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Punjab & Sind Bank to Launch 100 New Branches and ATMs This FY

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Punjab & Sind Bank, a state-owned financial institution, has unveiled an ambitious expansion plan for the current financial year. The bank is set to open 100 new branches and a matching number of ATMs nationwide, aiming to enhance its reach and improve customer accessibility.

By the close of the 2024-25 fiscal year, the total number of branches will increase to 1,665, while ATMs will total 1,135, according to Swarup Kumar Saha, Managing Director of Punjab & Sind Bank. “With the addition of 100 branches, we are focusing on areas beyond the northern region,” Saha told PTI. This strategic initiative is part of the bank’s broader objective to expand its national footprint.

In addition to expanding its physical presence, Punjab & Sind Bank plans to significantly boost its Banking Correspondent (BC) network. Currently numbering 1,700, the bank aims to more than double this to 4,000 BCs by the end of the fiscal year. This effort is intended to increase the bank’s presence in underserved areas and promote financial inclusion.

On the digital front, the bank is committed to enhancing its mobile application, PSB UnIC, and continuously adding new products and services to meet evolving customer expectations. This includes expanding its corporate BC model and forming strategic partnerships with fintech companies.

Saha emphasized the bank’s focus on maintaining strong, resilient, and sustainable growth. To support this expansion, Punjab & Sind Bank plans to raise Rs 2,000 crore through Qualified Institutional Placement (QIP) in the second half of the fiscal year. The board has already approved this fundraising initiative, and merchant bankers are expected to be on-boarded by August. The QIP is anticipated to conclude in the second or third quarter, depending on market conditions, and aims to improve the bank’s Capital Adequacy Ratio, which stood at 17.10 percent at the end of March 2024.

“We are working on customizing more products and processes to enhance the customer experience, and our efforts are directed towards maintaining sustainable, risk-calibrated, and profitable growth,” Saha concluded.

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