Punjab National Bank

PNB pays tribute to Ladakh martyr

Nation’s second-largest banking institution, Punjab National Bank (PNB) has paid tribute to the martyr of Ladakh, Sepoy Kundan Kumar Ojha, by visiting his family to express condolences and by depositing the PNB Insurance Policy money of Rs 8.13 lakhs in just 24hrs into the account of the martyr's wife. The martyred soldier had taken two insurance policies from PNB.

Ojha, a native of Dihari village of Sahibganj in Jharkhand, was recruited to the Bihar Regiment of the Indian Army in 2011. He was martyred along with Colonel B Santosh Babu and Havildar Palani in the violent face-off with Chinese troops at Ladakh's Galwan Valley.

Punjab National Bank hosts Mega MSME Outreach Programme

Date: 06.05.2020

• Bank addresses MSME customers’ challenges of COVID-19 pandemic through webinar 

Kolkata , 06 May April, 2020: Punjab National Bank, India’s second largest public sector lender, today conducted a live webinar titled “Mega MSME Outreach”  to connect with its MSME customers across the country and to address their challenges in the face of COVID-19 pandemic.

An important objective of the webinar was to educate its customers across the nation about the various products and services made available by the bank for their ease. Through the campaign ‘Each One Reach Ten Each Day’, more than 1.00 lac MSME customers are being contacted by the officials to update about the COVID scheme on daily basis. Through the online platform of Trade Receivables Discounting System (TReDS), MSME’s can avail timely credits against their bills, which helps in managing their cashflows efficiently. In addition, the bank has communicated with large number of MSME Associations, across the country seeking co-operation to educate the MSMEs under their ambit about the special schemes launched by the bank.

The webinar also informed the XX MSME participants about various hand-holding measures taken by the Government of India, Reserve Bank of India and Punjab National Bank. The webinar was hosted by Shri. CH SS Mallikarjuna Rao, MD & CEO, Punjab National Bank along with Executive Directors, Dr. Rajesh Kumar Yaduvanshi, Shri. Sanjay Kumar, Sh. Vijay Dube and Shri. Agyey Kumar Azad and was moderated by Shri. Vinod Jain, Chairman, Banking & Insurance Committee PHD, Chambers of Commerce & Industry.

Steps taken by the bank to aid existing borrowers and for giving boost to the MSME units are follow:

• Standby Line of Credit for MSMEs
• PNB COVID-19 Emergency Credit Facility (PNB- CECF)
• Campaign- Each One Reach Ten Each Day
• Liberalised Working Capital assessment (LWCA) model for MSME borrowers having Limits upto ₹ 5.00 Crore & above ₹ 5.00 Crore.
• Other Policy initiatives like restructuring of MSME Advances, Interest Subvention Scheme, TReDS, Mudra Loan Products, Credit Guarantee Trust for MSME’s, PSB loans in 59minutes, among others.

Executive Directors said that, “The pandemic has posed fresh challenges for the country’s economy, causing severe disruptive impact on both demand and supply side elements. This has potential to derail the growth of the economy in the current and coming fiscal years. With the proactive approach of the bank, we hope the outreach program would help our customers to understand the customised new product facilities, benefits and special schemes offered by the bank to cope up with the crisis”

In the backdrop of nationwide lockdown, the bank has uniquely organised  the webinar to address the liquidity requirement of its customers through the online platform and it has witnessed a humongous response from our borrowers across the country, marking it a great success.

About Punjab National Bank

Punjab National Bank, India’s first Swadeshi Bank, commenced its operations on April 12, 1895, from Lahore, with an authorized capital of Rs 2 lac and working capital of Rs 20,000. The Bank was established by the spirit of nationalism and was the first bank purely managed by Indians with Indian Capital. During the long history of the Bank, 7 banks have merged with PNB.

Punjab National Bank now India’s second largest Public Sector bank

Place: Kolkata                                                                                                                     Date: 01.04.2020          

·      United Bank of India and Oriental Bank of Commerce merged with Punjab National Bank to create second largest Public Sector bank in terms of business

·      The synergy from the amalgamation creates a globally competitive, next-gen bank, PNB 2.0

·      Customer can now access specified inter-operable banking services

Kolkata, April 1, 2020: As notified by the Reserve Bank of India, the amalgamation of Punjab National Bank, United Bank of India and Oriental Bank of Commerce has come into effect today, 1^st April 2020, to create the second largest nationalized bank of the country - both in terms of business and branch network. The synergy from the amalgamation will create a globally competitive, next generation bank, PNB 2.0.

All nation-wide branches of United Bank of India and Oriental Bank of Commerce will now function as Punjab National bank (PNB) branches while all customers, including depositors, will be treated as PNB customers. The amalgamated bank will have a wider geographical reach through 11,000 plus branches, more than 13,000 ATMs, one lakh employees and a business mix of over INR 18 lakh crore.

In the initial phase itself, PNB 2.0 will be offering specified inter-operable services through all branches and all platforms including Mobile and Internet Banking. To smoothen the customer transition, the Bank has appointed Bank Sathi at all branches/zones/head office (of all three banks) who will address customer concerns and assist them in choosing the right products and services. A robust Risk Governance mechanism has been set up to mitigate risks and make the banking experience secure and safe. 

In terms of customer experience, PNB 2.0 will endeavour to be a true next-generation bank with state-of-art products and services, created and delivered by the most modern technology.

Commenting on the occasion, Shri CH. S. S. Mallikarjuna Rao, MD& CEO of Punjab National Bank said “We are honoured to be a part of this historic moment. The new amalgamated entity - built on the illustrious tradition of legacy, ethos and trust – will also be an advanced new generation bank offering diversified products and highly personalized services to our customers. The bigger geographical footprint will help us serve our customers more effectively and efficiently.”

About Punjab National Bank

Punjab National Bank, India’s first Swadeshi Bank, commenced its operations on April 12, 1895, from Lahore, with an authorised capital of Rs 2 lac and working capital of Rs 20,000. The Bank was established by the spirit of nationalism and was the first bank purely managed by Indians with Indian Capital. During the long history of the Bank, 7 banks have merged with PNB.

Punjab National Bank cuts interest rates

Date: 31.03.2020

PNB has decided to pass on the full benefit of recent RBIs policy rate cut of 75 bps to its borrowers covered under External Benchmark linked product of Repo Linked Lending Rate (RLLR) in respect of Retail/ MSME portfolio w.e.f 01.04.2020.

Further, Bank has also reduced its MCLR rates by 30 bps across the tenor for better monetary transmission of policy rate cut benefit to the borrowers. The rates shall be applicable for the amalgamated entity. The bank has also reduced its base rate by 15 bps from 9.05% to 8.90%.

Bank has further reduced its term deposit rates in various maturities bucket with maximum rate of 5.80% for deposits maturing in 1 year and above.