Punjab & Sind Bank plans to open 100 new branches this year

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Punjab & Sind Bank, a state-owned bank, has announced its plans to expand its presence across the country in the current financial year. The bank aims to open 100 new branches and add 100 new ATMs to its network as part of this expansion strategy.

Branch and ATM Expansion

Managing Director Swarup Kumar Saha stated that with the addition of these new branches, the total number of branches will reach 1,665 by the end of the 2024-25 fiscal year. Similarly, the number of ATMs is expected to reach 1,135.

The bank’s focus on branch expansion extends beyond the northern region, with plans to establish new branches in other areas as well. Additionally, the bank aims to expand its reach through the Banking Correspondent (BC) channel, with a goal to increase the BC network to 4,000 by the end of the current financial year, up from the current count of 1,700.

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Customer Experience and Digital Initiatives

In its efforts to enhance customer experience, the bank is working on customizing more products and processes. Saha emphasized the bank’s commitment to remaining strong and resilient while seeking sustainable, risk-calibrated, and profitable growth in its business.

On the digital front, the bank is actively adding new products and services to its mobile app, PSB UnIC. It is also focusing on expanding its corporate BC model and forming mutually beneficial partnerships with fin-tech companies. Furthermore, the bank is dedicated to capacity building to address evolving customer expectations.

Fundraising and Capital Adequacy

To fund its business growth, Punjab & Sind Bank plans to raise Rs 2,000 crore in the second half of the fiscal year through Qualified Institutional Placement (QIP). Saha noted that the board has already approved this fundraising, and merchant bankers are expected to come on board by August.

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The QIP is anticipated to improve the bank’s Capital Adequacy Ratio, which stood at 17.10% at the end of March 2024. The fundraising is projected to be concluded in the second or third quarter, depending on market conditions.

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