Punjab & Sind Bank to expand with 100 new branches

State-owned Punjab & Sind Bank plans to expand operations across the country with 100 new branches during the current financial year, reports cited its managing director Swarup Kumar Saha as saying.

The board of directors of the bank has given its approval for raising Rs2,000 crore through qualified institutional placement in the second half of the fiscal, to improve its capital base and finance expansion plans, he said.

The new branches, proposed to be set up in regions other than northern India, will expand the  reach of the bank’s operations, taking the total number of branches to 1,665 by the end of fiscal, he said. 

The bank, he said, will also be installing 100 new ATMs, which will take the number of ATMs to 1,135.

Besides, the bank proposes to appoint more banking correspondents, so as to double its BC network from 1,700 at present to 4,000 by the end of the fiscal, he added.

The bank is also working on customisation of products and procedures in order to enhance  customer experience, Saha said.

The bank will be adding new features to its Mobile App PSB UnIC besides expanding partnership with fin-tech companies and the corporate BC model, he said.

Saha said the bank will remain focused on sustainable and profitable growth.