Punjab & Sind Bank announces ₹2,000 crore fundraising plan
Punjab & Sind Bank is set to raise ₹2,000 crore in the second half of this fiscal year (FY) through a Qualified Institutional Placement (QIP). The bank's managing director and CEO, Swarup Kumar Saha, confirmed that the board has approved the plan, and merchant bankers should be onboarded by August. The fundraising process is expected to conclude in either the second or third quarter, depending on market conditions.
QIP to boost capital adequacy ratio, reduce government's stake
The QIP is expected to enhance the bank's Capital Adequacy Ratio, which was 17.10% as of March 2024. Additionally, this move will likely decrease the government's current holding in the bank, which stands at 98.25%. Saha also revealed that Punjab & Sind Bank anticipates its asset book to grow by 12-14% in this FY, driven by retail, agriculture, and MSME sectors, which should witness 15-18% growth.
Bank's customer-centric initiatives and digital offerings
Punjab & Sind Bank is implementing several customer-centric initiatives to enhance satisfaction levels. As part of these efforts, the bank is transforming 50 branches into model or smart branches. It has also introduced a PSB Pink debit card for women, powered by RuPay, with various benefits and initiated demat services via wealth-tech partner Fisdom. Saha stated that these new product initiatives demonstrate the bank's commitment to making a positive societal impact and creating a more sustainable future for all.
Digital services via PSB UNiC app
Punjab & Sind Bank has rolled out a series of digital services via its omnichannel PSB UNiC App for secure and hassle-free banking. The services include opening savings accounts via video KYC, Bulk NEFT/RTGS, access to free CIC credit score, and UNiC App registration via Aadhaar OTP.
