Punjab and Sind Bank is a leading Public Sector bank and a major bank in Northern India. The Bank's business is taking deposits, and making advances and investments and is principally divided into retail banking, corporate banking, priority sector banking, treasury operations and other banking services such as agency functions for insurance, distribution of mutual funds and pension and tax collection services. They have various deposit products, such as current, savings and term deposits for our customers. In retail banking, the bank provides loans and advances for housing, trade, automobiles, consumer durables, education and personal loans. We provide commercial banking products and services to corporate customers, including mid-sized and small businesses and government entities. In corporate banking, the Bank's loan products include term loans to finance capital expenditure of assets across various industries as well as short-term loans, cash and export credit and other working capital financing and bill discounting facilities. They also provide credit substitutes, such as letters of credit and guarantee. They also engage in syndication of loans provided by other financial institutions and other fee-based services such as cash management and remittance services. In the priority sector, the Bank offers direct financing to farmers for production, as well as indirect financing for infrastructure development and credit to suppliers of agricultural inputs. They also offer a wide range of general banking services to our customers including ATM cards, cash management, remittance services and collection services. The Bank also distributes third-party products such as life and non-life insurance policies through corporate agency agreements with Aviva Life Insurance Company India Pvt Ltd and Bajaj Allianz, respectively, and mutual funds with UTI AMC through a distribution agreement. They also act as an agent for various state governments and the GoI on numerous matters including the collection of taxes and payment of salary and pension. The Bank delivers their products and service through a wide variety of channels ranging from bank branches and ATMs. They have branch presence across India, with a presence predominantly in north India. As of July 31, 2010, the Bank has over 920 branches / extension counters and 63 ATMs spread across the country. Out of these 920 branches, they have 49 specialised branches including specialised agriculture branches, personal banking branches and MSME branches and one locker branch to cater to their customers from varied sectors including our priority sector customers. Punjab and Sind Bank was incorporated on June 24, 1908 with the name 'The Punjab and Sind Bank Ltd' in Amritsar, Punjab. The Bank was established by Bhai Vir Singh, Sir Sunder Singh Majitha and Sardar Tarlochan Singh. The Bank was founded on the principle of social commitment to help the weaker section of the society in their economic endeavors to raise their standard of life. In April 1980, the Bank is one of the six banks nationalized by the GoI. Thus, the Bank became GoI undertaking and the name was changed to Punjab & Sind Bank. In March 22, 1986, the Bank established Sutlej Gramin Bank as a regional rural bank in the state of Punjab, under the name Faridkot - Bathinda Kshetriya Gramin Bank. In July 2004, the Bank in collaboration with ICICI Bank Ltd launched the 'Punjab & Sind Bank-ICICI Bank Credit Card'. The Bank made special tie-up arrangements for Non Life insurance business with Bajaj Allianz General Insurance Company and Life Insurance business arrangements with Aviva Life Insurance Company India Pvt Ltd for providing their valued customers all the insurance related services under one roof. In the annual Business Today-KPMG survey of Best Banks in India 2008, the Bank was ranked number one in the list of 'Small Sized Best Banks in India'. In June 24, 2010, the first CBS branch was rolled-out. In February 24, 2010, the Bank signed a 10-year contract with IT major Wipro Ltd for comprehensive IT outsourcing services for the Bank. In December 2010, Punjab and Sind Bank came out with the public issue of 4,00,00,000 equity shares aggregating to Rs 470.82 crore. The fund proceeds would be utilised for business expansion. At the same time, the bank plans to increase their branch network from 920 to 1,000 by the end of March 2011.