PNB Becomes Second Largest Bank After State Bank Of India

PNB Becomes Second Largest Bank After State Bank Of India

Punjab National Bank (PNB) which has been in the news for the past few years due to scams and bad loans or NPA has now become the second largest bank in the country after State Bank Of India. This is because the two state owned banks Oriental Bank of Commerce (OBC) and United Bank of India (UBI) merged with it from April 1, 2020. 

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With this merger, the total number of employees of PNB has now crossed one lakh while the total business has gone up to Rs 18 lakh crore. Explain that the largest bank in the country is State Bank of India (SBI) which has a business of more than Rs 38 lakh crore with about 24,000 branches and 2.45 lakh employees.

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Oriental Bank of Commerce and United Bank of India will operate as the branches of the Punjab National Bank from today i,e 1 April 2020. More than 11,000 branches and more than 13,000 ATM of the bank will now operate. In its initial phase, PNB 2.0 will offer services through all branches and all platforms, including mobile and Internet banking.

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The bank has appointed Bank Saathi in all branches, regional offices and head offices which will address the problems of customers and help them in choosing the right products and services. A robust risk governance mechanism has been put in place to reduce the risk and strengthen and secure the banking experience.

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In this regard, the Managing Director and Chief Executive Officer of the bank C.H. SS Mallikarjuna Rao said that we are honored to be a part of this historic moment. The new entity will offer diversified products and utmost services to our customers, built on the legacy's outstanding tradition and belief.

Earlier this month the cabinet gave its approval for the mergers that will consolidate operations of 10 public sector banks (PSB) into four 'mega banks'.