In the next two years, Punjab & Sind Bank intends to expand its ABM network to 1,600

16 Aug 2023 , 11:44 AM

To expand its touch points and brand visibility, the state-owned Punjab & Sind Bank intends to treble its ABM network to approximately 1,600 in the upcoming two years. Punjab & Sind Bank managing director Swarup Kumar Saha said the bank also plans to open 50 more branches during the current fiscal year, bringing the overall network above 1,600.

According to him, the opening of additional branches would increase the number of low-cost deposits and aid in the spread of loan products.

‘We are working to increase operational effectiveness so that I may lower my costs and boost my fee income. We are shifting to very specific areas, he continued, like expanding the ABM network and enhancing the digital banking experience.

He said that since outside customers pay around Rs 17 each transaction to use an ABM machine, the ABM network itself might be profitable.

According to him, the bank is currently updating its core banking system (CBS), which will greatly improve the digital experience and increase efficiency.

According to Saha, the expectation for the current fiscal year is Rs 1,500 crore, and it will take all available resources to reach the goal.

He stated that the bank intended to pre-load recovery and educate all borrowers on the benefits of debt servicing.

He continued, ‘The bank is also closely monitoring slippages, and it should not exceed Rs 900 crore during the year.’

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