Total business to cross Rs 2 trn milestone soon: Punjab & Sind Bank MD

Punjab and Sind Bank is expected to cross Rs 2 trillion business milestone soon on the back of robust growth in loans, its managing director Swarup Kumar Saha has said

Punjab and Sind Bank is expected to cross Rs 2 lakh crore business milestone soon on the back of robust growth in loans, its managing director Swarup Kumar Saha has said.

In the third quarter of the current financial year, he said, the bank has witnessed a credit growth of 17 per cent to Rs 78,049 crore.

"Topline growth is in line with our guidance while other key parameters like asset quality and slippages are also under control," he told PTI.

The bank's current account and savings accounts increased by 11.33 per cent to Rs 36,460 crore at the end of the third quarter.

The total business rose by 12.26 per cent to Rs 1.87 lakh crore at the end of December 31, 2022, Saha said.

Talking about new initiatives, Saha said the bank has recently partnered with SBI Card to launch co-brand credit cards for its customers.

Available in three variants -- PSB SBI Card ELITE, PSB SBI Card PRIME and PSB SimplySAVE SBI Card -- will have access to a wide suite of exclusive privileges.

The bank is in the transformational stage of diversifying into different third-party goods, and the addition of the credit card business to the current portfolio of products will help in both attracting new customers and keeping its current clientele, he said.

The bank will soon introduce digital pre-approved personal loans in three clicks through its mobile app.

Through the mobile app, Saha said, the bank is going to start sourcing loan products to be availed by MSME, Mudra, housing and other loans.

On the liability side, the bank has raised the interest rate on deposits and made it attractive beginning January 1, he noted.

Opening an FD account through the digital app will get an incremental 0.25 per cent above the card rate, he added.