Punjab & Sind Bank
Encyclopedia
Punjab & Sind Bank is a major Public Sector bank in Northern India. Of its almost 1000 branches and offices spread throughout India, almost 400 are in Punjab state, though the bank's corporate headquarters is in New Delhi.
Punjab & Sind was one of the few banks in northern India that honored their obligations to Hindu clients that left Pakistan and migrated to India at Partition
, even though all the bulk of its operations had been in Pakistan and it had only a few branches in India.
On 15 April 1980 Punjab & Sind Bank was among six banks that the Government of India nationalized in the second wave of nationalizations. (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 .
At some point 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 again shown growth of more than 40% year on year. Recently its IPO received tremendous response from the public and the issue was oversubscribed by more than 50 times. Recently the bank crossed a mark of Rs 1 lac crore in business.
History
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 that honored their obligations to Hindu clients that left Pakistan and migrated to India at Partition
Partition of India
The Partition of India was the partition of British India on the basis of religious demographics that led to the creation of the sovereign states of the Dominion of Pakistan and the Union of India on 14 and 15...
, even though all the bulk of its operations had been in Pakistan and it had only a few branches in India.
On 15 April 1980 Punjab & Sind Bank was among six banks that the Government of India nationalized in the second wave of nationalizations. (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 .
At some point in the 1960s Punjab & Sind Bank established a branch in London. In 1991 Bank of Baroda
Bank of Baroda
Bank of Baroda is the third largest bank in India, after the State Bank of India and the Punjab National Bank and ahead of ICICI Bank. BoB is ranked 763 in Forbes Global 2000 list. BoB has total assets in excess of Rs. 3.58 lakh crores, or Rs. 3,583 billion, a network of over 3,409 branches and...
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 again shown growth of more than 40% year on year. Recently its IPO received tremendous response from the public and the issue was oversubscribed by more than 50 times. Recently the bank crossed a mark of Rs 1 lac crore in business.
Management
The bank is managed by a team of bankers and economists:- SHRI PARVEEN KUMAR ANAND (executive Director)
- SHRI A. BHATTACHARYA DIRECTOR (Ministry of Finance, Dept. of Financial Services, New Delhi)
- SHRI B.P. KANUNGO (RBI Nominee Director)
- SARDAR KARANPAL SINGH SEKHONSHRI KRISHAN MURARI GANGAWAT
- SHRI A.K. SURANA (C.A. Category)