PROJECT REPORT

ON

PUNJAB & SIND BANK

SUBMITTED TO NATIONAL P.G. COLLEGE

BACHLORS OF VOCATION (B.VOC)

(BANKING & FINANCE)
(2015-2018)

SUBMITTED BY:
SRISHTI SINGH
ROLL NO. – 815618
 PREFACE

India is a developing country and we all know that banking sector plays a
very important role. In development with the increasing use of banking
and finance in every field, new trends in their technology and modern
use are being evolved day by day to meet the requirements. Infact
“BANKING” has become a need today.

The purpose of this PROJECT REPORT is to expose the students in the

market and in the field of banking, finance and investments and to
develop the ability in the students to deal with all types of customers.

Preparing project report in the summer vacations and doing summer

training internship is the indispensable part of the college period. It
provides the opportunity to review what we have gained in the training
period and also provides the way to convey the knowledge and ideas to
others.

This project report provides the information on “PUNJAB & SIND BANK.”

Learning not possible in solitude and has to have the support and able
guidance of some people around us in various roles and capacities. The
satisfaction and euphoria that accompanies the successful completion of
any task would be incomplete without mentioning the people who made
it possible because success is the epitome of hard work, undeterred
missionary zeal, fast determination and consideration.

Therefore, I consider it a pleasant duty to express my heartiest

appreciaton, gratitude and indebtedness to my project guide (
) for his keen interest, sincere exportion, invaluable and pain taking
excellent guidance, continuous calm endurance, inspiration and
encouragement during each phase of the project report
To acknowledge all the persons who had
helped me for the fulfilment of this project
that was not possible for any researcher but
in spite of all that it becomes my foremost
responsibility and also the part of research
ethics to acknowledge those who had played
a great role for the completion of the project.

So in the same sequence at first, I would like

to acknowledge my parents because of
whom I got the existence in this world for the
inception and the conception of this project.
Later on I would like to confer the flower of
acknowledgement to (……………) and other
faculty members who taught me that how to
make a project through appropriate tools and
techniques.

Rest all those people who helped me are not

only matter of acknowledgement but also
authorized for sharing my success.
I Srishti Singh, here by declare that the
project report on the study conducted on
“Financial Institutions” in PUNJAB & SIND
BANK, submitted by me for the fulfillment of
B.VOC (Bachlors of Vocation) banking and
finance, at National P.G. College,
Lucknow(U.P.)

The data that has been disclosed in this

project report are authentic to the best of
my knowledge. I have not submitted this
training project report to any other university
ever before.

SRISHTI SINGH

BACHLORS OF VOCATION

(BANKING&FINANCE)

ROLL NO. – 815618.

 PREFACE

As a matter of knowing how things look like in practical

sense, every B.VOC (Banking & Finance) student has to
undergo training in a business organisation for the tenure
of 4-6 weeks. I got a chance to seek more and more
knowledge under the guidance of professional managers.

After the completion of B.VOC students have hand on

experience that will help for facing challenging jobs under
such competitive environment.

I have completed my project report successfully in “The

study of working capital analysis” under the guidance of
(…………………..) (Asst. Manager Finance).

During the above course tenure (………………..) (Cash

Manager) helped me for getting knowledge concerning
with taxation and specially I would like to thank the bank
for allowing me to work in this bank.
 INTRODUCTION

The main idea of the project report is to carry out a

research for the working capital management of
Punjab & Sind Bank. The bank attained market
leadership in Premium salary accounts and second
largest seller of regular salary account in a record time.
The situation is similar now. Will the company be able
to repeat the same performance for all the category of
this product?
It has been developed its products with better service,
new and best management information system. The
project aims to find out the response of the corporate
through a research process.
The project was done in various phases :
 The first phase comprises gathering information
related to the product and population.
 In the second phase , a servey is to be conducted
on corporate customers of vikas nagar area
through direct questionnaire.
 The findings and the representation of the research
is done in the third phase.
  And in the last phase, all the findings and analysis
along with conclusions and recommendation has
been submitted in the report format for further
use.
It was also necessary to do a competitors analysis as
well to know the strength and weakness of the various
competitors as the segment has a lot of players and
more global players will join the competition soon.
Various marketing tools have been used to analyse the
current situation of Punjab & Sind Bank’s salary
account segment and find out its position among the
competitors in order to form a strategy for the Punjab &
Sind Bank in salary account segment.
 Changes in Banking Sector
The face of banking is changing rapidly. Competition is going to be tough and
with financial liberalisation under the WTO, banks in India will have to
benchmark themselves against the best in the world. For a strong and
resilient banking and financial system, therefore, banks need to go beyond
peripheral issues and tackle significant issues like improvements in
profitability, efficiency and technology, while achieving economies of scale
through consolidation and exploring available cost-effictive solutions. These
are some of the issues that need to be addressed if banks are to succeed,
not just survive, in the changing milieu.

Challenges Ahead

(i) Improving profitability: The most direct result of the above

changes is increasing competition and narrowing of spreads and its
impact on the profitability of banks. The challenges for banks is how to
manage with thinning margins while at the same time working to improve
productivity which remains low in relation to global standards. This is
particularly important because with dilution in banks’ equity, analysts and
shareholders now closely track their performance. This will require
tremendous efforts in the area of technology and for banks to build
capabilities to handle much bigger volumes.

(ii) Reinforcing technology: Technology has thus become a strategic

and integral part of banking, driving banks to acquire and implement
world class systems that enables them to provide products and services
in large volumes at a competitive cost with better risk management
practices.

The pressure to undertake extensive computerizations is very real as

banks that adopt the latest in technology have edge over others.
Customers have become very demanding and banks have to deliver
customized products through multiple channels, allowing customers to
access to the bank round the clock.
(iii) Risk management: The deregulated environment brings in its wake
risks along with profitable opportunities, and technology plays a crucial
role in managing these risks. In addition to being exposed to credit risk,
market risk and operational risk, the business of banks would be
susceptible to country risk, which will be heightened as controls on the
movement of capital is eased. In this context, banks are upgrading their
credit assessment and risk management skills and retraining staff,
developing a cadre of specialists and introducing technology driven
management information systems.

(iv) Sharpening skills: The far-reaching changes in the banking and

financial sector entail a fundamental shift in the set of skills required in
banking. To meet increased competition and manage risk, the demand
for specialized banking functions, using IT as a competitive tool is set to
go up. Special skills in retail banking, etc, will need to be carefully
nutured and built. Thus, the twin pillars of the banking sector i.e. human
resources and IT will have to be strengthened.

(v) Greater customer orientation: In today’s competitive environment,

banks will have to strive to attract and retain customers by introducing
innovative products, enhancing the quality of customer service and
marketing a variety of products through diverse channels targeted at
specific customer groups.

(vi) Corporate governance: Besides using their strengths and strategic

initiatives for creating shareholder value, banks have to be conscious of
their responsibilities towards corporate governance. Following financial
liberalisation, as the ownership of banks gets broadbased, the
importance of institutional and individual shareholders will increase. In
such a scenario, banks will need to put in place a code for corporate
governance for benefiting all stakeholders of a corporate entity.

(vii) International standards: Introducing internationally followed best

practices and observing universally acceptable standards and codes is
necessary for strengthening the domestic financial architecture. This
includes best practices in the area of corporate governance along with
full transparency in disclosures. In today’s globalised world, focusing on
the observance of standards will help smooth integration with world
financial markets.
 Technology in Banking sector

Technology is having a major impact on the banking industry. For example,

many routine bank services that once required a teller, such as making a
withdrawal or deposit, are now available through ATMs that allow people to
access their accounts 24 hours a day. Also, direct deposit allows companies
and governments to electronically transfer payments into various accounts.
Further, debit cards, which may also used as ATM cards, instantaneously
deduct money from an account when the card is swiped across a machine at
a store’s cash register. Electronic banking by phone or computer allows
customers to pay bills and transfer money from one account to another.
Through these channels, bank customers can also access information such
as account balances and statement history. Some banks have begun offering
online account aggregation, which makes available in one place detailed and
up-to date information on a customer’s accounts held at various institutions.
Advancements in technology have also led to improvements in the ways in
which banks process information. Use of check imaging, which allows banks
to store photographed checks on the computer, is one such example that has
been implemented by some banks. Other types of technology have greatly
impacted the lending side of banks. For example, the availability and growing
use of credit storing software allows loans to be approved in minutes, rather
than days, making lending departments more efficient. Other fundamentals
changes are occurring in the industry as banks diversify their services to
become more competitive. Many banks now offer their customers financial
planning and asset management services, as well as brokerage and
insurance services, often through a subsidiary or third party. Others are
beginning to provide investment banking services that help companies and
governments raise money through the issuance of stocks and bonds, also
usually through a subsidiary. As banks respond to deregulation and as
competition in this sector grows, the nature of the banking industry will
continue to undergo significant change.
COMPANY PROFILE
Profile:-
The Bank was incorporated as ‘The Punjab & Sind Bank Limited’ on June 24,
1908, with its registered office situated at Hall Bazar, Amritsar ,Punjab, India.
The bank is one of the six banks which were nationalised on April 15,1980.

The bank was constituted as a ‘corresponding new bank’ on April 15, 1980,
as defined under Section 2(b) of the Bank Acquisition Act. The central and
administrative office of the Bank at the time of constituition under the Bank
Acquisition Act was situated at B-45/47, Connaught Place, New Delhi-
110001.

For details in relation to the bank’s activities, services, products, market of

each segment, its growth,techonology, market, managerial competence,
standing with reference to prominent competitors.

The Bank currently has only one shareholder, i.e. the President of India,
acting through the Ministry of Finance, GoI.

2000

- The Bank has launched its bullion trading scheme on persistent demand
from North Indians traders, especially in view of the Dewali festival
season.
- The Bank has been appointed as arranger and collecting banker for
State Bank of India’s India Millennium Deposit scheme slated to open on
October 21.

2001

- NS Gujaral has been appointed as the chairman and managing director

of the Delhi-based Punjab & Sind Bank.

2003

- The Bank has launched a special festival loan scheme for meeting the
expenditure for items such as purchase of consumer goods or furnishing
of house or shops.

2004

- Mr. V K Chopra, CMD, Small Industries Development Bank of India,

appointed as CMD of Punjab & Sind Bank.
- P&SB appoints new chairman R S Gujral.
- Punjab and Sind Bank (PSB) and ICICI Bank on July 02 announced the
launch of co-branded credit card that will be available in three variants –
Gold, Silver and Blue credit card.
- Punjab and Sind Bank ties up with Aviva Life.

2010

- Punjab and Sind Bank (PSB) has inked a pact with wipro, for a 10 year
contract for comprehensive IT outsourcing services for PSB.

2011

- Punjab & Sind BankTie-up with HCL for Financial Inclusion.

- Punjab & Sind Bank has recommended a dividend @ Rs. 2/- (Rupees
Two only) per equity share of Rs. 10/- each.

2012

- PSB has recommended a dividend @ Rs. 2/- (Rupees Two only) per
equity share of Rs. 10/- each.

2013

- PSB has recommended a dividend @ Rs. 2.68 (Rupees two and paise
sixty eight only) per equity share of Rs. 10/- each.

2014

- PSB has recommended a dividend @ Rs. 0.60 (paise sixty only) per
equity share of Rs.10/- each.

2015

- Punjab & Sind Bank – Authorised KMPs to determine materiality of

events/information.

Punjab and Sind Bank, established in 1908, is headquartered at New Delhi.

Having more than 800 branches across the country, the bank has around
10,000 employees dedicated to the banking services and customer care. The
bank offers usual banking services along with innovative banking methods
including internet and phone banking, international banking, merchant
banking, hire, purchase, leasing and credit cards.
Objective

The bank was founded by luminaries like Bhai Vir Singh, Sir Sunder Singh
Majitha and Sardar Tarlochan Singh in the holy city of Amritsar on the
principle of social commitment to help the weaker section of the society in
their economic endeavours to raise their standard of life.

Achievement and Activities

Punjab & Sind Bank is the first bank in Northern India to obtain ISO 9002
certification for its selected branches. Its Housing Finance Branch caters to
the credit need of the house aspirants. The bank has entered into
agreements for Non Life Insurance business with M/s Bajaj Allianz General
Insurance Company and Life Insurance business arrangements with M/s
Aviva Life Insurance Company India Pvt. Ltd. Its customers can now avail
insurance related services under one roof.

Nationalisation
Punjab & Sind Bank was nationalized in 1980 along with six other banks by
the Government of India.

Products & Services

Deposits Savings Accounts
Recurring Deposit
Fixed Deposits
Current Accounts
Loans Priority Sector Loans
Housing Loans
Home Enhancement Loans
Personal Loan
Education Loan
Car Loans
Business Loans
Other Services NRI Services
Punjab & Sind Bank-ICICI Bank Credit Card
Gold Card Schemes
RBI Citizens’ Charter including cash and deposits
Lockers Facilities
RTGS
NEFT
PSB e-funds Transfer
Tax Payment
E-bill Payments
PSB- Aviva Allianz Insurance
Mission
 To put in place the effective risk Management and Internal Control
Systems.
 To adopt and operationalise high-level techonology standards.
 To strive to achieve excellence in Customer Service.
 To achieve the highest standards of transparency and accountability in
the conduct of business business.
 To adopt professional approach in effectively managing financial as well
as non-financial risks.
 To maximize profitability and profits of the Bank with due compliance of
prudential guidelines.
 To maximize competitive risk adjusted return on capital, through
planned reduction in the average cost of funds, increased yield on
advances and investments besides reduction in cost of operations.

The bank has collaborated with the leading credit card player in the
country to offer the privileges of state of art techonology to its cardholders with all the
features to compete well in the card industry.

Our Bank has been making efforts to provide value added Products & Services to our
esteemed clients. It is our quest to provide the very best to our esteemed Customers. The
launch of the new Co-branded Credit card with ICICI Bank is a step towards this mission.

Vision
We envision to emerge as a strong vibrant Bank through synchronization of the human,
financial and techonological resources.

The bank also offers a wide range of general banking services to its customers
including debit cards, cash management, remittance services and collection
services, Investment Rationale.

 PSB to establish its pan India presence by opening new branches throughout the country to
increase its customer base and business. Expanding of branch network is expected to help the
bank to improve CASA ratio going forward.
 PSB plans to open specialised industrial finance branches and aims at expanding its credit
portfolio, by growing its corporate & retail loan segment.
 PSB has been able to reduce its net NPA ratio significantly from 8.11% (which was the highest
among the public sector banks) FY05 to 0.36% in FY10. Going ahead bank is likely to maintain
NPA ratios around this level.
 PSB will continue developing its techonological capabilities to enhance its value offering to
customers while optimizing its costs. From a total of 17 branches on the CBS platform , PSB
seeks to bring around 500 branches on the CBS platform by Nov 2012 enabling it to have
incremental CASA growth and profitability in future.
 PSB has maintained capital adequacy ratio (CAR) at 13.04% with the tier-II capital at 5.1% as
on September 2010. The bank plans to meet its future capital adequacy requirement through
this issue.
 Concern

 A major part of their branch network is concentrated in North India and thereby
exposing them to regional risks.
 PSB’s exposure to the real estate segment has witnessed substantial increase in the
last 3 fiscal years. Any significant downturn in the real estate sector may lead to an
increase in non-performing loans.

Valuation
In terms of valuation, the stock is offered at 0.9x and 0.8x book value (post
issue) at upper and lower band, respectively. Its peer group valuation is in
range of 0.8-1-4x. The bank’s growth plans to expand its business, products
& services to benefit bank in long term. Also the strong Indian economic
growth is likely to benefit the overall banking industry which would inturn the
Punjab & Sind Bank.

MANAGEMENT
SHRI A. BHATTACHARYA DIRECTOR (Ministry of Finance, Deptt. Of financial services, New
Delhi)

SHRI B. P. KANUNGO (RBI Nominee Director)

NON-OFFICIAL DIRECTORS

SHRI MATTA VENKATA SIVA PRASAD

SHRI KRISHAN MURARI GANGAWAT

SHRI HARI CHAND BAHADUR SINGH

SHRI A.K. SURANA (C.A. Category)

SHRI KARANPAL SINGH SEKHON

Punjab & Sind Bank IPO

He initial public offering (IPO) of state-owned Punjab & Sind Bank will be opening for subscription
from December 13, reports CNBC-TV18. The bank will offer 4 crore equityshares through IPO. The
issue comprises a net issue to the public of 3.8 crore equity share and a reservation of 20 lakh
equity share for subscription by eligible employees. The issue shall constitute 17.93% of the post-
issue share capital of the bank.

Its subscription will close on December 15 for qualified institutional investors (QIB) and on
December 16 for other investors.

The objective of the issue is to augment capital base to meet the future capital requirements
arising out of the growth in assets due to the growth of the Indian economy.

President of India, acting through the Ministry of Finance, Government of India, holds 100% stake
in the bank, which will be reduced to 82.07% post issue.

SBI Capital Markets Limited, Enam Securities Pvt Ltd and ICICI Securities Limited are the book
running lead managers to the issue.
GOLD CARD SCHEME FOR EXPORTERS
Exports play a crucial role in a developing economy like India which attaches considerable
importance to export promotion. With a view to further simplify assess of Bank credit to exporters
especially small and medium exporters and make it borrowers friendly in terms of procedure and
credit terms, the Minister of Commerce and Industry had proposed issuance of a Gold Card to
Credit Worthy Exporters with good track record for easy availability of export credit on best terms.
Accordingly, a Gold Card Scheme has been worked out by RBI in consultation with selected banks
and exporters. The scheme envisages certain additional benefits based on the record of
performance of exporters. The Gold Card Holders would enjoy simpler and more efficient credit
delivery mechanism in recognition of his good track record. The Gold Card Scheme has been
introduced in our Bank, the details of which are as under :

1. The card offered by the bank will be known as “PSB EXPO GOLD CARD SCHEME”

Fixation of Credit Limits :

1. Application for credit will be processed faster than other exporters. The time frame fixed for
disposal of applications received for sanction of credit under the scheme is as follows:-

For disposal of fresh applications 25 days

Renewal of limits 15 days

Sanction of adhoc limits 07 days

2. Bank is already following a liberal approach in respect of export finance. Bank will allow ‘In-
principle’ sanction of limits for three years with a provision for automatic renewal subject to
fulfilment of terms and conditions of sanction. Sanctioning Authority will also introduce a clause
in the terms & conditions of sanction that party will be submitting all the financial papers and
other information regarding by the bank for the renewal and reviewal of account periodically.

3. PCFC requirements of the PSB Expo Gold Card holders will be met by giving them priority.
Their FCDL requirements will also be given priority over non-export borrowers subject to
availability of funds.

4. Export credit in foreign currency will be provided on priority basis at LIBOR + 0.75 p.a. subject
to availability of funds. In case sufficient dollars are not available with the bank to lend to the
exporter at a particular time, service charges at flat rate of 0.1% will be charged by the bank on
the inter-bank foreign currency borrowings for the purpose, subject to availability of funds.

5. Bank will consider gaining Term Loan in Foreign Currency in deserving case out of their
FCNR(B), RFC, etc. funds subject to availability of funds.

6. Sufficient powers have already been vested with the field functionaries for sanction od adhoc
limits to meet urgent credit requirements of exporters. Urgent credit requirements of PSB Expo
Card holders will be met on priority basis. In the case of exporters of seasonal commodities, the
peak and off-peak levels will be appropriately specified.

7. With a view to capture only those particulars which are relevant for sanctioning export credit, the
Loan Application Form for export credit for Gold Card holder devised by Indian Banks
Association has been adopted.
8. In case of unanticipated export orders, norms for inventory may be relaxed, taking into account
the size and nature of export order.

9. Since the bonafides of the Gold Card holder is already established based on credit worthiness
and track record, the same will be given due consideration by the sanctioning authority in
respect of security and collaterals while granting export credit under the PSB Expo Gold Card
scheme.

Rate of Interest :

1. Rate of interest charged on Rupee Export Credit to the Gold Card Holders will be lower than the
normal rate of interest charged by the bank as under :-

For exporters having credit rating 1 & 2 Lower by 0.5% than the normal rate of
interest charged by the bank

For exporters having credit rating 3 & 4 Lower by 0.25% than the normal rate of
interest charged by the bank

2. In respect of PSB Expo Gold Card holders, the concessive rate of interest on post-
shipment rupee export credit applicable upto 90 days will be extended for a maximum
period of 365 days.

Service Charges :
1. All PSB Expo Gold Card holders will be offered discount of 15% in service charges and
fee structure for various services/ transactions subject to compliance of FEDAI
guidelines.

2. PSB Expo Gold Card holders, in view of their credit worthiness will be considered for
exemption from ECGC policy at the discretion of the bank.

Tenure :

1. The Gold Card will be issued for a period of 3 years and will be automatically renewed
for further period of 3 years, unless there are adverse features /irregularities in the
account. In case of any misuse of the card or observance of any violation of the terms &
conditions , the bank will have the right to recall the card any time.

2. The exporter’s record of performance will be reviewed periodically with a view to pass
on the benefit of better terms and conditions including rate of interest for better
performance.
 The following additional facilities/benefits will be allowed to the holders of PSB
Expo Gold Card :-

(i) Waiving of Annual Fee for the first year on the Credit Card and 50% discount for
second year onwards subject to satisfactory utilisation of Credit Card.

(ii) Better exchange rates & exchange rates on daily basis will be provided by the
branches through E-Mail wherever feasible.

(iii) Customer Education Programme will be conducted by the bank for them in which
International developments and latest RBI guidelines will be discussed.

(iv) Problems of the Gold Card Holders will be discussed and immediate remedial
measures will be taken.

Till the Gold Card is finalised, Zonal Managers may issue letters to the
exporters considered eligible by them under ‘PSB Expo Gold Card’ Scheme.
They may submit their requirement of ‘PSB Expo Gold Card’ and Loan
Application Form for ‘PSB Expo Gold Card’ holders to H.O. Stationery Deptt.
and obtain the same from them.

Zonal Managers are advised to take keen interest in the scheme in order to
popularise the same and implement in true spirit. Banners be also displayed
at the concerned branches.
One of the criteria of Eligibility for PSB Expo Gold Card was that exporters
enjoying export credit limits (excluding FOBLC) of Rs. 1 crores & above and
annual export sales routed through our bank not less than Rs. 5 crores during
the proceeding one calendar year/financial year will be eligible for PSB Expo
Gold Card.
With a view to extend the scheme to all credit worthy exporters including
those in Small and Medium Enterprises segment and to simplify credit
access, it has been decided to waive the condition of export credit limits and
turnover stipulated earlier.
About The Card :
The “PUNJAB & SIND BANK-ICICI BANK Credit Card” comes in three
varients : Blue, Silver and Gold Card. The eligibility criteria in terms of
Annual Income of the Applicant is as follows :

Eligibility Blue Card Silver Card Gold Card

Salaried Rs. 60000/-p.a. Rs. 60000/-p.a. Rs. 120000/- p.a.

Self Employed Rs. 50000/- p.a. Rs. 50000/- p.a. Rs. 100000/- p.a.

Business Focus

Punjab & Sind Bank’s mission is to be a World-Class Indian

Bank. The objective is to bulid sound customer franchises
across distinct businesses so as to be the preferred provider
of the banking services for target retail and wholesale
customer segments, and to achieve healthy growth in
profitability, consistent with the bank’s risk appetite. The
bank is committed to maintain the highest level of ethical
standards, professional integrity, corporate governance and
regulatory compliance. P& S Bank’s business philosophy is
based on four core values - Operational Excellence,
Customer Focus, Product Leadership and People.
CAPITAL STRUCTURE :-
 The authorized capital of Punjab & Sind Bank is Rs 750 Cr
 The paid-up capital is Rs. 400.41 Cr
 The HDFC Group holds 14.00% of the bank’s equity and about
13.50% of the equity is held by the ADS.
 Net Profit Rs. 201.08 crores (Mar, 2016).
 Operating Profit Rs. 727.71 Cr (Up by 14.34%).
 The shares are listed on the Stock Exchange, Mumbai and the
National stock exchange.
 Business per employee Rs. 6.56 Cr
 Return on Assets 1.26%
 Capital adequacy Ratio 11.88%
 Gross NPAs 161.04 Cr

Distribution Network :-

Punjab & Sind Bank is headquartered in New Delhi. The Bank at present has
an enviable network of over 813 branches and 76 extension counters spread
over India and 400 in Punjab. All branches are linked on an online real-time
basis. Customers in over 120 locations are also serviced through Telephone
Banking. The Bank’s expansion plans take into account the need to have a
presence in all major industrial and commercial centres where its corporate
customers are located as well as the need to build a strong retail customer
base for both deposits and loan products. Being a clearing/ settlement bank
to various leading stock exchanges, the Bank has branches in the centres
where the NSE/BSE have a strong and active member base. As a part of
International banking it offers NRI services, swift branches, IBDs and Gold
Card scheme. The bank has launched the facility of online request for
education loan to make it easier for the customers. It has tied up with ICICI
bank for a co-branded credit card. It has also tie-up with Aviva Life Insurance
Company and Bajaj Allianz General Insurance Company. It has attained ISO
9002 certification for its selected branches.
Management:-
Mr. V. K. Chopra took over as the bank’s Chairman Prior to this, Mr. Kapoor
was a Deputy Governor of the Reserve Bank of India. The Managing Director,
Mr. V. K. Chopra has been a professional banker for over 25 years and
before joining Punjab & Sind Bank in 1994 was heading Citibank’s operations
in Malaysia. The Bank’s Board of Directors is composed of eminent
individuals with a wealth of experience in public policy, administration,
industry and commercial banking. Senior banking professionals with
sustaintial experience in India and abroad head various businesses and
functions and report to the Managing Director. Given the professional
expertise of the management team and the overall focus on recruiting and
retaining the best talent in the industry, the bank believes that its people are a
significant competitive strength.

Corporate Governance Rating :-

The bank was one of the first four companies, which subjected itself to a
Corporate Governance and Value Creation (GVC) rating by the rating
agency, The Credit Rating Information Services of India Limited (CRISIL).
The rating provides an independent assessment of an entity’s current
performance and an expectation on its “balanced value creation and
corporate governance practices” in future. The bank has been assigned a
‘CRISIL GVC Level 1’ rating which indicates that the bank’s capability with
respect to wealth creation for all its stakeholders while adopting sound
corporate governance practices is the highest.

Investment Rationale
Wide Distribution Network and diversification of products & services. PSB has
a pan India presence through 926 branches and 63 ATMs as on October 31,