Punjab & Sind Bank

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Punjab & Sind Bank
Type Public
Industry Banking
Financial services
Founded 24 June 1908
Headquarters Rajendra Place New Delhi, India
Key people S.JATINDER BIR SINGH,I.A.S(C.M.D.),SHREE K.K.SANSI & M.K.JAIN (E.Ds)
Products Finance
Website www.psbindia.com

Punjab & Sind Bank (P&SB) is a government-owned bank (81.42%) in Northern India, but with headquarters in New Delhi. Of its 1320 branches spread throughout India, 530 branches are in Punjab state. Its net profit is 339 crores and net NPA is 2.14% for the year ending 2012-13. The banks net profit for the quarter ending June 2013 is 122 crores. Total business of the bank is 1,42,000 crores. Business per employee is 14 crore & business per branch is 108 crores.

History[edit]

In 1908, leading figures in Amritsar such as Bhai Vir Singh, Sir Sunder Singh Majitha, and Sardar Tarlochan Singh founded Punjab & Sind Bank to help the weaker sections of society.

On 15 April 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 1960s Punjab & Sind Bank established a branch in London. In 1991 Bank of Baroda acquired Punjab & Sind Bank's London branch at the behest of the Reserve Bank of India following Punjab & Sind's involvement in the Sethia fraud in 1987.

Since 2004 Punjab & Sind has again shown growth of more than 40% year on year. Recently its IPO received tremendous response from the public and the issue was oversubscribed by more than 50 times. Recently the bank crossed a mark of Rs 1 lac crore in business.

Setluj Gramin Bank is a sponsored bank by Punjab & Sind Bank.

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