PNB issued notice to 300 bank branches, said - fix the situation or face action

Punjab National Bank (PNB) has issued notices to its 300 branches. These branches have been told that they either improve their position or be prepared for the merger.

New Delhi: The Punjab National Bank (PNB) has issued notices to its 300 branches. These branches have been told that they either improve their position or be prepared for the merger. PNB Managing Director Sunil Mehta said, "The process of rationalizing the branches is underway. We have notified all the loss-making branches that they should improve their position in a year. If this does not happen, we will consider closinMehta said that the bank has succeeded in converting PNB International into a profitable center. "We had the option of disinvestment, but at the moment it is being revitalized. First, we will stabilize it, then we will consider disinvestment. It will give us the right value. "Let me tell you that the idea was that the bank's intention was to sell its stake in the UK subsidiary.g these branches or merging them. Look at our 300 branches. "

However, Mehta clarified that all these branches are not deficit. Some of them are making marginal profits. He said, "We are working on these plans. If these branches improve their position then it would be right for them otherwise they would be closed or merged. "

The country's second-largest public sector bank has 7,000 branches across the country. Proposals were made to rationalize the branches in the 'PSB Manthan' organized by the Finance Ministry last month. As far as overseas branches are concerned, Mehta said that the bank has decided to close its representative offices in Australia and China.

At present PNB has branches in nine countries. There are two branches in Hong Kong in Hong Kong and one in one in Dubai. Apart from this, the bank has two subsidiary units in London and Bhutan. A joint venture in Kazakhstan, there is a joint venture in Nepal, four representative offices in Sydney, Shanghai, Dhaka and Dubai-UAE.