As one of India’s leading public sector banks, Punjab National Bank (PNB) has been a key player in the nation’s financial sector since its inception in 1895. PNB has not only improved its financial metrics, including a notable decrease in credit costs and increased capital adequacy, but is also a leader in digital transformation. Atul Kumar Goel, PNB’s Managing Director and CEO, emphasized the bank’s innovative digital products and streamlined services, aiming to enhance customer experience and accessibility.
PNB, the second-largest public sector bank in India, has been a pivotal force in the financial industry since 1895, significantly contributing to the Indian economy and leading in financial inclusion. Recently, PNB reported its Q1 FY25 financial results, showing substantial improvements in business growth, asset quality, capital adequacy, and profitability. The bank’s business expanded by 10%, reaching ₹24.36 trillion in June 2024, with operating and net profits at record highs since the merger in April 2020.
PNB’s commitment to digital transformation and innovative banking solutions has led to the launch of over 100 digital products and processes in the past two years. Key digital initiatives include fully digital loan processes and convenient banking services through PNB ONE. PNB plans to consolidate all digital services on a single Digital Business Platform and enhance its Gen Next Call Centre.
PNB has also introduced Project UDAAN to improve human resource assessment and productivity, earning several awards for its efforts. The bank offers various schemes for NRIs, including attractive deposit options and global banking services. PNB supports the internationalisation of the Rupee by facilitating export and import transactions through Special Rupee Vostro Accounts.
Remittances play a crucial role in stabilizing the Indian economy, with PNB facilitating these through various digital and traditional channels. The bank continues to innovate and expand its services to meet the needs of its diverse customer base.
