PNB to close or relocate up to 300 branches

New Delhi-based public sector lender Punjab National Bank is planning to rationalise its branch network by shutting down or relocating up to 300 loss-making branches over the next 12 months.

Sunil Mehta, managing director and chief executive, said turning loss-making branches into profit-making units by tweaking the business strategy was priority.

The bank has formed a group of senior officials to do a detailed study and flesh out strategies for branch network rationalisation. 

The bank will reckon on business prospects, the surrounding competitive landscape, and the availability of the bank’s business correspondent (BC) network before deciding on the matter.

The bank had