Punjab National Bank is a well-known bank of India which provides financial services to its clients. The company provides services for almost every sector, be hat household loans or even international commercial loans.
The company offers insurance services in case of any human-made and a few natural disasters. Further, the company helps in Mobile banking, e-banking, cardless transaction and various passbooks for various accounts.
As recorded on March 31, 2019, it has a network of 6,989 branches and 9,255 ATMs in India. The company was established in 1895 and is headquartered at Delhi.
About Company Information:
Punjab National Bank was initially established at Lahore. It is the first bank to be established completely with Indian capital. In the year of 1969, the bank was nationalized.
In 1993, they achieved the New Bank of India. In 1996, they designed a schemed which allowed the clients to derive funds from off- country schemes. They also set up an outlet in Kazakhstan. In 2000, they introduced the scheme of providing loans against immovable belonging of property, gold scheme loans and a credit card with collaboration with HSBC. In 2002, the Bank released its first IPO for 5, 30, 60,700 equity shares which reduced the governments holding in the bank. In 2002, they started a branch in Bangalore known as the MCD to provide credit limits to their corporate clients. They made joint ventures with both Infosys and CISCO for their huge investment
In 2003, the Bank took over NBL. The bank invested in opening outlets in London, USA during this year and collaborated with Vijaya Bank for Life Insurance, Pensions and Asset Management business. They also made a venture with IL and FS for domestic loans.
In 2004, the Bank attained the assets of Hindustan Transmission Product Ltd. They signed an agreement (ECGC). They signed MoU with Intel, ICICI bank and awarded a project to TCS. Branches were established in Kabul and Shanghai. The collaboration was made with Everest Bank in Nepal. In 2005, the Bank started an ATM at Edappal and a representative office in Dubai.
In 2006, the Bank tied up MasterCard International for debit cards and Indian Airlines for the booking of tickets. In 2007, the Bank signed an MoU with IIFC. In 2008, PNB started commercial banking in Hong Kong. By 2008-09, collaboration with LÍC and Oriental Insurance occurred. In 2009, they launched their credit cards commercially with two types of credit cards, Gold and Classic. The same year, PNB entered into an agreement with Tata Motors.
By 2009-10, the Bank established 524 domestic branches and 1400 ATMs. A representative office was established in Bhutan and Norway. They introduced the Corporate Credit Card. In 2009, the Bank introduced a subsidiary company called PNB Investment Services Ltd.in the same year; they signed a conjecture with FIM Bank (Malta), Banca IFIS, Italy and Blend Financial Services Ltd,
The number of branches rose to 5189 at the end of March 2010. The bank opened a branch in Sydney in the same year. On January 12 2011, PNB bought PFG, Mauritius and U K Paints. On February 15 2011, PNB entered signed the agreement with Weizmann Forex Ltd., Mumbai under MTSS. On April 28 2011, PNB declared the allotment of 15.09 lakh equity share at issue price of Rs.1218.82 per capital share to the Government of India.
On March 6 2013, PNB announced that it had received a lump-sum capital of Rs.1247.99 crore from the Government of India. The span of 2015 to 2017 saw the selling of stakes of various companies which were in collaboration with PNB. The directors kept in announcing the various deals and the selling of equity shares. This continued up to 2018.
On February 12 2018, after an investigation, total fraud of Rs.11394.02 crore in case of illegal issuance of Letters of Undertakings, Foreign Letter of Credits and Inland Letter of Guarantees in the accounts of Nirav Modi Group and M/s Gitanjali Group and in the account of M/s. Chandri Paper & Allied Products Pvt. Ltd. The entire matter was reported to RBI. On February 26 2018, PNB reported that the fraud amount could increase by about USD 204.25 million.
How Punjab National Bank, is categorised as Banks Sector, and Finance Industry :
The Financial Industry is a section that leads the world in terms of equity market capitalization and earnings. The companies that are in the economic enterprise focus mainly on managing money, as their revenue is generated mostly by the sectors from mortgage and loans that gain value as interest rates rise. Also, this industry's economy is made up of institutions and firms that provide financial services to wholesale and retail customers.
The main sectors that are into the Financial industry are,
Accounting and Bookkeeping.
Financial Markets and Planning.
Banking and General Financial Services.
Mortgage and Financial Broking.
Insurance and Superannuation.
Specialised Financial Services.
Punjab National Bank comes under the Banking sector. The banking sector is one of the active areas in India, which makes a significant portion of the growth of a country’s GDP. The banking sector in India is of great importance in Asia and also throughout the World because of its steady performance in the market.
Punjab National Bank, Competitors and Sector Peers:
Bank of Maharashtra BANK5
Central Bank of India CENTRB
Indian Overseas Bank INDOVE
Oriental Bank of Commerce ORIBAN
Punjab National Bank PUNNAT
State Bank Of Bikaner and Jaipur [Merged] STABAN
State Bank of India STATEB
State Bank Of Mysore STATE3
State Bank of Travancore [Merged] STATE6
Union Bank of India UNIBAN
United Bank of India UNITBA