Punjab & Sind Bank celebrated its 119th Foundation Day in New Delhi, marking 118 years of operations since its founding in 1908. The bank used the occasion to unveil a new Vision and Mission Statement along with several digital banking initiatives, including the Navjyoti mobile application, Central Bank Digital Currency (CBDC) services, a Digital Gold Loan facility, and the PSB Bharat Connect account tailored for government employees. The event was attended by senior officials from the Department of Financial Services (DFS) and representatives from major financial institutions.
PSB at a Glance
Punjab & Sind Bank was incorporated on 24 June 1908 as “The Punjab and Sind Bank Limited” in Amritsar, making it one of the oldest public sector banks in India. It was founded by three Sikh reformers Bhai Vir Singh, Sir Sunder Singh Majitha, and Sardar Tarlochan Singh, with the aim of providing banking services to the underserved communities of Punjab and Sindh. The bank was nationalised on 15 April 1980 as part of the second wave of bank nationalisations, which brought six banks under government ownership.
Today, the bank is headquartered in Rajendra Place, New Delhi, and operates 1,817 branches across the country, with the largest concentration of 635 branches in Punjab. The Government of India holds a 93.85% stake in the bank. Swarup Kumar Saha serves as the Managing Director and Chief Executive Officer, a position he has held since June 2022. The bank is listed on both the BSE and NSE stock exchanges.
Digital Initiatives Launched
Navjyoti Mobile Application
The Navjyoti mobile application is designed for human resource management within the bank. It aims to streamline internal HR processes, giving employees access to payroll, leave management, performance tracking, and other personnel-related services on their mobile devices. The app reflects the bank’s focus on digital transformation of its internal operations.
CBDC Services
The bank introduced Central Bank Digital Currency (CBDC) services, allowing customers to transact using the Digital Rupee (e₹) . CBDC is a digital form of the Indian rupee issued by the Reserve Bank of India (RBI) as legal tender, equivalent to physical currency. The RBI launched pilot programmes for the Digital Rupee in November 2022 under two variants: the wholesale (e₹-W) version for interbank settlements and the retail (e₹-R) version for public use. By offering CBDC services, PSB joins a growing list of banks enabling customers to hold and transact in sovereign digital currency.
Digital Gold Loan and PSB Bharat Connect Account
The Digital Gold Loan facility allows customers to apply for loans against gold jewellery through a fully digital process, eliminating the need to visit a branch for initial application. This follows the industry trend of digitising secured lending products to improve turnaround time and customer convenience.
The PSB Bharat Connect account is a specialised savings account designed for central and state government employees. It offers features tailored to the salary and banking needs of government staff, potentially including direct benefit transfer integration, salary crediting, and preferential interest rates.
A Year of Milestones
The foundation day event highlighted the bank’s strong financial performance. MD and CEO Swarup Kumar Saha noted that PSB achieved a historic net profit of Rs 1,322 crore, a significant turnaround reflecting the bank’s improving asset quality and operational efficiency. The bank also registered the highest MSME growth of 30% in the banking sector, underscoring its strong focus on lending to micro, small, and medium enterprises.
During the event, Debashish Prusty, Additional Secretary of the Department of Financial Services, praised the bank’s resilience and noted that the Indian banking sector stands stronger than ever. He specifically commended PSB’s MSME growth and its adoption of digital innovations such as CBDC and the Navjyoti app. The celebration also featured corporate social responsibility initiatives, including tree plantation drives and community welfare programmes organised across the bank’s regional offices.
Key Takeaways
- Punjab & Sind Bank was founded on 24 June 1908 in Amritsar by Bhai Vir Singh, Sir Sunder Singh Majitha, and Sardar Tarlochan Singh.
- The bank was nationalised on 15 April 1980 and is now headquartered in Rajendra Place, New Delhi, with the Government of India holding 93.85% equity.
- Swarup Kumar Saha is the current MD and CEO of Punjab & Sind Bank, serving since June 2022.
- The bank launched CBDC services, Digital Gold Loan, Navjyoti HR mobile app, and PSB Bharat Connect account for government employees on its 119th Foundation Day.
- PSB achieved a historic net profit of Rs 1,322 crore and the highest MSME growth of 30% in the banking sector.
