Punjab National Bank becomes India’s second largest Public Sector bank
Kolkata,02 April(HS): The implementation of the amalgamation of the Kolkata headquartered United Bank of India (UBI) and the Oriental Bank of Commerce (OBC) with Punjab National Bank yesterday as notified by the Reserve Bank of India, has created the country’s second-largest nationalized bank – both in terms of business and branch network, after SBI.
The synergy from the amalgamation will create a globally competitive, next-generation bank, PNB 2.0.
As a result of the amalgamation, Banking sources here today informed Hindusthan Samachar that the nation-wide branches of both UBI and OBC would now function as Punjab National Bank (PNB) branches while all customers, including depositors, would be treated as PNB customers.
The amalgamated bank would have a wider geographical reach through 11,000 plus branches, more than 13,000 ATMs, one lakh employees and a business mix of over Rs 18 lakh crores. In the initial phase itself, PNB 2.0 will be offering specified inter-operable services through all branches and all platforms including Mobile and Internet Banking.
According to S. S. Mallikarjuna Rao, MD and CEO of Punjab National Bank, in order to smoothen the customer transition, the Bank has appointed Bank Sathi at all branches, zones, the head office of all three banks who will address customer concerns and assist them in choosing the right products and services.
He also referred to a robust Risk Governance mechanism and said it had been set up to mitigate risks and make the banking experience secure and safe.
