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.
With the first anniversary of the mega consolidation, PNB has completed the integration of business, people and technology to prepare the Bank to realize gains from the synergies of amalgamation.
Commenting on the bank’s significant progress since the amalgamation, 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 ofwider 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. Now, all customers will be able to enjoy an array of services on its wider network of branches, ATMs and robust digital channels.
The bank 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. The bank has been focusing on improving digital offerings to the customers and proposes to undertake new initiatives viz. end-to-end digital pre-approved personal loans for its salaried customer, e-Mudra loans upto ₹50,000/-, Video KYC for online account opening, etc. to name a few