Punjab & Sind Bank aims to expand ATM network to 1,600 in next two years

Punjab & Sind Bank, a government-owned institution, is strategizing to double its ATM network to approximately 1,600 within the next two years. This initiative seeks to enhance its touch points and amplify brand visibility.

In addition to this expansion plan, the bank also has intentions to establish 50 new branches during the current fiscal year, which would elevate the total network beyond 1,600. Swarup Kumar Saha, the Managing Director of Punjab & Sind Bank, shared these growth prospects with PTI.

Increasing penetration 

The addition of new branches aligns with the bank's strategy to acquire low-cost deposits and facilitate greater penetration of loan products. Saha emphasised the bank's focus on operational efficiency to reduce costs and increase fee income. This strategy includes efforts to expand the ATM network and enhance the digital banking experience.

Saha highlighted the profit potential of the ATM network itself, as customers from outside the bank pay around Rs 17 per transaction for ATM usage.

Punjab & Sind Bank is in the process of upgrading its core banking solution (CBS), which is expected to enhance the digital journey and operational efficiency.

Addressing recovery, Saha stated that the bank aims for a recovery of Rs 1,500 crore in the current financial year and is committed to achieving this target. The bank is also proactively working to encourage borrowers to understand the benefits of debt servicing.

Saha mentioned the bank's vigilance in monitoring slippages, which should not exceed Rs 900 crore for the year.

(With PTI inputs)