ebix as a leader in delivering integrated network solutions that empower financial institutions across India.