The bank was founded by luminaries like Bhai Vir Singh, Sir Sunder Singh Majitha and Sardar Tarlochan Singh, on the principle of social commitment to help the weaker section of the society in their economic endeavours to raise their standard of life.
The Bank was nationalized under the Bank Acquisition Act on April 15, 1980, and its name was changed to Punjab & Sind Bank.
Chairman & Managing Director -Shri S. Harisankar
Headquarter – Rajendra Place, New Delhi, India
Tagline – Where Service is a Way of Life.
The bank offers usual banking services along with innovative banking methods including Internet and phone banking, international banking, merchant banking, hire, purchase, leasing and credit cards.
The bank has various deposit products, such as current, savings, and term deposits for its customers.
In retail banking, the bank provides
loan and advances for housing, trade, automobiles, consumer durables, education, and personal loans. It provides commercial banking products and services to corporate customers, including mid-sized and small businesses and government entities.
In corporate banking, its loan products include term loans to finance capital expenditure of assets across various industries as well as short–term loans, cash and export credit, and other working capital financing and bill discounting facilities.
The Bank also sponsors one regional rural bank, Sutlej Gramin Bank, in collaboration with the GoI and the state Government of Punjab.
Punjab & Sind Bank is the first bank in Northern India to obtain ISO 9002 certification for its selected branches. Its Housing Finance Branch caters to the credit need of the house aspirants. The bank has entered into agreements for Non-Life insurance business with M/s Bajaj Allianz General Insurance Company and Life Insurance business arrangements with M/s Aviva Life Insurance Company India Pvt. Ltd.
Its customers can now avail of insurance-related services under one roof.
It also acts as an agent for various state governments and the GoI on numerous matters including the collection of taxes and payment of salary and pension.
1. Punjab and Sind Bank has won ASSOCHAM’s Social Banking Excellence Award -2015 under Small Bank Class and Rural Banking Category.
2. Punjab and Sind bank has also won the Joint Runner Up Trophy in Small Bank Category for NFS products in the National Payments Excellence Award 2015.
3. In terms of the Government’s Sovereign Gold Bond Scheme, Bank figured among top 10 receiving agencies in terms of subscription.
4. Punjab and Sind Bank’s hockey team has won the 52nd Nehru Hockey Cup.
The bank announced its Financial Result for the 3rd quarter, which ended on December 31, 2015, whose highlights are as follows:
1. The bank registered impressive growth in Operating Profit by 85%, while net profit is up by 21%.
2. The net NPAs of the bank have declined by 10 basis points and are at Rs.2, 364.96 Crore.
3. In numbers, the bank’s operating profit has been Rs. 298.52 Crore while net profit has been Rs 70.32 Crore
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