Punjab & Sind Bank Plans Major Expansion and Digital Upgrades

State-owned Punjab & Sind Bank is set to expand its outreach, announcing the opening of 100 new branches and 100 ATMs this financial year. Additionally, the bank aims to increase its Banking Correspondent network to 4,000 and enhance digital services. A Rs 2,000 crore funding via QIP is also planned.

State-owned Punjab & Sind Bank has unveiled an ambitious plan to open 100 new branches across India within the current financial year, widening its reach and enhancing customer accessibility.

In addition to new branches, the bank will also introduce 100 new ATMs, helping to bring the total number of branches to 1,665 and ATMs to 1,135 by the end of 2024-25. Managing Director Swarup Kumar Saha outlined these expansion plans to PTI.

The bank aims to more than double its Banking Correspondent network from 1,700 to 4,000 during this fiscal year. Furthermore, it is introducing new products and services on its mobile app and partnering with fintech firms to meet evolving customer expectations.

On the financial front, Punjab & Sind Bank plans to raise Rs 2,000 crore via Qualified Institutional Placement (QIP) to fund its business growth, with the board already giving approval and merchant bankers expected to be on-boarded by August. This move is intended to improve the bank's Capital Adequacy Ratio, which stood at 17.10% at the end of March 2024.

(With inputs from agencies.)