Punjab National Bank

Timeline

In 1900 PNB established its first branch outside Lahore in India. Branches in Karachi and Peshawar followed. The next major event occurred in 1940 when PNB absorbed Bhagwan (or Bhugwan) Dass Bank, which had its head office in Dehra.^{[ citation needed ]}

At the Partition of India and the creation of Pakistan, PNB lost its premises in Lahore, but continued to operate in Pakistan. Partition forced PNB to close 92 offices in West Pakistan, one-third of its total number of branches, and which held 40% of the total deposits. PNB still maintained a few caretaker branches. On 31 March 1947, even before Partition, PNB had decided to leave Lahore and transfer its registered office to India; it received permission from the Lahore High Court on 20 June 1947, at which time it established a new head office at Under Hill Road, Civil Lines in New Delhi. Lala Yodh Raj was the Chairman of the Bank.^{[ citation needed ]}

In 1951, PNB acquired the 39 branches of Bharat Bank (est. 1942). Bharat Bank became Bharat Nidhi Ltd. In 1960, PNB again shifted its head office, this time from Calcutta to Delhi. In 1961, PNB acquired Universal Bank of India, which Ramakrishna Jain had established in 1938 in Dalmianagar, Bihar. PNB also amalgamated Indo Commercial Bank (est. 1932 by S. N. N. Sankaralinga Iyer) in a rescue. In 1963, The Burmese revolutionary government nationalised PNB's branch in Rangoon (now Yangon). This became People's Bank No. 7. ^[10] After the Indo-Pak war of 1965, the government of Pakistan seized all the offices in Pakistan of Indian banks in September 1965. PNB also had one or more branches in East Pakistan (now Bangladesh).^{[ citation needed ]}

The government of India (GOI) nationalised PNB and 13 other major commercial banks, on 19 July 1969. In 1976 or 1978, PNB opened a branch in London. some ten years later, in 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. That same year, 1986, PNB acquired Hindustan Commercial Bank (est. 1943) in a rescue. The acquisition added Hindustan's 142 branches to PNB's network. In 1993, PNB acquired New Bank of India, which the GOI had nationalised in 1980. In 1998 PNB set up a representative office in Almaty, Kazakhstan.^{[ citation needed ]}

In 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. In 2004, PNB established a branch in Kabul, Afghanistan, a representative office in Shanghai, and another in Dubai. PNB also 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. Currently, PNB owns 20% of Everest Bank. Two years later, PNB established PNBIL – Punjab National Bank (International) – in the UK, with two offices, one in London, and one in Southall. Since then it has opened more branches, this time in Leicester, Birmingham, Ilford, Wembley, and Wolverhampton. PNB also opened a branch in Hong Kong. In January 2009, PNB established a representative office in Oslo, Norway. PNB hopes to upgrade this to a branch in due course. In January 2010, PNB established a subsidiary in Bhutan. PNB owns 51% of Druk PNB Bank, which has branches in Thimphu, Phuntsholing, and Wangdue. Local investors own the remaining shares. Then on 1 May, PNB opened its branch in Dubai's financial center. PNB purchased a small minority stake in Kazakhstan-based JSC Danabank established on 20 October 1992 in Pavlodar. Within the year PNB increased its ownership till 84% of what has become JSC (SB) PNB, with its share currently decreased to 49%. The associate in Kazakhstan now called JSC Tengri Bank has branches in Almaty, Nur-Sultan, Karaganda, Pavlodar and Shymkent. September 2011: PNB opened a representative office in Sydney, Australia. December 2012: PNB signed an agreement with US based life Insurance company MetLife to acquire a 30% stake in MetLife's Indian affiliate MetLife India Limited. The company would be renamed PNB MetLife India Limited and PNB would sell MetLife's products in its branches. ^{[11] [12] [13] [14]}

Punjab National Bank Fraud Case, 2018

PNB disclosed in February 2018 that it detected fraudulent transactions of up to $1.77 billion. ^{[15] [16]}

Amalgamation

On 30 August 2019, Finance Minister Nirmala Sitharaman announced that the Oriental Bank of Commerce and United Bank of India would be merged with Punjab National Bank. The proposed merger would make Punjab National Bank ^[20] the second largest public sector bank in the country with assets of ₹17.95 lakh crore (US$220 billion) and 11,437 branches. ^{[3] [21]} The Union Cabinet approved the merger on 4 March 2020. PNB announced that its board had approved the merger ratios the next day. Shareholders of Oriental Bank of Commerce and United Bank will receive 1,150 shares and 121 shares of PNB, respectively, for every 1,000 shares of they hold. ^[22] On 1 April 2020, the merger came into effect. ^{[23] [24]} Post-merger, all customers of other two merging banks are now treated as the customers of PNB. ^[6]

Services

In September 2022, Punjab National Bank launches WhatsApp banking for customers and non-customers. At present, it said, PNB would be offering non-financial services such as balance inquiry, last five transactions, stop cheque, request cheque book to its account holders through the WhatsApp banking service.

Other informative services that would be provided to both account and non-account holders include online account opening, enquire bank deposit/loan products, digital products, NRI services, locate branch/atm, opt-in, opt-out options.

The WhatsApp banking service will be available 24x7, including holidays, on both android and iOS-based mobile phones. ^[25]