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PSB Full Form - Punjab & Sind Bank

 Punjab & Sind Bank

Punjab & Sind Bank

  • The full form of PSB is Punjab & Sind Bank. PSB may be a bank owned by the govt and its headquarter is situated in New Delhi.
  • Overall, the bank has 1559 branches that are widely distributed across India, where its 623 are within the state of Punjab.

History of PSB

  • PSB was founded by Sir Sunder Singh Majitha, Bhai Vir Singh & Sardar Tarlochan Singh on 24 June 1908.
  • PSB was one among the six banks nationalized by the Indian government on 15 April 1980 within the second wave of nationalizations.
  • PSB formed a branch in London within the 1960s. In 1991, at the behest of the RBI, Bank of Baroda purchased the PSB London branch after the involvement of Punjab & Sind within the Sethia fraud in 1987.
  • Punjab & Sind clearly shows the growth of more than 40% per annum since 2004, and its latest IPO has been oversubscribed more than 50 times. The bank recently reached a mark within the business of Rs 1.60 lac crore.
  • A Regional Rural Bank funded by Punjab & Sind Bank was Sutlej Gramin Bank.

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