Punjab and Sind Bank has ambitious plans to expand its reach across the country. In the current financial year (2024-25), they aim to open 100 new branches, bringing their total number of branches to 1,665 by the end of the year.
Additionally, they plan to add 100 new ATMs to their network, increasing the total to 1,135. This expansion is not limited to their traditional stronghold in the northern region. New branches are planned in various other parts of the country.
Punjab and Sind Bank expansion plans FY25
Besides physical expansion from the ambitious branch and ATM expansion plans, Punjab & Sind Bank has outlined other key initiatives for growth in FY25:
The bank aims to raise Rs. 2,000 crore in the second half of the fiscal year through a Qualified Institutional Placement (QIP). This will bolster the bank’s capital adequacy ratio and provide funds for business growth.
Punjab and Sind Bank plans to significantly expand its Banking Correspondent (BC) network from the current 1,700 to 4,000 by the end of FY25. This move will enable the bank to reach unbanked and underbanked populations in remote areas.
The bank is focusing on enhancing its digital offerings to improve customer experience and operational efficiency. This includes upgrading its mobile banking app, internet banking platform, and introducing new digital products and services.
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Punjab and Sind Bank aims to achieve robust loan growth while maintaining asset quality. The bank is actively focusing on lending to priority sectors like agriculture, MSME, and retail.
The bank is implementing various strategies to attract new customers and retain existing ones. This includes offering competitive interest rates, personalized services, and convenient banking solutions.
These expansion plans and initiatives reflect Punjab and Sind Bank commitment to growth and strengthening its position in the Indian banking sector.