New Delhi: State-owned Punjab & Sind Bank plans to raise Rs 2,000 crore in the second half of this fiscal year through a qualified institutional placement (QIP) to fund business growth.
"The board has already given its approval and the merchant bankers should join in August," said Punjab & Sind Bank managing director and chief executive officer Swarup Kumar Saha.
Fundraising may conclude in the second or third quarter, depending on market conditions.
The QIP would help improve the bank's capital adequacy ratio, he said.
The bank's capital adequacy ratio stood at 17.10 percent as of end-March 2024.
Additionally, it would help reduce the government's stake in the bank.
The Government of India owns a 98.25 per cent stake in Punjab & Sind Bank.
When asked about loan growth prospects for the current financial year, Saha said the bank expects the asset book to grow by 12-14 per cent, and in this case, retail, agriculture and MSMEs (RAM) should witness a growth of 15 to 18 percent. .
On deposits, he said the bank expects liabilities to grow by 8 to 10 per cent during the current financial year.
Saha said the bank has taken several customer-centric initiatives to improve satisfaction levels.
As part of this initiative, the bank is in the process of transforming 50 identified branches into model or smart branches.
Saha said the lender has also introduced a PSB Pink debit card powered by RuPay for women with a host of benefits.
The bank has also started demat services through its wealth technology partner Fisdom, which allows its clients to make investments in the stock market and buy mutual funds.
The bank also launched a series of customer-centric digital offerings through its PSB UNiC omnichannel app designed to ensure hassle-free and secure banking services.
Some of the offers include opening of savings accounts through video KYC, Bulk NEFT/RTGS, access to free CIC credit score and registration on UNiC app through Aadhaar OTP.
These new product initiatives, he said, are a testament to the bank's dedication to achieving positive social impact and creating a more sustainable future for all.
"The board has already given its approval and the merchant bankers should join in August," said Punjab & Sind Bank managing director and chief executive officer Swarup Kumar Saha.
Fundraising may conclude in the second or third quarter, depending on market conditions.
The QIP would help improve the bank's capital adequacy ratio, he said.
The bank's capital adequacy ratio stood at 17.10 percent as of end-March 2024.
Additionally, it would help reduce the government's stake in the bank.
The Government of India owns a 98.25 per cent stake in Punjab & Sind Bank.
When asked about loan growth prospects for the current financial year, Saha said the bank expects the asset book to grow by 12-14 per cent, and in this case, retail, agriculture and MSMEs (RAM) should witness a growth of 15 to 18 percent. .
On deposits, he said the bank expects liabilities to grow by 8 to 10 per cent during the current financial year.
Saha said the bank has taken several customer-centric initiatives to improve satisfaction levels.
As part of this initiative, the bank is in the process of transforming 50 identified branches into model or smart branches.
Saha said the lender has also introduced a PSB Pink debit card powered by RuPay for women with a host of benefits.
The bank has also started demat services through its wealth technology partner Fisdom, which allows its clients to make investments in the stock market and buy mutual funds.
The bank also launched a series of customer-centric digital offerings through its PSB UNiC omnichannel app designed to ensure hassle-free and secure banking services.
Some of the offers include opening of savings accounts through video KYC, Bulk NEFT/RTGS, access to free CIC credit score and registration on UNiC app through Aadhaar OTP.
These new product initiatives, he said, are a testament to the bank's dedication to achieving positive social impact and creating a more sustainable future for all.
