Punjab and Sindh Bank plans to open 100 branches in this financial year

Punjab and Sindh Bank plans to open 100 branches in this financial year


State-owned Punjab and Sindh Bank plans to open 100 branches across the country in the current financial year as part of its strategy to expand its reach.

During the year, the bank also plans to add 100 new ATMs to its network.

“With the addition of 100 branches, the total number of branches will reach 1,665 by the end of 2024-25 and similarly, the number of ATMs will reach 1,135,” said Swarup Kumar Saha, managing director of Punjab and Sind Bank. PTI,

The bank will continue to focus on branch expansion and will open new branches in areas other than the Northern region, he said.

Besides, he said, the bank also proposes to expand its reach through the Banking Correspondent (BC) channel.

The bank is planning to more than double its BC network during the current financial year, he said, adding that the bank is trying to expand this network to 4,000 against 1,700 by the end of the current financial year.

“The bank is working on optimizing more products and processes to improve customer experience,” Saha said.

product portfolio

On the digital front, he said, “We are focusing on our mobile app PSB UNIC, branch expansion, expansion of corporate BC model, mutually beneficial partnerships with fin-techs, capacity building to meet the growing expectations of customers on a sustained basis. “Adding new products and services.” ,

Saha also stressed that the bank will focus on remaining strong and resilient while trying to maintain sustainable, risk-adjusted and profitable growth in the business.

The bank plans to raise â‚ı2,000 crore in the second half of this financial year through qualified institutional placement (QIP) to fund business growth.

  • Also read: JM Financial to strengthen its stake in wholesale loan syndication and ARC businesses

“The board has already given approval and merchant bankers should be included by August,” he said.

Depending on market conditions, the fundraise could be completed in the second or third quarter.

“QIP will help in improving the capital adequacy ratio of the bank,” he said.

The capital adequacy ratio of the bank at the end of March 2024 was 17.10 percent.