Public sector lender Punjab National Bank (PNB), which has set its sights on the South and West for enlargement, will open about 500 branches and add about four,000 jobs in the course of the present fiscal, mentioned its MD and CEO Ch. S.S. Mallikarjuna Rao.
“We have completed the business and human integration of United Bank of India and Oriental Bank of Commerce with the PNB,” mentioned Mr. Rao. “IT migration will happen by December and February 2021 respectively,” he added.
The financial institution, which at present operates 11,000 branches predominantly within the North and East, plans to broaden within the South and West. Initially, the financial institution plans to open about 500 branches throughout FY21.
“The merger will lead to high incidence of rationalisation of branches,” Mr. Rao mentioned. “If there are two branches within 500 metres, we will club them together and then use the licence to open a new branch in the South or in the West. That way, we hope to open 500 branches and will be writing to the RBI.”
By November 15, PNB will probably be including virtually four,000 workers to its payroll with 990 of them absorbed within the officer cadre.
On loss-making branches, Mr. Rao mentioned they’d quantity about 350 and the financial institution was discovering methods to cut back their rely by way of progressive advertising and marketing of companies or introduction of region-specific merchandise.
Noting that the financial institution’s monetary efficiency was muted within the first half resulting from COVID-19, he mentioned the lender anticipated the financial system to choose up within the second half.