What is the full form of PSB?
It is not uncommon to have banking exams (sometimes even interviews) ask questions about these abbreviations. One such question is, “What is the Full Form of PSB?” Punjab & Sind Bank is the full form of PSB. Founded in 1908 by Sir Sunder Singh Matija, Sardar Tarlochan Singh, and Bhai Vir Singh, PSB is one of the six banks to be nationalized by the Government of India in 1980 (during the second wave of nationalizations). It is currently managed by the Indian Ministry of Finance, with the head office in New Delhi.
PSB has established over 1500 branches across the country. Interestingly, over 630 branches are located within the state borders of Punjab.
Apart from learning the full form of PSB, here are some important pointers to learn about the Punjab & Sind bank, which might come in handy for your banking exams and interviews.
PSB Quick Facts
- The Full form of PSB is Punjab & Sind Bank
- The motto of PSB is “Where Service is a way of life”.
- PSB specializes in consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, and wealth management, among other services offered.
- The Punjab & Sind Bank employs over 8600 people across its 630 branches. The bank also has over 25 zonal offices located across India.
- Although there was a London branch established in the 1960s, the RBI initiated proceedings for the Bank of Baroda to purchase PSB’s London branch in 1991, thanks to PSB’s involvement in the Sethia Fraud of 1987.
- The Punjab & Sind Bank is popular for enabling ten products in particular. These products are Aadhar Pay, ATM, BharatQR, BHIM, Internet Banking, Mobile Banking, Debit Cards, POS Machines, SMS banking, and UPI.
- The Bank aims to emerge as a Pan India leader, tech-savvy public sector bank, aiming to satisfy the expectations of all relevant stakeholders.
- Their operations have remained relatively profitable and have shown growth in the neighbourhood of 40% every year since 2004.
- However, 2021 was a gloomy year for Punjab & Sind Bank, as it is infamously one of the two public sector banks to report a net loss. Post the recent merger of all public sector banks, the ten other banks reported a net profit, with PSB and Central Bank of India being the only outliers.
- Its latest IPO (Initial Public Offering) was oversubscribed more than 50 times (5000%). The Ministry of Finance, Government of India, still holds approximately 83% of the bank’s shares.
- Recently, in July 2019, PSB declared that it has detected a fraud amassing up to INR 238 crores by Bhushan Power & Steel Ltd.
- It is traded in the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
- BSE Ticker - 533295
- NSE Ticker - PSB
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