Punjab National Bank

Type	Public (BSE: 532461, NSE: PNB)
Industry	Banking, Financial services
Founded	1895
Headquarters	New Delhi, India
Key people	K R Kamath (Chairman & MD)
Products	Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management
Revenue	31,206 crore (US$6.23 billion) (2011)[1]
Net income	4,574 crore (US$912.51 million) (2011)[1]
Total assets	373,786 crore (US$74.57 billion) (2011)[1]
Employees	56,928 (2010)[1]
Website	www.pnbindia.in

Punjab National Bank (PNB) (BSE: 532461, NSE: PNB) is an Indian financial services company based in New Delhi, India. PNB is the third largest bank in India by assets. It was founded in 1894 and is currently the second largest state-owned commercial bank in India ahead of Bank of Baroda 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 in Almaty, Dubai, Oslo, and Shanghai.

History[link]

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 Harkishan Lal, Lala Lalchand, Shri Kali Prosanna Roy, Shri E.C. Jessawala, Shri Prabhu Dayal, Bakshi Jaishi Ram, and Lala Dholan Dass.^{[2] [3]} Lala Lajpat Rai was actively associated with the management of the Bank in its early years. The board first met on 23 May 1894. Ironically, the PNB Website now claims Lala Lajpat Rai to be the founding father, surpassing Rai Mul Raj and Dyal Singh Majithia.^[4]

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, 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.

Timeline[link]

• 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 Calcutta 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.
• 1960: PNB again shifted its head office, this time from Calcutta to Delhi.
• 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.

Fortune India 500 Ranking[link]

Punjab National Bank was ranked #26 in the Fortune India 500 ranking of 2011.^[5][6]

Forbes Global 2000 Ranking[link]

Punjab National Bank was ranked #1243 in the Forbes Global 2000.^[7][8]

PNBMETLIFE[link]

Punjab National Bank has entered into a strategic alliance with Metlife India Insurance, headquartered in Bangalore and Gurgaon, which has operated in India since 2001 and is an affiliate of MetLife. The new entity, PnbMetlfe markets insurance products through PNB's branches.

See also[link]

• List of companies of India
• List of banks in India
• Fortune India 500

References[link]

External links[link]

• Official website

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