Punjab National Bank held its 20th Annual General Meeting (AGM) through video conferencing recently in accordance with guidelines issued by SEBI and MCA.
CH SS Mallikarjuna Rao, MD & CEO at PNB, while addressing the shareholders at the AGM, highlighted the bank’s performance and various initiatives undertaken during FY 2020-21. “In spite of the challenges due to COVID-19 pandemic, the bank was able to successfully amalgamate Oriental Bank of Commerce and United Bank of India into Punjab National Bank,” Rao said.
“Despite the unprecedented situation, the bank continued on the growth trajectory with a strengthened organization structure, strong balance sheet, sustained profitability and stable capital position. Punjab National 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,” Rao added.
“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,” the PNB MD & CEO added.