Punjab & Sind Bank


Punjab & Sind Bank is a government-owned bank, with headquarters in New Delhi. The bank has overall 1559 branches which are widely spread across India, out of which 623 branches are in Punjab state.

History

On 24 June 1908, Bhai Vir Singh, Sir Sunder Singh Majitha, and Sardar Tarlochan Singh established Punjab & Sind Bank.
On 15 April 1980 Punjab & Sind Bank was among six banks that the Government of India nationalised in the second wave of nationalisations.
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 shown growth of over 40% year on year, and its recent IPO was oversubscribed by more than 50 times. Recently the bank crossed a mark of Rs 1.60 lac crore in business.
Sutlej Gramin Bank was a Regional Rural Bank sponsored by Punjab & Sind Bank.

Highlights

In FY 2018-19 Punjab & Sind Bank reported net loss of 543 crore rupees after FY 2017-18's loss of 743.80 crore rupees.
On 16 July 2019, Punjab & Sind Bank disclosed that it detected a fraud, worth by the Bhushan Power & Steel Limited.

Products

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