Punjab & Sind Bank plans to open 100 branches this fiscal

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New Delhi, Jul 7 (PTI) State-owned Punjab & Sind Bank plans to open 100 branches across the country in the current financial year as part of the strategy to expand its reach.

During the year, the bank also plans to add 100 new ATMs to its network.

"With the addition of 100 branches, the total number of branches would reach 1,665 by the end of 2024-25, and similarly, the number of ATMs would touch 1,135," Punjab & Sind Bank Managing Director Swarup Kumar Saha told PTI.

The bank will continue to focus on branch expansion, and new branches would come up in areas other than the northern region, he said.

Besides, he said, the bank also proposes to expand its reach through the Banking Correspondent (BC) channel.

The bank plans to more than double its BC network during the current fiscal, he said, adding, that the bank is trying to expand this network to 4,000 by the end of the current financial year against 1,700 at present.

The bank is working on customising more products and processes to improve customer experience, Saha said.

On the digital front, he said, "We are adding new products and services on an ongoing basis on our Mobile APP PSB UnIC, Branch Expansion, expanding corporate BC model, mutually beneficial partnerships with fin-techs, capacity building to address evolving customer expectations".

Saha also emphasised that the bank will focus on remaining strong and resilient while seeking to maintain sustainable, risk-calibrated and profitable growth in business.

The 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," he said.

The fundraising can be concluded in the second or third quarter, depending on market conditions.

The QIP would help improve the Capital Adequacy Ratio of the bank, he said.

The bank's capital adequacy ratio stood at 17.10 per cent at the end of March 2024. PTI DP BAL BAL