Punjab & Sind Bank aims to open 100 new branches, expand ATM network this fiscal year: Report

State-owned Punjab & Sind Bank plans to open 100 branches across India in the current financial year as part of its expansion strategy.

During the year, the bank also intends to add 100 new ATMs to its network to enhance customer accessibility.

"With the addition of 100 branches, the total number of branches would reach 1,665 by the end of 2024-25, and similarly, the number of ATMs would touch 1,135," said Punjab & Sind Bank Managing Director Swarup Kumar Saha.

The bank will continue to focus on branch expansion, with new branches coming up in regions beyond the northern area, he added.

Additionally, the bank plans to expand its reach through the Banking Correspondent (BC) channel.

The bank aims to more than double its BC network this fiscal, expanding it to 4,000 by the end of the financial year, up from the current 1,700, Saha mentioned.

Punjab & Sind Bank is working on customizing more products and processes to enhance customer experience, he said.

"We are adding new products and services on an ongoing basis on our Mobile APP PSB UnIC, Branch Expansion, expanding corporate BC model, mutually beneficial partnerships with fin-techs, capacity building to address evolving customer expectations", added Saha.

Saha emphasized that the bank will focus on staying strong and resilient while maintaining sustainable, risk-calibrated, and profitable growth in business.

The bank plans to raise Rs 2,000 crore in the second half of this fiscal year via Qualified Institutional Placement (QIP) to support business growth.

"The board has already approved this, and merchant bankers should be onboarded by August," he said.

The fundraising could be concluded in the second or third quarter, depending on market conditions.

The QIP will help improve the bank's Capital Adequacy Ratio, he noted.

The bank's capital adequacy ratio stood at 17.10 percent at the end of March 2024.