Punjab & Sind Bank Aims for Growth with 100 New Branches and ATMs

Punjab & Sind Bank aims to significantly expand its presence across India in the current financial year, with plans to open 100 new branches and add 100 ATMs to its network.

The Managing Director of the bank, Swarup Kumar Saha highlighted that this initiative will increase the bank’s branch count to 1,665 and ATM count to 1,135 by the end of 2024-25.

He stated, “With the addition of 100 branches, the total number of branches would reach 1,665 by the end of 2024-25, and similarly, the number of ATMs would touch 1,135.”

He further stated that the expansion will not only focus on areas beyond the northern region but also involve doubling the Banking Correspondent (BC) network to 4,000 locations, up from the current 1,700.

In addition to branch and ATM expansion, the bank is enhancing its digital offerings through continuous updates to its mobile app, PSB UnIC, and exploring partnerships with fintech companies.

He said, “We are adding new products and services on an ongoing basis on our Mobile APP PSB UnIC, Branch Expansion, expanding corporate BC model, mutually beneficial partnerships with fintechs, capacity building to address evolving customer expectations.”

The Managing Director emphasised the bank’s commitment to strengthening its operational resilience and ensuring sustainable growth. To support these initiatives, Punjab & Sind Bank plans to raise ₹2,000 crore through Qualified Institutional Placement (QIP) in the latter half of the fiscal year. He stated that the bank’s board has already given approval and merchant bankers should be on-boarded by August,

He added that the QIP would help improve the Capital Adequacy Ratio of the bank. At the end of March 2024, the bank’s capital adequacy ratio stood at 17.10%.

About Punjab & Sind Bank

Punjab & Sind Bank is involved in the business of deposits, loans and advances and remittances and collections.

On July 8, 2024, the share price of Punjab & Sind Bank opened at ₹59.99, touching the day’s low at ₹58.76, as of 10:16 AM on the NSE.

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