Financial Daily from THE HINDU group of publications
Tuesday, Dec 16, 2003
Financial Daily from THE HINDU group of publications Tuesday, Dec 16, 2003 |
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Money & Banking
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Information Technology PNB plans to network 2,500 branches by 2005 Our Bureau
Chennai , Dec. 15 PUNJAB National Bank (PNB) expects to connect 2,500 of its branches by March 2005. As of now, 374 branches in 72 locations have been linked, and this number is expected to rise to 500 branches in 180 locations by the end of this fiscal. Addressing a customers' meet, Mr A. Balasubramanian, Zonal Manager, said that PNB has installed a core banking solution that makes the networking possible. Through networking, `anywhere banking' is possible for customers, which means, for example, that a customer with an account in Chennai can withdraw money in New Delhi. The bank is adding 5-10 branches a week to the network, he said. At the meet, customers were also introduced to the benefits of Internet banking. Bank officials said that computerisation and networking had also enabled the bank to add new services, such as flexible deposits, where a savings bank deposit is treated as a fixed deposit if the deposited amount is held for a certain number of days.
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