Finance and Corporate Affairs Minister Nirmala Sitharaman inaugurated the new corporate office of Punjab & Sind Bank, at NBCC Complex, New Delhi, in the presence of Dr. Bhagwat Karad, Minister of State (Finance) and Dr MP Tangirala, Additional Secretary, DFS, on Saturday.
The FM appreciated the bank for upgrading its digital platform and for achieving the priority sector as well as financial inclusion targets. The objective of recapitalization of public sector banks (PSBs) is now bearing fruit as all the PSBs today are much stronger, healthier, self-reliant, and well-capitalized. The collective net profit of PSBs for FY 2022-23 has crossed Rs1 lakh Crore and this has been made possible due to the 4R strategies of GoI for strengthening PSBs viz Recognition, Resolution, Recapitalization, and Reforms, she added.
The FM said the banks should follow best corporate governance practices, adhere to regulatory norms, ensure prudent liquidity management, and continue to focus on having robust asset-liability and risk management. Banks should endeavor to adopt a proactive approach in reaching out to people in order to achieve optimum utilization of financial inclusion schemes. She added that there should be a focus on credit outreach in states where the credit offtake is lower than the national average, particularly in the northeast and eastern parts of the country. Banks must aim to increase brick-and-mortar banking presence in border areas, particularly in those covered in the Vibrant Village Programme. The FM also advised the banks to promote the Mahila Samman Bachat Patra through special drives and campaigns. They must ensure that the entire PSL target is met and not transferred to RIDF.
On this occasion and to take the dream of the Prime Minister forward, Sitharaman virtually inaugurated the 29th branch of the bank in the north-east region which is located in the border district of Karimganj in Assam. On the occasion, Sitharaman also inaugurated an e-coffee table book depicting the historic journey of Punjab & Sind Bank since its foundation in 1908.
Dr. Bhagwat Karad also appreciated the bank for its various initiatives to transfer the bank to a future-ready techno-savvy bank and how the bank over the years has transformed itself gradually with the latest products and services. He also expressed satisfaction with the role played by public sector banks in making the Indian financial system reliant and robust.
Dr. MP Tangirala, Additional Secretary, DFS also highlighted how Punjab & Sind Bank is contributing to the overall development of the Indian economy through its network of branches, ATMs, and Business Correspondents.