Punjab & Sind Bank

Punjab & Sind Bank has announced plans to establish a new branch at Gujarat International Finance Tec-City (GIFT City), signaling a strategic push to strengthen its presence in India’s premier international financial hub. The move reflects the bank’s intent to tap into emerging opportunities in global banking, offshore financial services and cross-border transactions. By entering GIFT City, Punjab & Sind Bank aims to broaden its corporate banking portfolio, support trade finance activities and align its operations with India’s evolving financial architecture.

State-owned Punjab & Sind Bank delivered a robust performance in the third quarter, reporting a 19% rise in net profit to Rs 336 crore, supported by improved asset quality and steady growth in core banking income. The results reflect the lender’s ongoing turnaround efforts, marked by tighter cost controls, lower credit provisions, and a gradual strengthening of its balance sheet. Improved recoveries and moderation in non-performing assets further contributed to earnings momentum.

Marking its 118th foundation day, Punjab & Sind Bank announced a series of customer-centric digital innovations aimed at enhancing service delivery and operational efficiency. In the presence of Financial Services Secretary M Nagaraju, who acknowledged the sector’s improved health while calling for better service standards, the bank launched smart branches, revamped its call center, introduced cash flow-based MSME lending products, and inaugurated its CASA Back Office in Chandigarh.

In a move signaling continuity and confidence in leadership, the Government of India has extended the tenure of Swarup Kumar Saha, Managing Director and Chief Executive Officer of Punjab & Sind Bank, until February 2027. The decision, approved by the Appointments Committee of the Cabinet, follows an impressive financial year in which the bank more than doubled its net profit for the March 2024 quarter.