Indian banking industry witnessed the mega consolidation exercise on April 1, 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 a One lakh plus a 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, MD and CEO of PNB CH SS Mallikarjuna Rao, said: “We have completed our technology integration in the record time by December 2020, to be able to focus on the business priorities from the 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 of wider products offerings and better service experience.”