Full Form of PNB
PNB stands for Punjab National Bank. It is one of the reputed public sector banks of India which started its operations on 12 April 1895 in Lahore. It was the first bank that was managed entirely by Indians with Indian capital during the British period. As of September 2017, it has around 7000 domestic branches and 9753 ATMs. Its headquarter is in New Delhi, India. As of January 2018, Mr. Sunil Mehta is the MD & CEO of PNB. It offers a wide range of banking products and services across various categories like personal, corporate, international and capital services. After the merger with United Bank of India and Oriental Bank of Commerce, the bank has around 180 million customers, 10,910 branches and 13,000+ ATMs as of 1st April 2020. It offers a full range of financial products and services, including corporate, personal, foreign and capital services in various categories.
- PNB was established on 19 May 1984, under the Indian Companies Act in Lahore.
- It was founded by Lala Lajpat Rai, Lala Harkishan Lal, Dayal Singh Majithia, Shri E.C. Jeswala, Shri Kali Prasanna Rai, Shri Prabhu Dayal and leaders of the Swadeshi Movement.
- In his early days, Lala Lajpat Rai was very concerned with the management of the bank.
- It started its operations in Lahore on 12 April 1895 and established branches in Karachi and Peshawar in 1904. PNB bought Bhagwan Das Bank Limited in 1939 and acquired Universal Bank of India in 1961.
- The government of Burma nationalizes PNB in 1963 in the Ragoon branch.
- After the Indo-Pak war in 1965. The Government of Pakistan has seized the offices of Indian banks located in Pakistan such as PNB Headquarters.
- In 1969, on 19 July, the Government of India nationalized PNB.
- PNB opened its first branch in London in 1978. In 1988, Hindustan Commercial Bank Limited was acquired by PNB.
- In 1993, New Bank of India was bought and nationalized by the Government of India in 1980.
- In 1998, PNB opened a registered office in Almaty, Kazakhstan. In 2003, Nedungadi Bank Limited, based in Kozhikode, was bought by PNB.
- Many branches of this bank are now working as PNB branches.
- PNB opened a branch in Uttarakhand in 2006 and tied up with Indian Airlines to book flight tickets online.
- PNB entered into an Internet Trading Partnership arrangement with NSBL (Networth Stock Broking Limited) in 2008.
- It had bought a 33 per cent stake in MetLife in 2011.