Bank of Punjab

 

 

The Bank of Punjab is a private banking institution offering a range of core and ancillary banking products and services. It merged with Centurion Bank to become the Centurion Bank of Punjab. However, it was later bought by the HDFC bank.[br]

Bank of Punjab: Company Information

The Bank of Punjab began operations in April 1995, with the opening of its first branch in Chandigarh, India. In a single financial year, the bank raised in deposits a whopping sum of Rs. 2342.17 crores.

By emerging as a pioneer and introducing tele-banking and fax banking services, the Bank of Punjab triggered new and long term, customer-facing features. No wonder, the bank achieved 200% growth in the first four years. To provide a broader scope of card services to its customers, the bank tied up with MasterCard and Cirrus groups. 

In 2005, the Centurion Bank merged with the Bank of Punjab to reach out to a larger number of customers across the nation. The new entity was named Centurion Bank of Punjab. By consolidating the infrastructure of the parent banks, the new bank has 393 branches and 452 ATMs across 18 cities in India.

From its very inception, the Centurion Bank of Punjab aimed to provide comprehensive financial solutions to retail and corporate clients through multiple delivery channels and advanced technology. 

However, the initial success of the bank could not be replicated at later stages. In 2008, HDFC (Housing Development Finance Corporation) bank, a commercial banking institution, took over the operations of the Centurion Bank of Punjab. Based on data for the year 2009, the HDFC Bank has a countrywide network of over 1,400 branches and 3,570 ATMs (2009 data).[br]

Bank of Punjab: Product and Services

In association with HDFC, the Bank of Punjab offers the following products and services to its customers:

Core banking: It includes:                                 

• Current account

• Savings account

• Fixed deposit

• Recurring deposits

• Overdraft facility

Loans: The Bank of Punjab offers loans for these segments:

• Auto

• Home

• Education

• personal loans

The bank also offers loans against shares:

• NRI deposits: The Bank of Punjab offers savings and term deposit accounts for non-resident Indians (NRI).

In addition to its range of conventional banking products and services, the Bank of Punjab offers specialist banking services for senior citizens. All the banking products and services are now available under the banner of the HDFC Bank India.