India Banks: Punjab National Bank

 

Considered the second largest public sector bank in India, Punjab National Bank completely justifies the tagline ‘…the name you can bank upon!’ With its head office in New Delhi, it enjoys a huge presence across India, particularly in the northern region.[br]

 

Considered the second largest public sector bank in India, Punjab National Bank completely justifies the tagline ‘…the name you can bank upon!’ With its head office in New Delhi, it enjoys a huge presence across India, particularly in the northern region.[br]

Punjab National Bank: Company Information

Punjab National Bank (PNB) began operations in 1895 at Lahore, a popular trade city in the pre-division period of India. Following the Indo-Pak partition in 1947, the bank continued its operations in India. Over the years, PNB acquired several small banks, particularly in the northern states. Some of the biggest acquisitions by PNB were Hindustan Commercial Bank and New Bank of India. In 1969, the Government of India nationalized PNB.

 

In 1978, the bank opened its first overseas branch in London, although this branch was later transferred to the State Bank of India. In 2007, PNB relaunched its UK operations under the banner PNBIL, Punjab National Bank (International). PNB also has branches in Hong Kong, Afghanistan, the UAE, China and Norway.

 

In India, PNB has a presence in 764 cities through a total of 4,668 branches and offices. It caters to the financial needs of 38 million customers across the nation. According to the 2009 official data, the total business of the bank was over Rs3.75 lakh crores.[br]

Punjab National Bank: Products and Services

Punjab National Bank classifies its products and services under the following categories:

 

• Personal banking: This includes savings fund account, salary accounts, current accounts, fixed deposits, credit schemes and credit card products. PNB has specialist savings and deposits products for senior citizens and minors.

• Social banking: Products and services available under this segment are focused on strengthening rural infrastructure. PNB has set up specialist agricultural business cells to offer consultancy services to farmers. Low-interest lending products are also available for the rural population.

• Business sector: Banking services for small and medium enterprises include commercial products and credit cards.

• Corporate banking: PNB offers products, such as cash management, export-import finance and loan against future lease rentals, for corporate customers.

 

Punjab National Bank’s online banking facility allows customers to manage their accounts online, pay taxes, trade shares, transfer money and perform shopping. PNB also operates gold coins, life and non-life insurance and bullion businesses.