The banking sector has not been looking very strong for a while now and things are to down to actually pretty bad for the Punjab National Bank (PNB) in India. Once known as the country’s second-biggest lender has been making huge losses since last year and things haven’t changed much yet. The reason for this is largely due to the bad loans. The Punjab National Bank (PNB) will therefore either shut down or merge 300 branches to generate profit. These branches may be merged with the ones which are successfully churning out profits for the PNB bank.
Punjab National Bank might be looking at the option of merging these 300 branches.
The Punjab National Bank (PNB) hasn’t been able to generate much profit since last year and as a result, has taken some pretty drastic steps to keep the bank from making huge losses. The PNB bank has shut down almost 1,000 ATMs in India since March this year. The total number of PNB ATMs in the country stands at 9,753 in September as opposed to 10,681 in March. The Punjab National Bank through added nine branches to its network this year but simultaneously also shut down other six. The total number of branches of the Punjab National Bank in India is 6,940 as of September.
According to a few sources, The Punjab National Bank (PNB) has formed a committee of a few senior officials who are designated the task of carrying out the strategies for branch network rationalisation.
The Punjab National Bank branches churning out less revenue might be relocated.
The major decision coming from the PNB bank might be very significant to you. As per the official statement, the 300 shortlisted branches might be relocated, merged with other profitable branches or completely shut down. The PNB branch that was most convenient for you might not be operational anymore and we suggest you get in touch with your Punjab National Bank (PNB) branch. The move might happen in six to nine months according to sources. Last year the State Bank of India merged its operation with other State Banks from Patiala, Mysore, Hyderabad, and Maharashtra.
Source: ZeeNews
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