PNB receives Best Bank Award 2011

INVC,,

Mumbai,,

Punjab National Bank has been conferred with the Best Bank Award 2011 amongst all the Banks in India by Business India, a leading Corporate Magazine. Shri K R Kamath CMD of PNB received the prize at the hands of Dr. C.Rangarajan, Chairman Prime Minister’s Economic Advisory Council, in a function at Mumbai on 29.09.2011.

Speaking on the occasion, Dr. Rangarajan said that:

The best way to promote excellence is to honour persons and Institutions who are excellent.  He observed that PNB has a Dynamic Chairman in Sh. Kamath.  The year 2011 was a difficult year and getting Best Bank Award for the year is a remarkable achievement.  He observed that there are four areas requiring attention.

1. Public Sector Banks to retain market share, Govt. has to induct capital continuously.

1. For the Banking system to be competitive there should be no bar in entry of new Banks.

1. Financial inclusion is imperative, for this the organized financial system is to help unbanked areas and unbanked people.

1. Continuous efforts are required to keep NPA low.

He further observed that there is a need for a vibrant debt market.

Speaking on the occasion, Shri M.D.Mallya, Chairman, Bank of Baroda and also the Chairman of the Jury, observed that while selecting the Best Bank the Jury went beyond the numbers also. He said that Sh. Kamath has the qualities of a leader to lead a large Bank like PNB in the long term, and has built the team.

Sh. Ashok Advani, Publisher, Business India Publications said that PNB has been a consistent performer and it has got the success against odds during a difficult year.  He desired that more Indian Banks like PNB should find place in the list of World’s Biggest Banks.  He also wanted PNB which is a Great Indian Bank to become a Great International Bank.

Receiving the award, Sh. K R Kamath, CMD, PNB said that;

• PNB has a rich legacy and a large franchise of loyal customers.
• Technology is an important strength of PNB. The Bank transacts 5 million transactions per day and has developed 22 risk rating models in house.
• Recently there has been an initiative to involve all the staff members to open 22 lac Saving Bank Accounts.
• Bank will be recruiting 10000 employees this year.

He concluded saying “The Best in us is yet to come”.

The function was also attended by Shri Rakesh Sethi and Smt. Usha Ananthasubramanian, EDs, PNB. The other dignitaries present on the occasion were Shri M V Nair, CMD, Union Bank of India, Shri M V Tanksale, CMD, Central Bank of India.