Punjab
National Bank is a state-owned commercial bank located in New
Delhi. The Bank is one of the Big Four Banks of India. They offer
banking products, and also operate credit card and debit card
business, bullion business, life and non-life insurance business,
and gold coins and asset management business.
They
are recognized as the Bank offering highest levels of customer
satisfaction in Delhi and Chennai. The Bank has the largest
domestic network of 4997 offices, including 46 extension counters
among Nationalized Banks.
All their branches offer Core/
Centralized Banking Solution (CBS) along with a variety of
financial products catering to different market segments. They has
international presence in 9 countries, with a branch at Kabul, 2
branches in Hong Kong, representative offices at Almaty, Dubai,
Shanghai and Oslo, a wholly owned subsidiary in UK (with 5
branches), and a joint venture with Everest Bank Ltd, Nepal.
Punjab National Bank was incorporated in the year 1895 at Lahore,
undivided India.
The
Bank has the distinction of being the first Indian bank to have
been started solely with Indian capital. In the year 1940, the
Bank absorbed Bhagwan Dass Bank, a scheduled bank located in Delhi
circle. In the year 1951, they acquired the 39 branches of Bharat
Bank and in the year 1961, they acquired Universal Bank of India.
Punjab
National Bank was nationalised in July 1969 along with 13 other
banks. In the year 1986, they acquired Hindustan Commercial, which
added Hindustan's 142 branches to the Bank's network. In the year
1993, they acquired New Bank of India which the GOI.
During
the year 1996, they developed a packaged for corporate customers
for fast remittance of funds from different up-country branches.
In the year, they set up a representative office in Almaty,
Kazakhstan. In the year 2000, the Bank has introduced a scheme for
providing finance against mortgage of immovable property.
In
September 2000, they commenced their gold business in the form of
Gold Import Scheme. In November 2000, they launched an
International Co-branded Credit Card of Punjab National Bank and
Hongkong & Shanghai Banking Corporation (HSBC) in New Delhi.
In March 2002, the Bank came
out with their first Initial public offer (IPO) for 5,30,60,700
equity shares of Rs 10 each which resulted in the reduction of the
government's shareholding in the Bank.
During the year 2002, they
started their branch in M.G. Road, Bangalore named as
Mid-Corporate Branch (MCD) to provide their corporate clients with
a credit limit of Rs 3.5 crore and above.
They
made joint venture with Infosys for the implementation of a
Centralized Banking Solution for them. Also, they made a tie up
with Cisco Systems for networking 3,870 branches as part of their
Rs 150 crore plan.
In
the year 2003, the Bank took over Kozhikode-based Nedungadi Bank
Ltd (NBL). The Bank entered into an alliance with New India
Assurance for selling their general insurance products. Also, they
opened a representative office in London.
During
the year, PNB Capital Service Ltd was amalgamated with the Bank.
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