Punjab & Sind Bank, established in 1908, is headquartered at New Delhi. Having more than 800 branches across the country, the bank has around 10,000 employees dedicated to the banking services and customer care. The bank offers usual banking services along with innovative banking methods including Internet and phone banking, international banking, merchant banking, hire, purchase, leasing and credit cards.
Objective
The bank was founded by luminaries like Bhai Vir Singh, Sir Sunder Singh Majitha and Sardar Tarlochan Singh in the holy city of Amritsar on the principle of social commitment to help the weaker section of the society in their economic endeavours to raise their standard of life.
Achievements and Activities
Punjab & Sind Bank is the first bank in Northern India to obtain ISO 9002 certification for its selected branches. Its Housing Finance Branch caters to the credit need of the house aspirants.
The bank has entered into agreements for Non Life insurance business with M/s Bajaj Allianz General Insurance Company and Life Insurance business arrangements with M/s Aviva Life Insurance Company India Pvt. Ltd. Its customers can now avail insurance related services under one roof.
Nationalisation
Punjab & Sind Bank was nationalized in 1980 along with six other banks by the Government of India.
In 1908, leading figures such as Bhai Vir Singh, Sir Sunder Singh Majitha and Sardar Tarlochan Singh founded Punjab & Sind Bank to help the weaker section of the society in their economic endeavours to raise their standard of life.
Punjab and Sind bank was the one of the few banks in northern India who has honored the obligations of the migrating people from Pakistan. In spite of the fact that all its major branches were left in Pakistan and only a few branches were in India after partition.
In 1980 Punjab & Sind Bank was among six banks that the Government of India nationalized in the second wave of nationalizations. (The first wave had been in 1969 when the government nationalized the top 14 banks.)
At some point in the 1970s Punjab & Sind Bank established a branch in London. In 1991 Bank of Baroda acquired Punjab & Sind Bank’s London branch.
Misssion of Punjab & Sind Bank
1. The risk management and Internal Control Systems should be properly placed at the right time.
2. Highest level of technology should be adopted and operationlized as well.
3. Customer service should be at the peak of all banking responsibilities.
4. The business should be conducted with transparency and the bank should be responsible for its code of conduct.
5. The financial as well as the non-financial risks should be managed professionally.
6. Profitability should be in accordance with the prudential guidelines of the Bank.
Insurance facilities of Punjab and Sind Bank
Punjab & Sind Bank has tied up with M/s Bajaj Allianz General Insurance Company for offering Non Life insurance. The tie up with M/s Aviva Life Insurance Company India Pvt. Ltd. will offer the life insurance facilities to the customers.
Financial highlights of Punjab and Sind Bank
- Punjab & Sind Bank plans for an IPO in 2010.
- There was 36.3% rise in net profit at Rs 235 crore for the first half ended September 30, 2009.
- For the same period in 2008, the net profit stood at Rs 172 crore.
- The total income surged up by 24.23% to Rs 2,057.57 crore during the April-September period of 2009. In 2008, the figure stood at Rs 1,656.29 crore.
- The total business of the bank touched Rs 66,751 crore as on September 30, 2009, with that of Rs 51,104 crore in the same period in 2008. A growth of 24.23% was identified.
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