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What is the full form of PNB

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PNB: Punjab National Bank

PNB stands for Punjab National Bank. It is one of the reputed public sector banks in India which commenced its operations on 12 April 1895 in Lahore. It was the first bank which was totally managed by the Indians with Indian capital during the British period. As of September 2017, it has around 7000 domestic branches and 9753 ATMs. It is headquartered in New Delhi, India. As of January 2018, Shri Sunil Mehta is the MD and CEO of PNB. It provides a wide range of banking products and services in different categories like Personal, Corporate, International and Capital services.

Brief History

• PNB was registered on 19 May 1984 under the Indian Companies Act in Lahore.
• It was founded by the leaders of the Swadeshi movement like Lala Lajpat Rai, Dyal Singh Majithia, Lala Harkishan Lal, Shri Kali Prosanna Roy, Shri E.C. Jessawala, Shri Prabhu Dayal. Lala Lajpat Rai was actively involved in the managing the bank in its early years.
• It commenced operations on 12 April 1895 in Lahore and opened branches in Karachi and Peshawar in 1904.
• In 1939, PNB acquired Bhagwan Dass Bank Limited and in 1961, it acquired Universal Bank of India.
• In 1963, the Government of Burma nationalized PNB?s Ragoon branch.
• In 1965, after the Indo-Pak war the Govt. of Pakistan seized offices of Indian banks located in Pakistan including the head office of PNB.
• In 1969, the Government of India nationalized PNB on 19th July.
• 1n 1978, PNB opened a branch in London.
• 1n 1988, PNB acquired Hindustan Commercial Bank limited.
• 1n 1993, it acquired New Bank of India which was nationalized by Govt. of India in 1980.
• In 1998, PNB opened a representative office at Almaty in Kazakhstan.
• In 2003, PNB acquired Nedungadi Bank Ltd. located at Kozhikode. All the branches of this bank are now working as PNB branches.
• In 2006, PNB opened a branch in Uttarakhand and tied up with Indian Airlines for online booking of air tickets.
• In 2008, PNB went into an agreement with Networth Stock Broking Ltd (NSBL) for an Internet trading alliance.
• In 2011, it acquired 33% stake in Metlife.

Awards

PNB has won various awards each year since its inception, some of which include:

In 2016:

• Best MSME Bank award by CIMSME-Banking Excellence Awards 2016.
• Received “Vigilance Excellence Award 2016-17” from Institute of Public Enterprises (IPE) Hyderabad
• Won National Payments Excellence Awards 2016 for Aadhaar Enabled Payment Systems (AEPS).

In 2015:

• Best Bank Award for Pradhan Mantri Jan Dhan Yojna (PMJDY) by CIMSME-Banking Excellence Awards 2015
• The Banking Frontiers- “Inspiring Work Place Awards 2015” under the category Best HR and Talent Management Practices
• Awarded the Agriculture Leadership Award 2015 by Agriculture Today Group
• Awarded the FICCI Awards 2014 by FICCI

In 2014:

• PNB won the FIPS award for access to Banking and Financial Services using Kiosk Banking Solution Technology.
• PNB was awarded the Golden Peacock Business Excellence Award 2014 by Institute of Directors.
• PNB was awarded the “Vigilance Excellence Award” by Institute of Public Enterprises.

In 2013:

• PNB was awarded the Best Banker’s Award under the Category Agriculture Credit and Inclusion by The Sunday Standard.
• It was awarded the Skoch Digital Inclusion Awards for Financial Inclusion Report by the Skoch.
• PNB was awarded the “Banking Technology Excellence Awards” for Customer Management and Business Excellence Initiatives by IDBRT, Hyderabad