New Delhi: State-owned Punjab & Sind Bank plans to open 100 branches across the country during the current financial year as part of the strategy to expand its reach.
During the year, the bank also plans to add 100 new ATMs to its network.
"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 reach 1,135," said Punjab & Sind Bank CEO Swarup Kumar Saha.
The bank will continue to focus on branch expansion and new branches will be opened in areas other than the northern region, he said.
Furthermore, he said, the bank also proposes to expand its reach through the Banking Correspondent (BC) channel.
The bank plans to more than double its BC network during the current financial year, he said, adding that the bank is trying to expand this network to 4,000 by the end of the current financial year, from 1,700 currently.
The bank is working to customize more products and processes to improve customer experience, Saha said.
On the digital front, he said: “We are continuously adding new products and services on our PSB UnIC mobile app, branch expansion, expansion of BC corporate model, mutually beneficial partnerships with fintechs, capacity building to address changing expectations of customers."
Saha also emphasized that the bank will focus on remaining strong and resilient as it seeks to maintain sustainable, risk-calibrated and profitable growth in the business.
The 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," he said.
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.
During the year, the bank also plans to add 100 new ATMs to its network.
"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 reach 1,135," said Punjab & Sind Bank CEO Swarup Kumar Saha.
The bank will continue to focus on branch expansion and new branches will be opened in areas other than the northern region, he said.
Furthermore, he said, the bank also proposes to expand its reach through the Banking Correspondent (BC) channel.
The bank plans to more than double its BC network during the current financial year, he said, adding that the bank is trying to expand this network to 4,000 by the end of the current financial year, from 1,700 currently.
The bank is working to customize more products and processes to improve customer experience, Saha said.
On the digital front, he said: “We are continuously adding new products and services on our PSB UnIC mobile app, branch expansion, expansion of BC corporate model, mutually beneficial partnerships with fintechs, capacity building to address changing expectations of customers."
Saha also emphasized that the bank will focus on remaining strong and resilient as it seeks to maintain sustainable, risk-calibrated and profitable growth in the business.
The 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," he said.
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.
