 | |
| Type | Public (BSE: 532461,NSE: PNB) |
|---|---|
| Industry | Banking Financial services Insurance |
| Founded | Lahore (1895) |
| Headquarters | New Delhi, India |
| Key people | K.R.Kamath (Chairman & MD) |
| Products | Investment Banking Consumer Banking Commercial Banking Retail Banking Private Banking Asset Management Pensions Mortgage loans Credit Cards Life Insurance |
| Revenue |  US$ 5.649 billion (2010)[1] |
| Net income | US$ 882.4 million (2010)[1] |
| Total assets | US$ 67.422 billion (2010)[1] |
| Total equity | US$ 4.204 billion (2010)[1] |
| Employees | 56,928 (2010)[1] |
| Website | PNBIndia.com |
Punjab National Bank (PNB Hindi: पंजाब नॅशनल बॅंक) (BSE: 532461, NSE: PNB), was founded in 1894 and today is the second largest state-owned commercial bank in India with about 5000 branches across 764 cities. It serves over 37 million customers. The bank has been ranked 248th biggest bank in the world by the Bankers Almanac, London. The bank's total assets for financial year 2007 were about US$60 billion. PNB has a banking subsidiary in the UK, as well as branches in Hong Kong, Dubai and Kabul, and representative offices inAlmaty, Dubai, Oslo, and Shanghai.
Punjab National Bank is one of the Big Four banks of India, along with ICICI Bank, State Bank of India and HDFC Bank—its main competitors.[2]
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[edit]History
Punjab National Bank was registered on 19 May 1894 under the Indian Companies Act with its office in Anarkali Bazaar Lahore. The founding board was drawn from different parts of India professing different faiths and a varied back-ground with, however, the common objective of providing country with a truly national bank which would further the economic interest of the country. PNB's founders included several leaders of the Swadeshi movement such as Dyal Singh Majithia and Lala HarKishen Lal,[3] Lala Lalchand, Shri Kali Prosanna Roy, Shri E.C. Jessawala, Shri Prabhu Dayal, Bakshi Jaishi Ram, and Lala Dholan Dass.Lala Lajpat Rai was actively associated with the management of the Bank in its early years. The board first met on 23 May 1894. Today, ironically the PNB Website is distorting history by claiming Lala Lajpat Rai to be the founding father, surpassing Rai Mul Raj and Dyal Singh Majithia.
PNB has the distinction of being the first Indian bank to have been started solely with Indian capital that has survived to the present. (The first entirely Indian bank, the Oudh Commercial Bank, was established in 1881 in Faizabad, but failed in 1958.)
PNB has had the privilege of maintaining accounts of national leaders such as Mahatma Gandhi, Shri Jawahar Lal Nehru, Shri Lal Bahadur Shastri, Shrimati Indira Gandhi, as well as the account of the famous Jalianwala Bagh Committee.
[edit]Timeline
- 1895: PNB commenced its operations in Lahore.
- 1904: PNB established branches in Karachi and Peshawar.
- 1940: PNB absorbed Bhagwan Dass Bank, a scheduled bank located in Delhi Circle.
- 1947: At the Partition of India and the commencement of Pakistani independence, PNB lost its premises in Lahore, but continued to operate in Pakistan. PNB had already shifted its registered office from Lahore to Delhi in June 1947 — even before the announcement of the Partition.
- 1951: PNB acquired the 39 branches of Bharat Bank (est. 1942); Bharat Bank became Bharat Nidhi Ltd.
- 1961: PNB acquired Universal Bank of India.
- 1963: The Government of Burma nationalized PNB's branch in Rangoon (Yangon).
- September 1965: After the Indo-Pak war the government of Pakistan seized all the offices in Pakistan of Indian banks. PNB also had one or more branches in East Pakistan (Bangladesh).
- 1960s: PNB amalgamated Indo Commercial Bank (est. 1933) in a rescue.
- 1969: The Government of India (GOI) nationalized PNB and 13 other major commercial banks, on 19 July 1969.
- 1976 or 1978: PNB opened a branch in London.
- 1986 The Reserve Bank of India required PNB to transfer its London branch to State Bank of India after the branch was involved in a fraud scandal.
- 1986: PNB acquired Hindustan Commercial Bank (est. 1943) in a rescue. The acquisition added Hindustan's 142 branches to PNB's network.
- 1993: PNB acquired New Bank of India, which the GOI had nationalized in 1980.
- 1998: PNB set up a representative office in Almaty, Kazakhstan.
- 2003: PNB took over Nedungadi Bank, the oldest private sector bank in Kerala. At the time of the merger with PNB, Nedungadi Bank's shares had zero value, with the result that its shareholders received no payment for their shares.
- PNB also opened a representative office in London.
- 2004: PNB established a branch in Kabul, Afghanistan.
- PNB also opened a representative office in Shanghai.
- PNB established an alliance with Everest Bank in Nepal that permits migrants to transfer funds easily between India and Everest Bank's 12 branches in Nepal.
- 2005: PNB opened a representative office in Dubai.
- 2007: PNB established PNBIL - Punjab National Bank (International) - in the UK, with two offices, one in London, and one in South Hall. Since then it has opened a third branch in Leicester, and is planning a fourth in Birmingham.
- 2008: PNB opened a branch in Hong Kong.
- 2009: PNB opened a representative office in Oslo, Norway, and a second branch in Hong Kong, this in Kowloon.
- 2010: PNB received permission to upgrade its representative office in the Dubai International Financial Centre to a branch.
[edit]Locate PNB Bank Branches
[1]. This website also list the ISFC codes that can be used as a reference for performing NEFT and RTGS transactions in India.
[edit]Forbes Global 2000 Ranking
[edit]External links
- Official Website
- IFSC Code finder [2]
- MICR Code Finder [3]
- Branch Locator [4]
- Swift Code [5]
[edit]References
- ^ a b c d e "2010 Form 10-K, Punjab National Bank". Hoover's.
- ^ http://en.wikipedia.org/wiki/Big_Four_(banks)
- ^ Chapter "The Nations Bankers", Madan Gopal ISBN 81-230-0119-3
- ^ http://www.pnbindia.com
- ^ The Forbes 2000 - Forbes.com
- Tandon, Parkash Lal (1989) Banking century: a short history of banking in India & the pioneer, Punjab National Bank. (New Delhi, India: Penguin; New York: Viking).
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