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PUNJAB NATIONAL BANK
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INTRODUCTION OF PUNJAB NATIONAL BANK
Punjab National Bank (PNB) (BSE: 532461), is a state-owned financial services company located in New Delhi, India. It was registered on May 19, 1894 under the Indian Companies Act with its office in Anarkali Bazaar Lahore. Today, the Bank is the second largest government-owned commercial bank in India with about 5000 branches across 764 cities. It serves over 37 million customers. The bank has been ranked 248th biggest bank in the world by the Bankers Almanac, London. The bank's total assets for financial year 2007 were about US$60 billion. PNB has a banking subsidiary in the UK, as well as branches in Hong Kong, Dubai and Kabul, and representative offices in Almaty, Dubai, Oslo, and Shanghai.
Punjab National Bank is one of the Big Four Banks of India, along with ICICI Bank, State Bank of India and Canara Bank .
MEANING AND DEFINITION OF BANK:
MEANING OF BANK:
A bank is a financial intermediary that accepts deposits and channels those deposits into lending activities, either directly or through capital markets. A bank connects customers with capital deficits to customers with capital surpluses.
Banking is generally a highly regulated industry, and government restrictions on financial activities by banks have varied over time and location. The current set of global bank capital standards are called Basel II. In some countries such as Germany, banks have historically owned major stakes in industrial corporations while in other countries such as the United States banks are prohibited from owning non-financial companies. In Japan, banks are usually the nexus of a cross-share holding entity known as the keiretsu. In Iceland banks had very light regulation prior to the 2008 collapse.
The oldest bank still in existence is Monte dei Paschi di Siena, headquartered in Siena, Italy, which has been operating continuously since 1472.
Banking can be defined as -
An institution which accepts deposits, makes business loans, and offers related services. Commercial banks also allow for a variety of deposit accounts, such as checking, savings, and time deposit. These institutions are run to make a profit and owned by a group of individuals, yet some may be members of the Federal Reserve System. While commercial banks offer services to individuals, they are primarily concerned with receiving deposits and lending to businesses.
HISTORY OF PUNJAB NATIONAL BANK
Punjab National Bank was established in the year 1895 found by Punjab Kesari Shri Lala Lajpat Rai at Lahore (now in Pakistan) as a joint stock company. After the partition in 1947, the bank grew steadily with its presence at the important centers and metropolitan cities of the country and emerged as one of the big five Indian banks during pre-nationalized period.
The bank was nationalized in 1969 along with 13 other banks. Subsequently, in 1993 it took over the New Bank of India, another bank that was nationalized in 1980. In 2003 the Nedungadi Bank Ltd., a south based private sector bank also
merged the bank. Thus the bank, which previously had its main business area around the Indo-Gangetic belt and major metros, could ensure its remarkable presence in the entire country.
Presently, it is the second largest bank of the country rendering a wide variety of banking services (corporate/personal/industrial finance/agriculture finance/financing of trade and commerce/international banking). It has a broad clientele base like Multi National Corporation, Indian Conglomerates,medium/small industrial units and NRI’s. As a bank with global standard, it was ranked 416th among the biggest bank in the world by the banker’s Almanac in 2002.The bank is member of the SWITY (society for Worldwide International Financial Telecommunication) and has strong correspondent relationship with the leading international banks. Continued financial sector reforms led to greater alignment of financial sector to the competition business environment.