PNB installed first disabled-friendly ATM

Punjab National Bank a state-run lender considering its social responsibility has installed its first disabled-friendly ATM. PNB Chairman and Managing Director K R Kamath inaugurated biometric automated teller machine (ATM) at the Action for Ability Development and Inclusion (AADI) campus to celebrate International World Disability Day. In few years bank is expected to set up more such machines in the city.

During the inauguration Kamath said, "As part of PNB's corporate social responsibility, we brought in the initiative of disabled-friendly ATMs and we hope to bring in more and more such ATMs in the years to come".

Although, Kamath, did not specified that how many ATMs will be set up by PNB and in how much time.

The biometric ATM reduces the use of a debit card and can be accessed by reading biological features like finger prints, retina and face recognition.

PNB registered 25 per cent growth in Kerala

Punjab National Bank (PNB), a public sector commercial banking major has registered a 25 per cent growth in Kerala by doing a business of Rs 4,094 crore in the quarter ended September 2009, as against to Rs 3,266 crore during the corresponding period last year.

Deputy General Manager and Kerala Circle Head K K Shankar while making an announcement of the results told the reporters that this fiscal PNB deposits increased to Rs 2,221.13 crore, which is 19.6 per cent increase year-on-year as against Rs 1,854.60 crore last year.

He told the circle reported advances of Rs 1,873 crore in comparison to Rs 1,412 crore displaying a growth of 32.68 crore.

In the second quarter of this fiscal the circle profit increased by 32 per cent at Rs 19.58 crore as compared to Rs 14.88 crore during the corresponding period, he informed.

The bank is having 134 branches in the State, and has plans to open five more branches in Kozhikode, Guruvayoor, Trichur, Kollam and Kuttipuam by upgrading the extension counters. The bank will also set up three more ATMs at Meenchanda, Kunnamangalam and Kulapully this month after this the total number of ATMs will be 48 in the States, he told.

At the national level, the PNB has reported a 24.5 per cent growth by doing a total business of Rs 3,94,382 crore in the quarter ended September 2009 in comparison to Rs 3,16,747 crore in the corresponding period last year, he added.

K R Kamath appointed as CMD of PNB

Allahabad Bank Chairman and Managing Director K R Kamath will be the new head of the Punjab National Bank (PNB), the second largest public sector lender. According to the official sources, the official announcement of the appointment of K. R. Kamath was issued on Tuesday.

Before him K C Chakrabarty was PNB head, he has been appointed as RBI Deputy Governor in June this year due to which the CMD post got vacant.

Earlier in August 2008, Kamath was appointed the CMD of Allahabad Bank he has also worked as the Executive Director of Bank of India. Now J P Dua, is likely to be promoted as CMD of the Kolkata-based bank, who is at present is the executive director of Allahabad Bank

PNB with 3.8 crore customers has a network of over 4,600 branches across the country, in 2008-09 has registered a net profit of Rs 3,091 crore. In the current fiscal for the first quarter the bank has reported a 62.39 per cent rise in net profit at Rs 832.05 crore.

During the April-June quarter bank total income increased to Rs 6,177.58 crore from Rs 4,594.62 crore in the corresponding period a year-ago.

PNB plans to reschedule loans for drought hit areas

Punjab National Bank, after SBI, is planning to reschedule loans in the affected areas in addition to other measures.

This year nearly two-fifths of the districts have been affected by drought.

Gobinda Banerjee, GM, priority sector and lead bank division, PNB informed that about 15-20% of crop loans will need to be re-scheduled. He said the bank will have to convert these loans from short to medium term loans.

He told bank’s total agricultural credit portfolio amounts to Rs 200 billion, out of which crop loans accounted to Rs 120 billion.

He added bank will be rescheduling all loans as per Reserve Bank of India guidelines and instructions related to this have been issued to branches of the affected areas. He told the parts of Andhra Pradesh and Uttar Pradesh have been affected the most.

PNB launched campaign opened school student accounts

A nation-wide campaign has been launched by Punjab National Bank from August 1 to September 30 for opening of current and saving accounts with an aim to bring all the sections of the society under the banking system. Under this program C.L. Mahajan, assistant general manager, Punjab National Bank, Ludhiana circle, started the process of opening of accounts at Govt Multi-Purpose Senior Secondary School, Raikhy Cinema Road.

During the program Mahajan explained the benefits of opening of accounts with Punjab National Bank to the students. He told the account of every student will be opened with zero balance. All the students will be given free ATM debit card and Internet Banking facility. Mahajan informed bank has attained 100% financial inclusion in 21174 villages. And by end of June 2009, bank had opened around 53.57 lakh “no frill” accounts. Besides this bank has also launched unique initiatives mainly focusing on the marginalized sections of the economy like projects for rickshaw pullers, vegetable vendors, dairy farmers linked to Mother Dairy and migrant construction workers etc.

At the occasion in his address HK Mayer, principal of Govt Multi-Purpose Senior Secondary School told the school was established in the year 1885 and is the oldest school in the city and also appreciated the efforts of PNB for opening accounts of students and teachers of the school.

S.K. Rajput, Senior Manager, Kesar Ganj in his address to the students said he was also the student of this school and he is feeling proud for opening the accounts of the students of his alma mater. During the campaign bank opened 100 saving accounts of the students and teachers. He stated within three days 500 more accounts of students and teachers of the school will be opened.

PNB offers finance for HMT farm equipment

Punjab National Bank (PNB) inked a memorandum of understanding with Hindustan Machine Tool Ltd (HMT) to provide financing for farm equipment.

In a statement release by PNB it stated under this agreement the bank will give loans to farmers for the purchase of HMT tractor.

The statement mentioned the PNB has set a target to provide finance to minimum of 1,500 tractors under this collaboration. It added along with this other facilities like crop loan and other investment credit will also be provided to the farmers.

It stated, on the other hand the farmers who will purchase HMT brand tractor by getting financed from the bank the company will give discount of Rs 8,000 to them. it further stated, PNB is offering finance for the tractors at its BPLR ( at present 11 per cent), the lowest in the banking industry.

PNB adds online trading service to its portfolio

Punjab National Bank (PNB) a public sector banks has launched its online trading service in association with two brokerage firms Networth Stock Broking and SMC.

For the current fiscal bank is hoping of achieving a record growth of 23 per cent in the net profit. It is also working on the plan of merging its primary dealership arm PNB Gilts with itself.

During the launch of the online trading facility, PNB Chairman and Managing Director K. C. Chakrabarty informed the bank’s customers will be benefited from the service; this was the only financial service missing so far in the bank’s portfolio. “We are offering three-in-one account comprising savings, demat and trading facilities at a competitive rate”.

Mr. Chakrabarty, pointed out in the beginning, the service will be offered at 109 bank branches and soon it will be extended to other branches also. Mr. Chakrabarty informed the bank has a target of achieving a 20 per cent growth in deposits, 20-21 per cent growth in advances and 22-23 per cent growth in profit this fiscal.

He further added, “We are also discussing the issue of taking over PNB Gilts with shareholders of both companies. This is a time consuming process. I hope the merger would be complete within next 12 months”.

PNB revised interest rates on non-resident deposits

Punjab National Bank has increased interest rate on Foreign Currency Non-Resident deposit schemes for dollar. The revised rates will be effective March 1.

According to PNB statement the interest rate on US dollar deposits has been increased up to 3.12 per cent for maturity period of 1-2 years from 2.98 per cent. While on the maturity of 2-3 years, the rate has been changed to 2.69 per cent against 2.57 per cent.

For tenure of 3-4 years, the interest rate has been raised to 3.07 per cent as against 2.93 per cent and on 4-5 years term deposit the revised rate is 3.40 per cent. The rate for fixed deposit for five years being offered is 3.66 per cent.

From March 1 the new NRE Term deposits, rate of interest is 3.87 per cent for maturities of one year to less than two years and 3.44 per cent for maturity in between 2-3 years.

As per statement the interest rate has been raised to 3.82 per cent for the maturity of 3-5 years.

PNB cut in interest rates will depend on inflation

K C Chakrabarty, Chairman of state-owned Punjab National Bank informed that bank may consider on cutting its interest rates further in case inflation continues to fall.

He stated, “Last week, PNB cut its benchmark prime lending rate by 50 basis points to 11.5 per cent, which is the lowest among public sector banks”.

Inflation is indicating lower signals moreover the Reserve Bank of India monetary easing policy, will in turn make possible for banks to cut lending rates.

At present India’s headline inflation rate is a little over 5 per cent from a 13-year high of 12.91 per cent earlier in August. This moderating trend has impelled the RBI to cut its key policy rates.

Ever since October, the central bank has cut Repo Rate by 350 bps, Reverse Repo 200 bps and Cash Reserve Ratio 400 bps with an aim to boost liquidity and lift demand in the drooping economy.

Chakrabarty informed at present the bank has no plan to match State Bank of India’s special home loan scheme, in which it has put a freeze on the interest rate on new loans taken till April 30 at 8 per cent for one year.

PNB branch office inaugurated in Britain’s ‘Little India’

The Punjab National Bank (PNB) opened a branch at Leicester in Britain where a large section of people of Indian origin are staying.

The branch was inaugurated this week in the Belgrave Commercial Centre, in the heart of what is called the Golden Mile - the heart of Asians business and culture. It is also popularly known as 'Little India'.

The branch was inaugurated by the Indian-origin Lord Mayor of Leicester, Councillor Manjula Sood. The branch at present has five staff members. A tradition Hindu religious ceremony was performed at the opening of the branch.

Kamalesh Chakravarty, PNB chairman and managing director, remarked the bank hopes to attract 25 million pounds in deposits in its first year. Chakravarty pointed out, "We are looking at the long term. The credit crunch has had an effect in India but not on the scale seen in other parts of the world."

Earlier he had stated that the bank expects to make a profit of 4 to 5 million pounds in the current financial year. The bank started its operations in Britain in May 2007 aims to open new branches in Birmingham, Manchester, Wolverhampton and London. Already it is having branches in Southall and the City of London.

The bank got support in its move to Leicester by Invest Leicestershire and the East Midlands India Business Bureau.

The Punjab National Bank International is a subsidiary of the Punjab National Bank. Chakravarty informed bank has 4,600 branches in India and 38 million customers; therefore PNB aims to make a profit of 500 million dollars this year.

PNB branch office inaugurated in Britain’s ‘Little India’

The Punjab National Bank (PNB) opened a branch at Leicester in Britain where a large section of people of Indian origin are staying.

The branch was inaugurated this week in the Belgrave Commercial Centre, in the heart of what is called the Golden Mile - the heart of Asians business and culture. It is also popularly known as 'Little India'.

The branch was inaugurated by the Indian-origin Lord Mayor of Leicester, Councillor Manjula Sood. The branch at present has five staff members. A tradition Hindu religious ceremony was performed at the opening of the branch.

Kamalesh Chakravarty, PNB chairman and managing director, remarked the bank hopes to attract 25 million pounds in deposits in its first year. Chakravarty pointed out, "We are looking at the long term. The credit crunch has had an effect in India but not on the scale seen in other parts of the world."

Earlier he had stated that the bank expects to make a profit of 4 to 5 million pounds in the current financial year. The bank started its operations in Britain in May 2007 aims to open new branches in Birmingham, Manchester, Wolverhampton and London. Already it is having branches in Southall and the City of London.

The bank got support in its move to Leicester by Invest Leicestershire and the East Midlands India Business Bureau.

The Punjab National Bank International is a subsidiary of the Punjab National Bank. Chakravarty informed bank has 4,600 branches in India and 38 million customers; therefore PNB aims to make a profit of 500 million dollars this year.

Major PSU banks announced cut in PLR in the beginning of New Year

Major lenders, including public sector Punjab National Bank, Bank of Baroda, ICICI Bank and Dena Bank have announced that they will be reducing their prime lending rate by 50 to 75 basis points with effect from 1 January 2009.

In a filing with the Bombay Stock Exchange, Punjab National Bank, the country's second largest public sector lender informed that it will be also reduceing interest rates on schemes such as floating rate housing loans, car and education loans by 50 bps.

"The interest rates on fixed rate housing loans have been reduced by up to 175 basis points with effect from 1 January," PNB said.

The bank has introduced a housing loan scheme -- PNB Special Housing Loan Scheme. This scheme has been launched for new accounts from 1 January till June 30, 2009.

PNB is also reducing a 100 basis point in its peak deposit rate to 8.5 per cent for deposits of one year to less than three years.

PNB has reduced deposit rates for the second time in one month. Previously this month, the bank had reduced its peak deposit rate from 10.5 per cent to 9.50 per cent. According to filing deposits having maturities of 46 days and above will draw an interest rate of 1.25 per cent from the earlier 1.50 per cent.

In a separate regulatory filing Bank of Baroda said, "The bank has decided to reduce its benchmark prime lending rate (BPLR) by 75 basis points from the existing 13.25 per cent to 12.50 per cent with effect from 1 January 2009."

Dena Bank another public sector lender said it will reduce benchmark lending rate by 75 basis points to 12.75 per cent in accordance to the liberal monetary policy announced by RBI earlier this month.

With effect from Jan1, 2009 the bank's BPLR stands reduced from 13.5 per cent to 12.75 per cent, Dena Bank stated this in a filing with the Bombay Stock Exchange.

ICICI bank private sector lender is offering a New Year gift for its housing, auto and personal loan customers in the form of a cut in interest rates.

Its CEO and managing director K V Kamath said, without giving out details, ''We are looking at cutting interest rates very early in January for our housing and other loan customers''.

The extent of the rate cut is being regulated and will be announced soon, he said.

Before ICICI this month had reduced home loan rates for new customers by up to 1.5 percentage points.

Meanwhile State Bank of India (SBI), the country's largest lender, has also announced a reduction in its prime lending rate by 75 basis points to 12.25 per cent with effect from 1 January. On the other hand home loan major HDFC Bank has also cut its prime lending rate by 50 basis points.