Punjab National Bank
Company typePublic
IndustryBanking, Financial services
Founded19 May 1894; 129 years ago (1894-05-19)[1][2]
HeadquartersDwarka, Delhi, India
Number of locations
10,108 Domestic Branches[3] 12,455 ATMs
Key people
ProductsCredit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management
RevenueIncrease 99,084.88 crore (US$12 billion) (2023)
Increase 22,932.21 crore (US$2.9 billion) (2023)
Decrease 3,348.50 crore (US$420 million) (2023)
Total assetsIncrease 1,493,648.94 crore (US$190 billion) (2023)
Total equityIncrease 102,880.50 crore (US$13 billion) (2023)
OwnerGovernment of India
Number of employees
103,144 (2022)
SubsidiariesPNB MetLife India Insurance Company
PNB Housing Finance Limited
Capital ratio14.14% (2020)

Punjab National Bank (abbreviated as PNB) is an Indian public sector bank based in New Delhi.[5]It was founded in May 1894 and is the third-largest public sector bank in India in terms of its business volumes, with over 180 million customers, 12,248 branches, and 13,000+ ATMs.[6][3]

PNB has a banking subsidiary in the UK (PNB International Bank, with seven branches in the UK), as well as branches in Hong Kong, Kowloon, Dubai, and Kabul. It has representative offices in Almaty (Kazakhstan), Dubai (United Arab Emirates), Shanghai (China), Oslo (Norway), and Sydney (Australia). In Bhutan, it owns 51% of Druk PNB Bank, which has five branches. In Nepal, PNB owns 20% of Everest Bank, which has 122 branches. PNB also owns 41.64% of JSC (SB) PNB Bank in Kazakhstan, which has four branches.


Punjab National Bank is a Public sector undertakings in India (PSU) working under the government of India regulated by the Reserve Bank of India Act, 1934 and the Banking Regulation Act, 1949. It was registered on 19 May 1894 under the Indian Companies Act, with its office in Anarkali Bazaar, in pre-independent India (present-day Pakistan). The founding board was drawn from different parts of India professing different faiths and of varying backgrounds, with the common objective of creating a truly national bank that would further the economic interest of the country.[1] PNB's founders included several leaders of the Swadeshi movement such as Dyal Singh Majithia and Lala Harkishen Lal, Lala Lalchand, Kali Prosanna Roy, E. C. Jessawala, Prabhu Dayal, Bakshi Jaishi Ram, and Lala Dholan Dass.[7][8] Lala Lajpat Rai was actively associated with the management of the Bank in its early years. The board first met on 23 May 1894.[1] The bank opened for business on 12 April 1895 in Lahore.[citation needed]

PNB is the first Indian bank to have been started solely with Indian capital that survives to the present earlier Oudh Commercial Bank was established in 1881, but failed in 1958.[citation needed]

Mahatma Gandhi, Jawaharlal Nehru, Lal Bahadur Shastri, Indira Gandhi and the Jalianwala Bagh Committee have held PNB accounts.[1][non-primary source needed]


PNB ATM at Moolchand metro station of Delhi Metro, Delhi

In 1900 PNB established its first branch outside Lahore in India. Branches in Karachi and Peshawar followed. The next major event occurred in 1940 when PNB absorbed Bhagwan (or Bhugwan) Dass Bank, which had its head office in Dehra.[citation needed]

At the Partition of India and the creation of Pakistan, PNB lost its premises in Lahore, but continued to operate in Pakistan. Partition forced PNB to close 92 offices in West Pakistan, one-third of its total number of branches, and which held 40% of the total deposits. PNB still maintained a few caretaker branches. On 31 March 1947, even before Partition, PNB had decided to leave Lahore and transfer its registered office to India; it received permission from the Lahore High Court on 20 June 1947, at which time it established a new head office at Under Hill Road, Civil Lines in New Delhi. Lala Yodh Raj was the Chairman of the Bank.[citation needed]

In 1951, PNB acquired the 39 branches of Bharat Bank (est. 1942). Bharat Bank became Bharat Nidhi Ltd. In 1960, PNB again shifted its head office, this time from Calcutta to Delhi. In 1961, PNB acquired Universal Bank of India, which Ramakrishna Jain had established in 1938 in Dalmianagar, Bihar. PNB also amalgamated Indo Commercial Bank (est. 1932 by S. N. N. Sankaralinga Iyer) in a rescue. In 1963, The Burmese revolutionary government nationalised PNB's branch in Rangoon (now Yangon). This became People's Bank No. 7.[9] After the Indo-Pak war of 1965, the government of Pakistan seized all the offices in Pakistan of Indian banks in September 1965. PNB also had one or more branches in East Pakistan (now Bangladesh).[citation needed]

The government of India (GOI) nationalised PNB and 13 other major commercial banks, on 19 July 1969. In 1976 or 1978, PNB opened a branch in London. some ten years later, in 1986, the Reserve Bank of India required PNB to transfer its London branch to State Bank of India after the branch was involved in a fraud scandal. That same year, 1986, PNB acquired Hindustan Commercial Bank (est. 1943) in a rescue. The acquisition added Hindustan's 142 branches to PNB's network. In 1993, PNB acquired New Bank of India, which the GOI had nationalised in 1980. In 1998 PNB set up a representative office in Almaty, Kazakhstan.[citation needed]

In 2003 PNB took over Nedungadi Bank, the oldest private sector bank in Kerala. At the time of the merger with PNB, Nedungadi Bank's shares had zero value, with the result that its shareholders received no payment for their shares. PNB also opened a representative office in London. In 2004, PNB established a branch in Kabul, Afghanistan, a representative office in Shanghai, and another in Dubai. PNB also established an alliance with Everest Bank in Nepal that permits migrants to transfer funds easily between India and Everest Bank's 12 branches in Nepal. Currently, PNB owns 20% of Everest Bank. Two years later, PNB established PNBIL – Punjab National Bank (International) – in the UK, with two offices, one in London, and one in Southall. Since then it has opened more branches, this time in Leicester, Birmingham, Ilford, Wembley, and Wolverhampton. PNB also opened a branch in Hong Kong. In January 2009, PNB established a representative office in Oslo, Norway. PNB hopes to upgrade this to a branch in due course. In January 2010, PNB established a subsidiary in Bhutan. PNB owns 51% of Druk PNB Bank, which has branches in Thimphu, Phuntsholing, and Wangdue. Local investors own the remaining shares. Then on 1 May, PNB opened its branch in Dubai's financial center. PNB purchased a small minority stake in Kazakhstan-based JSC Danabank established on 20 October 1992 in Pavlodar. Within the year PNB increased its ownership till 84% of what has become JSC (SB) PNB, with its share currently decreased to 49%. The associate in Kazakhstan now called JSC Tengri Bank has branches in Almaty, Nur-Sultan, Karaganda, Pavlodar and Shymkent. September 2011: PNB opened a representative office in Sydney, Australia. December 2012: PNB signed an agreement with US based life Insurance company MetLife to acquire a 30% stake in MetLife's Indian affiliate MetLife India Limited. The company would be renamed PNB MetLife India Limited and PNB would sell MetLife's products in its branches.[10][11][12][13]

Punjab National Bank Fraud Case, 2018

Main article: Punjab National Bank Scam

PNB disclosed in February 2018 that it detected fraudulent transactions of up to $1.77 billion.[14][15]

Punjab National Bank Fraud Case, 2019

In July 2019, the bank detected another fraud, worth 3,805.15 crore (US$477 million) by Bhushan Power & Steel Ltd (BPSL).[citation needed]

Mergers and acquisitions

Acquisition date Company Location Ref.
1951 Bharat Bank Ltd. New Delhi, India [citation needed]
1961 Universal Bank of India Dalmianagar, Bihar, India [citation needed]
1962 Indo-Commercial Bank India [citation needed]
1986 Hindustan Commercial Bank India [citation needed]
1993 New Bank of India New Delhi, India [citation needed]
2003 Nedungadi Bank Kozhikode, Kerala, India [citation needed]


On 30 August 2019, Finance Minister Nirmala Sitharaman announced that the Oriental Bank of Commerce and United Bank of India would be merged with Punjab National Bank. The proposed merger would make Punjab National Bank[17] the second largest public sector bank in the country with assets of 17.95 lakh crore (US$220 billion) and 11,437 branches.[3][18] The Union Cabinet approved the merger on 4 March 2020. PNB announced that its board had approved the merger ratios the next day. Shareholders of Oriental Bank of Commerce and United Bank will receive 1,150 shares and 121 shares of PNB, respectively, for every 1,000 shares of they hold.[19] On 1 April 2020, the merger came into effect.[20][21] Post-merger, all customers of other two merging banks are now treated as the customers of PNB.[6]


In September 2022, Punjab National Bank launches WhatsApp banking for customers and non-customers. At present, it said, PNB would be offering non-financial services such as balance inquiry, last five transactions, stop cheque, request cheque book to its account holders through the WhatsApp banking service.

Other informative services that would be provided to both account and non-account holders include online account opening, enquire bank deposit/loan products, digital products, NRI services, locate branch/atm, opt-in, opt-out options.

The WhatsApp banking service will be available 24x7, including holidays, on both android and iOS-based mobile phones.[22]

Listings and shareholding

PNB's equity shares are listed on Bombay Stock Exchange and the National Stock Exchange of India.[23][24] It is a constituent of the CNX Nifty at the NSE.[25] As of 31 December 2019, the shareholding structure of the bank is as follows.[26]

Promoters (73.15%) 73.15
Domestic institutional investors (13.74%) 13.74
Foreign Institutional Investors (3.36%) 3.36
Public & Other(9.09%) 9.09
Corporate Holding (0.65%) 0.65
Total 100.0


A Punjab National Bank branch in the United Kingdom.
  1. PNB Housing Finance Limited[27] (32.52%)
  2. PNB MetLife India Insurance Company[27] (32%)
  3. Canara HSBC OBC Life Insurance Co. Ltd (23%)
  4. India SME Asset Reconstruction Co. Ltd. (20.90%)
  5. PNB Cards and Services Ltd (100%)
  6. PNB Insurance Broking Services Ltd (non functional under winding up)
  7. PNB Investment Services Ltd (100%)
  8. PNB Gilts Ltd (74.07%)
  9. PNB International Ltd UK (100%)
  10. Druk PNB Bank Ltd Bhutan (51%)
  11. JSC Tengri Bank Kazakhstan (41.64%)
  12. Everest Bank Ltd Nepal (20.03%)
  13. sarva Haryana Gramin Bank (35%)
  14. Himachal Gramin Bank (35%)
  15. Punjab Gramin Bank (35%)
  16. Prathma UP Gramin Bank (35%)
  17. Dakshin Bihar Gramin Bank (35%)
  18. Bangiya Gramin Vikash Bank(35%)
  19. Assam Gramin Vikas Bank (35%)
  20. Tripura Gramin Bank (35%)
  21. Manipur Rural Bank (35%)


As on 31 March 2019, the bank had 70,810 employees. As of 31 March 2019, it also had 1,722 employees with disabilities on the same date (2.43%).[28] The average age of bank employees on the same date was 39 years.[29] The bank reported the business of 11.65 crore (US$1.5 million) per employee and net profit of 8.06 lakh (US$10,000) per employee during the FY 2012–13.[11] The company incurred 5,751 crore (US$720 million) towards employee benefit expenses during the same financial year.[11]

Corporate social responsibility

The bank incurred 3.24 crore (US$410,000) on corporate social responsibility activities like medical camps, farmer training, tree plantations, blood donation camps etc. during the FY 2012–13.[11]

For the financial year 2018–2019, PNB incurred a sum of 2,954.15 lakh (US$3.7 million) on CSR initiatives. Among many initiatives, one such effort is PNB Ladli, which started in 2014. The scheme initiated to promote education among girls of Rural / Semi-urban areas.[30]

During the year 2018–19, PNB has also taken the initiative for donations to CM relief fund for Kerala and Kumbh Mela.[30]

For the year FY18-19, PNB has initiated ₹1,851.41 for RSETIs.[30]

To Help young talents in India the bank also initiated PNB Hockey Academy, one of the major efforts towards supporting the national games.[30]

See also


  1. ^ a b c d "Origin of PNB". Punjab National Bank. Archived from the original on 13 February 2011. Retrieved 18 February 2014.
  2. ^ "History of PNB". NDTV.com. Retrieved 18 February 2014.
  3. ^ a b c "Bank Merger News: Government unveils mega bank mergers to revive growth from 5-year low". The Times of India. 30 August 2019. Retrieved 2 April 2020.
  4. ^ "board of directors".
  5. ^ "Domestic Branches and ATMs".
  6. ^ a b "Merger of 10 public sector banks to come into effect from today: 10 points". Livemint. 31 March 2020. Retrieved 2 April 2020.
  7. ^ Singh Majithia (1994).
  8. ^ Tandon (1989).
  9. ^ Turnell (2009), p.226.
  10. ^ "Punjab National Bank acquires 30% stake in Metlife, company to be re-branded". The Indian Express. 4 January 2013. Retrieved 18 February 2014.
  11. ^ a b c d "Annual Report 2012-13" (PDF). PNB. Retrieved 18 February 2014.
  12. ^ "Financials Information for Punjab National Bank". Hoover's. Retrieved 18 February 2014.
  13. ^ "The World's Biggest Public Companies". Forbes. Archived from the original on 11 May 2015.
  14. ^ Abi-Habib, Maria (14 February 2018). "$1.8 Billion in India Bank Fraud Raises Fears of Ripple Effects". The New York Times.
  15. ^ "PNB bank fraud: CBI registers three cases involving over ₹120 cr". The Hindu. 12 June 2020.
  16. ^ "As amalgamation with United Bank, OBC takes effect, PNB becomes India's second largest PSB after SBI". DNA India. 1 April 2020. Retrieved 2 April 2020.
  17. ^ "Punjab National Bank completes one year of integration". www.timesnownews.com.
  18. ^ Staff Writer (30 August 2019). "10 public sector banks to be merged into four". Mint. Retrieved 30 August 2019.
  19. ^ Ghosh, Shayan (5 March 2020). "Three banks announce merger ratios". Livemint. Retrieved 6 March 2020.
  20. ^ "Merged entity of UBI, PNB, OBC to become operational from April 1, 2020". Business Today. 14 September 2019. Retrieved 14 September 2019.
  21. ^ "Merged entity of UBI, PNB, OBC to become operational from 1 April next year". Mint. 14 September 2019. Retrieved 14 September 2019.
  22. ^ "Punjab National Bank launches WhatsApp banking for customers and non-customers". ZEE Business. 3 October 2022.
  23. ^ "Punjab National Bank". BSEindia.com. Retrieved 18 February 2014.
  24. ^ "Punjab National Bank". NSE India. Retrieved 18 February 2014.
  25. ^ "Download List of CNX Nifty stocks (.csv)". NSE India. Retrieved 18 February 2014.
  26. ^ "Financials Current | Financial Disclosure – Punjab National Bank". www.pnbindia.in. Retrieved 9 March 2020.
  27. ^ a b "Joint Ventures". pnbindia.in. Retrieved 9 March 2020.
  28. ^ "Business Responsibility Report". Punjab National Bank.
  29. ^ "Annual Report 2018-19". Punjab National Bank.
  30. ^ a b c d https://www.pnbindia.in/downloadprocess.aspx?fid=l5Z/IbcQfNdfIM8pGRDzQw==[bare URL PDF]

Further reading