Synopsis: Punjab & Sind Bank plans to significantly expand its reach during the current fiscal year. The bank aims to more than double its Banking Correspondent (BC) network from 1,700 to 4,000 and open 100 new branches, bringing the total to 1,665. Additionally, 100 new ATMs will be added, reaching a total of 1,135 by the end of 2024-25. This expansion will primarily occur outside the northern region.
Punjab & Sind Bank aims to more than double its BC network to 4,000 from the current 1,700 by the end of this fiscal year, according to Managing Director Swarup Kumar Saha.
The state-owned bank also plans to open 100 new branches across the country and add 100 new ATMs within the current financial year.
This expansion will bring the total number of branches to 1,665 and ATMs to 1,135 by the end of 2024-25.
Saha highlighted that the new branches will be established outside the northern region, continuing the bank's focus on branch expansion.
Additionally, the bank intends to enhance its reach through the Banking Correspondent (BC) channel, aiming for significant growth in this network.
To improve customer experience, the bank is working on customizing products and processes.
On the digital front, Saha mentioned that new products and services are continuously being added to their mobile app, PSB UnIC.
The bank is also expanding its corporate BC model, forming mutually beneficial partnerships with fintechs, and building capacity to meet evolving customer expectations.
Saha emphasized the bank's commitment to maintaining strength and resilience while pursuing sustainable, risk-calibrated, and profitable growth.
To fund this growth, the bank plans to raise Rs. 2,000 crore in the second half of this fiscal year via Qualified Institutional Placement (QIP).
The board has approved this plan, and merchant bankers are expected to be on-boarded by August.
The fundraising is anticipated to conclude in the second or third quarter, depending on market conditions, and will help improve the bank's capital adequacy ratio, which stood at 17.10 percent at the end of March 2024.
In conclusion, Punjab & Sind Bank is embarking on a significant expansion plan for the current fiscal year, including doubling its Banking Correspondent network, opening 100 new branches, and adding 100 ATMs.
These efforts aim to enhance customer experience and broaden the bank's reach beyond the northern region.
On the digital front, continuous improvements and new offerings are being made through the PSB UnIC app.
Additionally, the bank is set to raise Rs. 2,000 crore through Qualified Institutional Placement to support its growth initiatives and maintain a strong capital adequacy ratio.
This comprehensive strategy underscores the bank's commitment to sustainable and profitable growth while meeting evolving customer expectations.
