Money & Banking

Punjab and Sind Bank eyes eastern States for expansion

Our Bureau Kolkata | Updated on July 24, 2019 Published on July 24, 2019

State-owned Punjab and Sind Bank is looking to scale up its presence in the eastern States of Bihar, West Bengal, and Jharkhand.

Plans are afoot to open more branches in the region and focus on growing the retail business.

Bihar, West Bengal, and Jharkhand together constitute nearly 10 per cent of the bank’s total business, which stood at around ₹72,747 crore as on March 31, 2019.

Of this, nearly ₹7,000 crore comes from these States, a senior bank official told BusinessLine.

“The eastern region has been growing at 10-15 per cent on a year-on-year basis. Retail accounts for a bulk of the total advances in the region,” the official said.

Punjab and Sind Bank, which currently has around 74 branches in the region, will open more number of branches to increase its penetration and grow its retail lending in these markets.

The bank recently shifted one of its branches in the Bansdroni area in South Kolkata to a new location near Naktala to provide its customers additional features, such as lockers and modern digital banking facility.

Published on July 24, 2019
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