Indian banking industry witnessed the mega consolidation exercise on 01st April 2020, which reduced the number of Public Sector Banks from 19 to 12 at present. Erstwhile Oriental Bank of Commerce and United Bank of India were amalgamated with Punjab National Bank to create one of the largest banking behemoths in the country with total business exceeding ₹18 lakh crores. PNB now has a wide presence across the country with its 10,800+ branches, 13,900+ ATMs and 12,300+ Business Correspondents with One lakh plus strong workforce
Commenting on the bank’s significant progress since the amalgamation, Shri CH. S. S. Mallikarjuna Rao, MD and CEO of PNB, said, “We have completed our technology integration in the record time by December 2020, to be able to focus on the business priorities from year 2021 onwards. We have also realigned various internal processes and revamped the organization structure to position the Bank as customer-centric and future-ready. Seamless integration and harmonization of products, processes, distribution channels, creation of specialized units and technology platform have benefited customers in terms of wider products offerings and better service experience.”
The amalgamation has been a remarkable journey for all the stakeholders with successful harmonization of varied working cultures, integration of diverse internal processes and complex technologies while overcoming the challenges posed by the pandemic. Notably, the technological migration activity was completed with a near-zero disruption. PNB has completed this migration activity with minimal disruption.
Moreover, it has enhanced its presence in North East regions in terms of branches, business and customer base. The wider geographical footprint has helped it serve customers more effectively and efficiently and is assisting stressed MSMEs in line with its traditional role of supporting the Indian entrepreneurial spirit while maintaining thrust on being the leader in supporting Rural areas and the Agriculture sector. As one of India’s leading public sector banks, PNB has a larger and more constructive role in ensuring inclusive and balanced growth among individual entrepreneurs and corporates in India.
