Punjab National Bank

By: EconomyWatch   Date: 17 July 2010

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Punjab National Bank is a major banking products and services provider in India. It is ranked in #1166 position in 2008 Forbes Global 2000 list. It provides a wide variety of financial products and services to a vast client base across India.
At present, total client count of Punjab National Bank is around 35 million. It has 4540 offices, which include 421 extension counters. It is regarded as having potential to challenge blue chip companies in future.

Brief history
Punjab National Bank was incorporated in 1895 in Lahore. It was sole bank that had started its operations with Indian money. Along with 13 other banks, Punjab National Bank was nationalized in July 1969.

Products and services
Punjab National Bank provides its products and services in three separate categories – personal banking, corporate banking and social banking. Besides, it also provides some services in SSI sector.

In personal banking section, Punjab National Bank offers savings fund accounts, credit schemes, current account, ATM or debit cards, fixed deposit schemes and nomination facilities. Its social banking services are provided to farmers and women.

In corporate banking section, Punjab National Bank provides loans against future lease rentals, cash management services, EXIM finance and gold card scheme for exporters. In SSI sector, Punjab National Bank provides Sarthak Udhami, PNB Kushal Udhami, PNB Vikas Udhami, PNB Laghu Udhami Credit Card, PNB Karigar Credit Card and PNB Pragati Udhami. It also serves traders finance sector.

Financials
In 2007 sales of Punjab National Bank amounted to $3.03 billion and it earned profits worth $0.38 billion. Assets owned by Punjab National Bank were worth $38.42 billion and its market value was $4.76 billion.

Awards and recognition
Punjab National Bank won 'Best IT Team of the Year Award' at IDRBT Banking Technology awards in 2005-06. It has won 'SKOTCH Challenger Award' for Change Management in 2005-06 and 'Best IT User in Banking and Financial Services Industry' award in 2004. That award was provided by NASSCOM and 'The Economic Times'.

Financial crisis
Punjab National Bank has decided that it would cut down on its lending rate from October 31, 2008 onwards. Management has decided on this move in view of present global financial condition, where banking and financial sectors are going through a tough phase.



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