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Punjab National Bank holds 20th AGM through Video conference

Punjab National Bank, the nation’s leading public sector bank, held the 20th Annual General Meeting (AGM) of the Bank’s shareholders. Amidst the prevailing Covid-19 situation, the Bank conducted its AGM through video conference, without the physical presence of shareholders at a common venue, in accordance with guidelines issued by SEBI and MCA.

Shri. CH. S. S. Mallikarjuna Rao, MD & CEO of PNB, while addressing the Shareholders at the 20th AGM of the Bank , highlighted bank’s performance and various initiatives undertaken during FY 2020-21. He said, “Inspite of the challenges due to COVID 19 pandemic, Bank was able to successfully amalgamate Oriental Bank of Commerce and United Bank of India into Punjab National Bank.”

“Despite the unprecedented situation, Bank continued on the growth trajectory with a strengthened organization structure, strong balance sheet, sustained profitability and stable capital position. Bank achieved Business, Human Resource and Information Technology (IT) integration of the three Banks in record time. The synergies from amalgamation are being realized with an augmented capacity, capability and reach, with a wider geographical presence and a vast customer base. In addition, the revamped organizational structure has created a foundation for business growth with focused attention towards various business segments. The verticalized customer centric and digital credit delivery model has improved credit underwriting, efficiency and turnaround time (TAT). Overall, our endeavour has been to create value for all our stakeholders.” added Shri. CH. S. S. Mallikarjuna Rao.

Shri. Sanjay Kumar, Shri. Vijay Dube & Shri. Swarup Kumar Saha, Executive Directors; Dr. Asha Bhandarker & Shri. Gautam Guha, Shareholder Directors on Bank’s Board; Representative of the Government of India and Statutory Auditors of Bank were also present in the meeting.