Punjab National bank is engaged in the banking sector, having its market capitalization worth INR 36,514.72 Cr. as of 16 April 2021. The bank was founded in 1894. The company has reported quarterly revenue of INR 20,324.67 Cr. at the end of December 2020. This company is found listed on the Bombay Stock Exchange (BSE), having the code 532461 and on the National Stock Exchange (NSE) with the symbol PNB.
Headquartered in Delhi, It is the second-largest public sector bank in the country. It has expanded its presence across the nation with 10925 branches, 13914 ATMs by the end of 2020.
Punjab National Bank is a commercial bank owned by the Government of India, headquartered in Delhi. It is listed among the leading commercial banks in India. The bank operates in credit and debit card business and the provision of various banking products, life and non-life insurance business, and billions and asset management business. The branch network of PNB In India stood at 10,925. Besides these, the bank also has an overseas branch in Hong Kong, Shanghai, Dubai, Sydney and Dhaka. The bank has overseas subsidiaries as well, which are PNB International Ltd. and Druk PNB Bank Limited. Over a history of 121 years, seven banks have merged with PNB, the most recent being United Bank of India and Oriental Bank of Commerce. PNB was in the news in February 2018 when it reported detecting fraud of INR11394.02 crore. In 2019, 31,29,93,219 equity shares and 63,81,90,364 preferential shares were allotted to the Government of India. Punjab National Bank made investments of INR 300 crore in JSC Tengri Bank and issued INR 3000 crore worth Tier-II bonds during the quarter ending December 2020. The bank incorporated PNB cards and services, a new entity for undertaking non-financial support services of PNB. Following the merger, PNB will retain stakes in two life insurance companies as permitted by IRDA; 23% stake in Canara HSBC OBC Life Insurance and 30% Stake in PNB Metlife Insurance. PNB was said to be on the verge of being privatized, although it was later disclosed that this would not be the case. PNB's stock price has risen in the last three months, but the company's success in the previous three years has been inconsistent. The merger, detection of fraud and lockdown has drastically affected the value of shares.Read More