Punjab and Sind Bank’s Strategic Plans for Growth and Innovation
State-owned Punjab and Sind Bank plans to raise Rs 2,000 crore in the second half of this fiscal via Qualified Institutional Placement (QIP) to fund business growth. “The board has already given approval, and merchant bankers should be on-boarded by August,” Punjab & Sind Bank Managing Director and CEO Swarup Kumar Saha told PTI.
The fundraising is expected to be concluded in the second or third quarter, depending on market conditions. Saha noted that the QIP would help improve the Capital Adequacy Ratio of the bank, which stood at 17.10 percent at the end of March 2024. Additionally, it would help reduce the government’s holding in Punjab and Sind Bank, which currently stands at 98.25 percent.
Regarding loan growth for the current financial year, Saha said the bank expects its asset book to grow by 12-14 percent, with the retail, agriculture, and MSME (RAM) sectors witnessing growth of 15-18 percent. On the deposit side, he anticipates liabilities to grow between 8 and 10 percent during the ongoing financial year.
Saha also highlighted several customer-centric initiatives aimed at improving satisfaction levels. The bank is in the process of transforming 50 branches into model or smart branches. It has introduced a Punjab and Sind Bank Pink debit card powered by RuPay for women, offering a range of benefits. Additionally, the bank has started providing demat services through its wealth-tech partner Fisdom, enabling customers to invest in the equity market and purchase mutual funds.
Further, the bank launched a series of digital offerings through its omnichannel PSB UNiC App, designed to ensure secure and hassle-free banking services. These offerings include opening savings accounts through video KYC, Bulk NEFT/RTGS, access to free CIC credit scores, and UNiC App registration through Aadhaar OTP.
These new product initiatives, Saha said, demonstrate the bank’s dedication to making a positive societal impact and creating a more sustainable future for all.
