PSB Full Form- Punjab & Sind Bank
Updated on 27 February, 2024
upGrad Abroad Team
upGrad abroad Editorial Team
)What is PSB? The full form of PSB is Punjab & Sind Bank.
With its main office located in New Delhi, Punjab & Sind Bank is a public sector bank in India.
The bank has 1553 widely dispersed branches as of April 18, 2023, with 635 of those branches being in the state of Punjab. Additionally, the bank has 25 zonal offices distributed throughout India.
The bank opened for business on June 24, 1908, in Amritsar. In the second wave of nationalisation, Punjab & Sind Bank was one of six banks nationalised by the Indian government on April 15, 1980.
The bank has grown by more than 40% annually since 2004. Its first public offering (IPO) was more than 50 times oversubscribed.
Key Aspects and Functions of PSB
- In India, Punjab & Sind Bank offers a range of banking and financial services and products. Treasury Operations, Retail Banking, Corporate/Wholesale Banking, and Other Banking Operations are the four business sectors that make up the organization.
- Savings accounts, current accounts, recurring deposit accounts, fixed deposits, and other deposit products are available. Loans including home, auto, business, skill education, personal, mortgage, doctor, gold, vyapar, and other loans are also offered, along with SB OD schemes and senior citizen sukhmoney schemes.
- Along with debt restructuring services, the company offers non-fund based items such as bank guarantees, credit report services and products, solvency certificates, co-acceptance facilities, letter of credit, and LC advising/confirming.
- It also provides life and general insurance, government schemes, locker facilities, and digital banking services that include Aadhaar seeding, point of sale, unified payment interface, online payment, RTGS/NEFT, ATM/debit cards, online payment, and international banking services that include resident facilities, forex treasury, export/import services, NRI schemes, and products for micro and small businesses.