Born on Baisakhi Day in 1895 at
Lahore in Punjab (now in Pakistan), Punjab National Bank (PNB) has the
distinction of being the first bank to have been started solely with Indian
Capital. With its vast experience spanning 104 years. Punjab National Bank
has emerged as a front line banking institution in the country. The bank
due to its various inherent strengths, has been able to absorb the impact
of many policy shifts arising, from banking sector reforms and deregulation
of the financial sector and has remained consistently profitable.
PNB's 3 tier organizational structure
with the head office at the apex, 12 zonal and 66 regional offices in the
middle and branches at the grassroots level has functioned well over the
years. The delegation of powers is decentralized upto the branch level
to facilitate quick decision making. PNB has four subsidiaries - PNB Capital
Services Ltd., PNB Hosing finance Ltd., PNB Gilts Ltd. and PNB Asset Management
Company Limited.
The bank has largest network of
branches amongst nationalised banks with 4167 offices at the end of March
99 including 374 extension counters. The bank has 30 specialiised branches,
out of which 15 branches cater to the needs of small Scale Industry. The
Bank has also set up 10 International Banking Branches serving exclusively
to the banking deeds of exporters, importers and NRI clientele, 3 industrial
Finance Branches for large corporate clients and two Hi-Tech agriculture
branches to promote agriculture activities on modern lines.
With its presence in virtually all
important centres of the country, PNB offers a wide variety of banking
services which include corporate and personal banking industrial finance
and agricultural finance. In keeping with national priorities, the bank
attaches special importance to financing export business.
Computerization in Punjab National
Bank (PNB) is a strategic area which receives top priority from the management.
As of March 1999, there was total automation in 220 branches, 225 branches
had PC-based branch software (ALPN), 90 offices were NICNET connected,
and 71 branches were SWIFT connected. The bank has fully computerized support
in clearing. Many of the branches provide telebanking and remote access
facilities to customers.
The bank has three ATMs functioning
live under SPNS network. One more will be installed under this project,
while seven additional ATMs are being installed in various cities.
PNB is participating in the RBI
VSAT project. Ten VSAT are being installed immediately. The bank has, jointly
with TCA, developed IBR software, which has significantly speeded up IBRa
reconciliation. Many banks are now evaluating the same for inducting this
software.
The SWIFT system implemented in
the bank allows computer-to-computer connectivity of the branches with
international SWIFT system for immediately exchange of messages.
Combo connectivity is a combination
of ON-LINE & OFF-LINE connectivity. Under such connectivity, ATM installed
at the branch will be connected to the computers installed at the branch
and the cardholders of the branch will use in ON-LINE mode whereas the
cardholders of the other branches in the city can use the ATM in the OFF-LINE
mode. Thereby the ATM(s) shall cater to all the cardholders of other branches
in the city (s).
PNB is actively participating in
the Electronic Funds Transfer (EFT) Scheme of Reserve Bank of India, whereby
funds can be transferred through electronic media to and from all the four
metros upto Rs.1,00,000.00.
Out EDI project is the first of
its kind in the banking industry in India. Our Bank Computers at New Custom
House, Delhi have been linked to the customers computer through EDI. Collections
of custom duty is automated and importers are able to pay the custom duty
based on the EDI message received from customs. The bank also disburses
the duty draw payable to exporters based on EDI messages.
Year 2000 compliance is being given
top importance by the Bank. Plans have been chalked out for tackling the
issue. Bank has geared its resources to complete all amendments in software
relating to Y2K problems by the year end.
To improve customer care, PNB is
taking initiatives to acquire ISO 9002 certification for its select branches.
Towards this end, 14 branches and 9 specialized branches have already obtained
ISO 9002 accreditation for total branch operations, while 12 administrative
offices have received the certification.
To position Punjab National Bank
(PNB) effectively for the next millennium, the bank has appointed The Boston
Consulting Group CBCG) and Tata Consultancy Services (TCS) to conduct a
comprehensive review and restructuring of the Bank's operations. An one
of the leading public sector banks in India, PNB is setting its sights
even higher. |