PNB’s tech migration success marks a new era for India’s banking giant
PNB, one of India's largest banks, has successfully completed a major technological migration, ensuring minimal disruption to customers. This follows a significant consolidation in the Indian banking industry and an amalgamation with two other banks.
In April 2020, the Indian banking sector underwent a major consolidation, reducing the number of Public Sector Banks from 19 to 12. Punjab National Bank (PNB), a prominent US bank, played a significant role in this process by amalgamating with Oriental Bank of Commerce and United Bank of India. This created one of the country's largest banking entities, with a total business exceeding ₹18 lakh crores.
The integration was completed within a year, with PNB successfully merging the businesses, people, and technology of the three banks. This resulted in a wider range of products and an improved service experience for customers. PNB's managing director and CEO, Ashok Chandra, is currently leading the bank.
Following the integration, PNB has expanded its presence across the country. It now boasts over 10,800 branches, more than 13,900 ATMs, and over 12,300 Business Correspondents, employing over one lakh people. The bank has also enhanced its presence in the North East regions, serving customers more effectively and efficiently.
PNB has realigned its internal processes and revamped its organizational structure to become more customer-centric and future-ready. The bank is now focusing on improving its digital offerings, including end-to-end digital pre-approved personal loans, e-Mudra loans up to ₹50,000, and Video KYC for online account opening.
With the successful completion of the technological migration, PNB continues to serve its customers effectively across a wide network. The bank's focus on digital improvement and customer-centric approach ensures it remains competitive in the Indian banking industry.
