Hey Minal Rajput
There's nothing special about press releases over other content.
It's more about understanding duplicate content. There's no direct punishment or negative signals for having it. It's more a case of it might not rank well on your site. After all Google only need so many copies of the same content.
So it might not rank well, but it won't directly hurt either.
Where it becomes a problem is if that is applied to all, or even most content on your site. It's not a penalty, it just that there's nothing special about your site, nothing unique, to make Google think it's worth indexing and ranking the site.
So if it's something useful to your readers, you are adding in addition to helpful content, no problems. If it's all you are doing, the site is not likely to do well.