Punjab National Bank (PNB For Short) Is An Indian Government Public Sector Bank Based In New Delhi. Founded In May 1894, It Is The Second Largest Public Sector Bank In India With Over 180 Million Customers, 12,248 Branches And 13,000 + ATMs.
PNB Has A Banking Subsidiary In The UK (PNB International Bank With Seven Branches In The UK) And Branches In Hong Kong, Kowloon, Dubai And Kabul. It Has Representative Offices In Almaty (Kazakhstan), Dubai (United Arab Emirates), Shanghai (China), Oslo (Norway) And Sydney (Australia). In Bhutan, It Owns 51% Of Druk PNB Bank, Which Has Five Branches. In Nepal, PNB Owns 20% Of Everest Bank, Which Has 122 Branches. PNB Also Owns 41.64% Of Kazakhstan's JSC (SB) PNB Bank, Which Has Four Branches. Punjab National Bank Is Rated CARE AA + (Stable) By CareEdge Ratings
History
Punjab National Bank Is A Public Sector Enterprise (PSU) In India That Operates Under The Government Of India And Is Regulated By The Reserve Bank Of India Act, 1934 And The Banking Supervision Act, 1949. It Was Registered Under The Indian Companies Act On May 19, 1894 And Its Office Was Located In Anarkali Bazaar In Pre-independence India (present-day Pakistan). The Founding Board Came From Different Parts Of India, Professed Different Beliefs And Different Backgrounds, And Its Common Goal Was To Create A True National Bank To Promote The Economic Interests Of The Country. The Founders Of PNB Included Several Leaders Of The Swadeshi Movement, Such As Dyal Singh Majithia And Lala Harkishen Lal, Lala Lalchand, Kali Prosanna Roy, EC Jessawala, Prabhu Dayal, Bakshi Jaishi Ram And Lala Dholan Dass. Lala Lajpat Rai Was Actively Involved In The Management Of The Bank In Its Early Days. The Board Of Directors Met For The First Time On May 23, 1894. The Bank Opened In Lahore On April 12, 1895.
PNB Was The First Indian Bank Founded Entirely By Indian Capital. The Bank Has Continued To The Present Day Because The Early Oudh Commercial Bank Was Established In 1881 And Collapsed In 1958.
Mahatma Gandhi, Jawaharlal Nehru, Lal Bahadur Shastri, Indira Gandhi And Jalianwala Bagh Council All Held Accounts With The National Police.
Timeline
PNB ATM At Moolchand Metro Station In Delhi Metro, Delhi
In 1900, PNB Established Its First Branch Outside Lahore, India. It Was Followed By Branches In Karachi And Peshawar. The Next Major Event Came In 1940, When PNB Absorbed The Bhagwan (or Bhugwan) Dass Bank, Which Was Headquartered In Deraa.
During The Partition Of India And The Establishment Of Pakistan, PNB Lost Its Premises In Lahore, But Continued To Operate In Pakistan. Partition Forced The PNB To Close 92 Offices In West Pakistan, Representing A Third Of The Total Number Of Its Branches And 40% Of The Total Deposits. The PNB Still Maintains Several Caretaker Branches. On March 31, 1947, Even Before Partition, The PNB Decided To Leave Lahore And Move Its Registered Office To India. It Received Permission From The Lahore High Court On June 20, 1947, When It Set Up Its New Headquarters At Under Hill Road, Civil Lines, New Delhi. Lala Yodh Raj Is The Chairperson Of The Bank.
In 1951, PNB Acquired 39 Branches Of Bharat Bank (founded In 1942). Bharat Bank Changed Its Name To Bharat Nidhi Ltd. In 1960, PNB Again Moved Its Headquarters To Delhi. In 1961, PNB Acquired Universal Bank Of India, Which Was Established By Ramakrishna Jain In 1938 In Dalmianagar, Bihar. PNB Also Merged Commercial Bank Of India (founded In 1932 By S.N.N. Sankaralinga Iyer) For Rescue. In 1963, The Revolutionary Government Of Myanmar Nationalized PNB's Branch In Yangon (now Yangon). This Was The Seventh People's Bank. [ After The India-Pakistan War Of 965, The Pakistani Government Seized All The Offices Of Bank Of India In Pakistan In September 1965. PNB Also Had One Or More Branches In East Pakistan (now Bangladesh).
On July 19, 1969, The Government Of India (GOI) Nationalized PNB Along With 13 Other Major Commercial Banks. In 1976 Or 1978, PNB Opened A Branch In London. Some Ten Years Later, In 1986, The Reserve Bank Of India Asked PNB To Transfer Its London Branch To State Bank Of India Because The Branch Was Involved In A Fraud Scandal. That Same Year, In 1986, PNB Acquired Commercial Bank Of India (established In 1943) In A Rescue. The Acquisition Adds 142 Branches In Hindustan To PNB's Network. In 1993, PNB Acquired New Bank Of India, Which Was Nationalized By The Indian Government In 1980. In 1998, PNB Established A Representative Office In Almaty, Kazakhstan.
In 2003, PNB Took Over Nedungadi Bank, The Oldest Private Sector Bank In Kerala. At The Time Of The Merger With PNB, Nedungadi Bank's Share Value Was Zero And As A Result Its Shareholders Did Not Receive Any Payment For Their Shares. PNB Also Opened A Representative Office In London. In 2004, PNB Established A Branch In Kabul, Afghanistan, A Representative Office In Shanghai And A Representative Office In Dubai. PNB Has Also Formed An Alliance With Everest Bank In Nepal, Allowing Migrants To Easily Transfer Money Between India And Everest Bank's 12 Branches In Nepal. Currently, PNB Owns 20% Of Everest Bank. Two Years Later, PNB Established PNBIL (Punjab National Bank (International) In The UK With Two Offices, One In London And One In Southall. Since Then, It Has Opened More Branches, This Time In Leicester, Birmingham, Ilford, Wembley And Wolverhampton. PNB Has Also Opened A Branch In Hong Kong. In January 2009, PNB Established A Representative Office In Oslo, Norway. PNB Hopes To Upgrade It To A Branch In Due Course. In January 2010, PNB Established A Subsidiary In Bhutan. PNB Owns 51% Of Druk PNB Bank, Which Has Branches In Thimphu, Pentzolin And Wangdu. Local Investors Own The Remaining Shares. On May 1, PNB Opened A Branch In The Dubai Financial Centre. PNB Purchased A Minority Stake In Kazakhstan's JSC Danabank, Which Was Established In Pavlodar On October 20, 1992. Within A Year, PNB Increased Its Ownership To 84%, The So-called JSC (SB) PNB, Whose Stake Is Currently Down To 49%. Kazakhstan's Associate, Now Known As JSC Tengri Bank, Has Branches In Almaty, Nur-Sultan, Karaganda, Pavlodar And Shymkent. September 2011: PNB Opens A Representative Office In Sydney, Australia. December 2012: PNB Signs An Agreement With MetLife, An American Life Insurer, To Acquire A 30% Stake In MetLife India Limited, A Subsidiary Of MetLife India. The Company Will Be Renamed PNB MetLife India Limited And PNB Will Sell MetLife's Products At Its Branches.
Punjab State Bank Fraud Case 2018
Main Entry: Punjab State Bank Scam
PNB Disclosed In February 2018 That It Detected Fraudulent Transactions Of Up To $1.77 Billion.
Punjab State Bank Fraud Case 2019
In July 2019, The Bank Discovered Another Fraud Worth Rs 38.0515 Billion (USD 456 Million), Provided By Bhushan Power & Steel Ltd (BPSL)
Merger
On August 30, 2019, Finance Minister Nirmala Sitharaman Announced That Oriental Commercial Bank And Union Bank Of India Would Merge With Punjab State Bank. The Proposed Merger Would Make Punjab State Bank, The Second Largest Public Sector Bank In The Country With Assets Of Rs 17.95 Billion (USD 220 Billion) And 11,437 Branches. The Union Cabinet Approved The Merger On March 4, 2020. PNB Announced That Its Board Of Directors Had Approved The Merger Ratio The Following Day. Shareholders Of Oriental Commercial Bank And Union Bank Will Receive 1,150 And 121 Shares Respectively For Every 1,000 And 1,000 PNB Shares They Hold. On April 1, 2020, The Merger Took Effect. After The Merger, All Customers Of The Other Two Merged Banks Are Now Considered Customers Of PNB.
Services
In September 2022, Punjab National Bank Launched WhatsApp Banking Services For Customers And Non-customers. For Now, PNB Will Provide Non-financial Services Such As Balance Inquiry, Last Five Transactions, Stop Cheque, Request Checkbook To Its Account Holders Through WhatsApp Banking Services, The Company Said.
Other Information Services Provided To Account Holders And Non-account Holders Include Online Account Opening, Inquiry About Bank Deposit/loan Products, Digital Products, NRI Services, Location Of Branch/ATM, Opt-in, Opt-out Options.
Listing And Holding
PNB's Shares Are Listed On The Bombay Stock Exchange And The National Stock Exchange Of India. It Is An Integral Part Of CNX Nifty Of NSE. As Of December 31, 2019, The Shareholding Structure Of The Bank Is As Follows.
Subsidiary
The UK Branch Of Punjab National Bank.
- PNB MetLife India Insurance Company Limited (32.52%)
- PNB MetLife India Insurance Company (32%)
- Canara HSBC OBC Life Insurance Company Limited (23%)
- SME Asset Redevelopment India Limited (20.90%)
- PNB Card And Services Limited (100%)
- PNB Insurance Brokerage Services Limited (unable To Operate In Liquidation)
- PNB Investment Services Limited (100%)
- PNB Phnom Penh Limited (74.07%)
- PNB International Ltd UK (100%) )
- Druk PNB Bank Ltd Bhutan (51%)
- Kazakhstan Tengri Bank JSC (41.64%)
- Nepal Everest Bank (20.03%)
- Sarva Haryana Grameen Bank (35%)
- Himachal Grameen Bank (35%)
- Punjab Grameen Bank (35%)
- Prathma UP Gramin Bank (35%)
- Dakshin Grameen Bank Bihar (35%)
- >
- Bangiya Gramin Vikash Bank (35%)
- Assam Gramin Vikas Bank (35%)
- Tripura Gramin Bank (35%)
- Manipur Rural Bank (35%)
- PNB Life Insurance
Employees
As At 31 March 2019, The Bank Had 70,810 Employees. As At 31 March 2019, There Were Also 1,722 Disabled Employees (2.43%) On The Same Date. The Average Age Of Employees Of The Same Day Bank Was 39 Years Old. The Bank Reported That In The 2012-13 Financial Year, The Business Per Employee Was Rs 1.165 Billion (USD 1.40 Million) And The Net Profit Per Employee Was Rs 80,600 (USD 9,700). In The Same Financial Year, The Company's Employee Benefit Expenditure Was Rs 57.51 Billion (USD 690 Million).
Corporate Social Responsibility
In Fiscal Year 2012-13, The Bank Generated Rs. 3.24 Billion ($390,000) On Corporate Social Responsibility Activities Such As Medical Camps, Farmer Training, Afforestation, Blood Donation Camps.
In Financial Year 2018-2019, PNB Generated Rs. 29.5415 Lakh ($3.5 Lakh) On CSR Schemes. Among The Many Initiatives, One Of The Efforts Is PNB Ladli, Which Started In 2014. The Scheme Aims To Promote Education Of Girls In Rural/semi-urban Areas.
During 2018-19, PNB Has Also Taken The Initiative To Contribute To The CM Relief Fund In Kerala And Kumbh Mela.
In FY18-19, PNB Has Launched Rs 1,851.41 For RSETI.
To Help Young Talent In India, The Bank Has Also Launched The PNB Hockey Academy, Which Is One Of The Major Efforts To Support The National Games Shareholder Percentage Shareholder Percentage Sponsor 73.15 Domestic Institutional Investors 13.74 Foreign Institutional Investors 3.36 Public & Other 9.09 Corporate Holdings 0.65
