The full form of PSB is Punjab & Sind Bank. The PSB bank, which has its main office in New Delhi, is owned by the government. In total, the bank has 1559 branches throughout India, 623 of which are located in Punjab.
History of PSB
Below mentioned is the history of Punjab & Sind Bank:
- PSB was founded on June 24 by Sardar Tarlochan Singh, Bhai Vir Singh, and Sir Sunder Singh Majithia.
- On April 15, 1980, the Indian government nationalized six banks, including PSB, as part of the second round of nationalizations. PSB opened a branch in London in the 1960s. Following Punjab & Sind involvement in the Sethia scandal in 1987, the RBI ordered the Bank of Baroda to buy the PSB London branch in 1991.
- Since 2004, Punjab & Sind has experienced annual growth of more than 40%, and the interest in its most recent initial public offering (PO) has increased by more than 50 times. The bank’s recent revenue exceeded Rs. 1.60 lac crore.
- Punjab & Sind Bank provided funding for Sutlej Gramin Bank, a regional rural bank.
How to Open Punjab & Sind Bank?
Check out the steps given below in order to open Punjab & Sind bank account:
- You can download the form from the bank website.
- On the bank’s homepage click on the “Apply Retail Loan” tab.
- Then, you can fill in the details and then sign for the Know Your Customer (KYC) documents at the nearest branch.
- Once the process is completed, you will get verification of details & you will receive the starter kit and can start using your account.
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