The full form of PSB is Punjab & Sind Bank. The government owns PSB, a bank with its headquarters in New Delhi. The bank has 1559 branches spread everywhere throughout India, 623 of which are in Punjab.
A Synopsis of PSB’s past
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- On June 24, 1908, Sardar Tarlochan Singh, Bhai Vir Singh, and Sir Sunder Singh Majitha established PSB.
- In the second round of nationalisations, the Indian government nationalised six banks on April 15, 1980, including PSB.
- In the 1960s, PSB established a branch in London. Following Punjab & Sind’s participation in the Sethia scandal in 1987, the Bank of Baroda purchased the PSB London branch in 1991 at the direction of the RBI.
- Since 2004, Punjab & Sind has consistently grown by more than 40%, and its most recent initial public offering (IPO) has received more than 50 times the amount of interest. Recently, the bank’s revenue surpassed Rs. 1.60 lac crore.
- Sutlej Gramin Bank was a Regional Rural Bank financed by Punjab & Sind Bank.