PUBLIC SECTOR BANKS IN INDIA – PUNJAB AND SIND BANK
PUBLIC SECTOR BANKS OF INDIA – PUNJAB AND SIND BANK
Punjab and Sind Bank (P&SB) is a major Public Sector bank in Northern India. PSB Bank Of its almost 1000 branches and offices spread throughout India and almost 400 are in Punjab state, though the bank’s corporate headquarters is in New Delhi. On 15 April 1980 Punjab and Sind Bank was among six banks that the Government of India nationalized in the second wave of nationalizations.
In 1908, leading figures such as Bhai Vir Singh, Sir Sunder Singh Majitha and Sardar Tarlochan Singh founded Punjab & Sind Bank to help the weaker sections of society. Punjab & Sind was one of the few banks in northern India. The first wave had been in 1969 when the government nationalized the top 14 banks. After nationalization bank lost its focus and was left behind in the race.
In, 1960 Punjab and Sind Bank established a branch in London. In 1991 Bank of Baroda acquired Punjab and Sind Bank’s London branch at the behest of the Reserve Bank of India following Punjab and Sind involvement in the Sethia fraud in 1987. Since 2004, Punjab and Sind has again shown growth of more than 40% Every year. Recently its IPO received tremendous response from the public and the issue was oversubscribed more than 50 times. Recently the bank crossed a mark of Rs.1 lac crore in business.