Punjab National Bank (PNB) is a state-owned commercial bank located in New Delhi. PNB is one of the leading commercial banks in India. They offer banking products and also operate credit card and debit card business bullion business life and non-life insurance business and gold coins and asset management business. They are recognized as the bank offering highest levels of customer satisfaction in Delhi and Chennai. As on 31 December 2017 PNB's domestic branch network stood at 6957 along with 9598 ATMs. The bank has three overseas branches in Hong Kong Dubai and Offshore Banking Unit in Mumbai and Representative Offices (RO) at Dubai (UAE) Shanghai (China) Sydney (Australia) and Dhaka (Bangladesh). The bank has two overseas subsidiaries viz. PNB International Ltd. (UK) and Druk PNB Bank Ltd (Bhutan). The bank also has one associate company viz. JSC Tengri Bank (Kazakhstan) and one Joint Venture Bank in Nepal i.e. Everest Bank Ltd. The bank has got permission from RBI for opening Representative office in Yangon (Mynamar). Punjab National Bank was incorporated in the year 1895 at Lahore undivided India. The Bank has the distinction of being the first Indian bank to have been started solely with Indian capital. In the year 1940 the Bank absorbed Bhagwan Dass Bank a scheduled bank located in Delhi circle. In the year 1951 they acquired the 39 branches of Bharat Bank and in the year 1961 they acquired Universal Bank of India.Punjab National Bank was nationalised in July 1969 along with 13 other banks. In the year 1986 they acquired Hindustan Commercial which added Hindustan's 142 branches to the Bank's network. In the year 1993 they acquired New Bank of India which the GOI. During the year 1996 they developed a packaged for corporate customers for fast remittance of funds from different up-country branches. In the year they set up a representative office in Almaty Kazakhstan.In the year 2000 the Bank has introduced a scheme for providing finance against mortgage of immovable property. In September 2000 they commenced their gold business in the form of Gold Import Scheme. In November 2000 they launched an International Co-branded Credit Card of Punjab National Bank and Hongkong & Shanghai Banking Corporation (HSBC) in New Delhi. In March 2002 the Bank came out with their first Initial public offer (IPO) for 53060700 equity shares of Rs 10 each which resulted in the reduction of the government's shareholding in the Bank. During the year 2002 they started their branch in M.G. Road Bangalore named as Mid-Corporate Branch (MCD) to provide their corporate clients with a credit limit of Rs 3.5 crore and above. They made joint venture with Infosys for the implementation of a Centralized Banking Solution for them. Also they made a tie up with Cisco Systems for networking 3870 branches as part of their Rs 150 crore plan.In the year 2003 the Bank took over Kozhikode-based Nedungadi Bank Ltd (NBL). The Bank entered into an alliance with New India Assurance for selling their general insurance products. Also they opened a representative office in London. During the year PNB Capital Service Ltd was amalgamated with the Bank.In June 2003 the Bank entered into an MoU with Principal Financial Services Inc (USA) and Vijaya Bank for joint venture partnership in Life Insurance Pensions and Asset Management (MF) business. Also they formed a strategic alliance with Infrastructure Leasing and Financial Services Ltd (IL&FS) for setting up a private equity fund for investing in domestic companies.In the year 2004 the Bank acquired the assets of Hindustan Transmission Product Ltd. They signed a corporate agency agreement with Export Credit Guarantee Corporation of India Ltd (ECGC) for marketing ECGC's export credit insurance products through the network of the bank's branches. Also an MoU was signed with Intel for the deployment of various IT-related solutions. During the year the Bank signed an MoU with ICICI Bank for ATM network sharing. They awarded a project to Tata Consultancy Services (TCS) for implementing human capital management and payroll solution. They established a branch office in Kabul Afghanistan. Also they opened a representative office in Shanghai. The bank established an alliance with Everest Bank in Nepal that permits migrants to transfer funds easily between India and Everest Bank's 12 branches in Nepal. In the year 2005 the Bank unveiled ATM at Edappal. Also they opened a representative office in Dubai. In the year 2006 the Bank made a tie up with MasterCard International to launch a signature-based debit card. Also they made a tie up with Indian Airlines for online booking of air tickets. They opened a new branch in Uttarakhand. In October 2007 the Bank entered into MoU with India Infrastructure Finance Company with an aim to extend their cooperation and support to IIFC in areas of creating a deal flow of infrastructure projects. In January 2008 the Bank commenced commercial banking operations in Hong Kong. During the year 2008-09 the Bank opened 168 branches out of which 90 are new branches and 78 branches was added through upgradation of Extension Counters. They made collaboration with LIC for selling insurance policies and also made a tie up with Oriental Insurance for selling non-life policies on a referral basis. In June 2008 they entered into an MoU with ILFS Cluster Development Initiative Ltd for providing finance for various industrial infrastructure projects in the country. In September 2008 they signed an MoU with SMC Global Securities Ltd and Networth Stock Broking Ltd for providing online trading facility to Company's customers. They offered a unique '3 in 1 account' comprising of Saving Demat and Trading account. In February 2009 they commercially launched their credit cards with 2 types of consumer credit cards namely Gold and Classic. Also they entered into an agreement with Oriental Insurance Company to market insurance products a practice also known as bancassurance. In March 2009 the Bank entered into an understanding with Tata Motors for financing entire range of passenger cars. Also they executed an agreement with The Life Insurance Corporation of India for bancassurance life insurance under the provisions of IRDA's Referral Arrangement. During the year 2009-10 the Bank opened 524 domestic branches out of which 347 are at new locations while 177 branches was added through upgradation of existing Extension Counters. They deployed 1400 ATMs taking the the total count of ATMs to more than 3500 Nos. They opened two overseas branches 1 in Hong Kong and another at DIFC Dubai and started a JV banking subsidiary 'DRUK PNB Bank Ltd' in Bhutan. Also they opened a representative office in Oslo Norway.During the year the Bank sold 6.5% of their stake in UTI Assets Management Co Ltd and UTI Trustee Pvt Ltd thus bringing down their stake in both these companies to 18.5%. They launched Corporate Credit Card with Individual liability. Also they launched Merchant Acquiring Business through installation of Point of Sale (PoS) Terminals at Merchant Establishments and Internet Payment Gateway by integrating through Merchant Website with Brand Name PNB Biz.In May 2009 the Bank incorporated a subsidiary company namely PNB Investment Services Ltd. In November 2009 they entered into an agreement with FIM Bank (Malta) Banca IFIS Italy and Blend Financial Services Ltd Mumbai for setting up a joint venture company for providing factoring forfeiting and trade finance related business.During the year 2010-11 the Bank introduced new set of products and services such as PNB Uphaar PNB Suvidha and World Travel Card. In December 13 2010 they acquired 63.64% stake in JSC Dana Bank of Kazakhstan. In January 12 2011 the Bank's joint venture India factoring and Finance Solutions Pvt Ltd started its commercial operations from Delhi Mumbai & Chennai.The total number of branches at the end of March 2011 rose to 5189. The branch network comprises 2047 Rural 1154 Semi Urban 1111 Urban and 877 Metropolitan branches. During the review period 210 domestic branches were opened. With 5189 branches including 28 Extension Counters the Bank has the largest network amongst the nationalized banks. As part of customer segmentation Bank has opened specialized Branches that include 6 Micro Finance branches 59 SME branches 11 International Banking Branches 17 Asset Recovery Management Branches 13 Mid Corporate Branches 11 Large Corporate Branches 73 Retail Asset Branches 11 Agriculture Finance Branches 3 high-tech agriculture branches 1 Capital Market Services Branch and 1 International Service Branch. Besides 41 Back Offices 2 Special Foreign Exchange Offices 17 Special MICR Centres 41 Service (Regional Clearing Centre) centres 4 Financial Inclusion Service Centres 3 Centralised Draft Payable Centres 1 Central Clearing Service Centre and 1 Depository Back Office are established to reduce delivery time and improve response time.On 5 March 2010 PNB announced that the bank has received permission from RBI for setting up a representative office in Sydney Australia.On 13 December 2010 PNB announced that the bank has completed the transaction for acquisition of 63.64% stake in JSC Dana Bank Kazakhstan. PNB has acquired 35 million shares of 1000 Tenge each at par for 3.5 Bn Tenge (USD 23.765 million approx.) which has raised the capital of JSC Dana Bank to the level of 5.5 Bn Tenge from the existing 2 Bn. Tenge. On 12 January 2011 PNB announced that it has bought Principal Financial Group of Mauritius (PFG) and U K Paints stake of 26% and 32% respectively in Principal PNB Life Insurance Company Ltd. After the transaction the bank's stake in Principal PNB Life Insurance Company Ltd stands at 88%. PNB also said at that time that it will continue to support Principal PNB Asset Management Company Pvt Ltd for a period of three years. On 15 February 2011 PNB announced that the bank has entered into an arrangement with Weizmann Forex Ltd. Mumbai (Principal Agent) for handling inward remittances under MTSS (Money Transfer Service Scheme) through Western Union. The bank also entered into an arrangement with BFC Forex & Financial Services Ltd. Thane (Maharashtra) for handling inward remittances under MTSS (Money Transfer Service Scheme) through the web based product EzRemit.On 28 April 2011 PNB announced the issue and allotment of 15.09 lakh equity share at issue price of Rs 1218.82 per equity share to Government of India on preferential basis aggregating Rs 184 crore.On 28 March 2012 PNB announced that upon receipt of allotment money of Rs 1589.90 crore from Life Insurance Corporation of India (LIC) the bank has allotted 1.58 crore equity shares at issue price of Rs 1003.69 per share to LIC on preferential basis. On 2 April 2012 PNB announced that upon receipt of allotment money of Rs 654.99 crore from Government of India the bank has allotted 65.25 lakh equity shares at issue price of Rs 1003.69 per share to Government of India on preferential basis.On 16 January 2013 PNB announced that the bank has acquired 30% stake in Metlife India Insurance Co. Ltd.On 6 March 2013 PNB announced that upon receipt of allotment money of Rs 1247.99 crore from Government of India on 4 March 2013 the bank has allotted 1.42 crore equity shares at issue price of Rs 873.05 per share on preferential basis to Government of India.On 28 October 2013 PNB announced that the Chairman & Managing Director of the bank as per authority delegated by the Board has approved issuance of equity shares of face value of Rs 10 each for an amount upto Rs. 500 crore at such price as may be decided as per SEBI (ICDR) Regulations 2009 on preferential basis in favour of Government of India subject to necessary approvals. On 4 March 2014 PNB announced that the bank has sold its entire stake in Credit Information Bureau India Ltd. (CIBIL) to TransUnion International Inc. (FII). On 1 April 2014 PNB announced that it has sold its entire 30% stake in India Factoring & Financial Solutions Ltd. (IFFSL) to parent promoter FII (FIM Bank (Malta) and realized Rs 107.83 crore. On 4 July 2014 PNB announced that it has sold 41% stake in High Mark Credit Information Services Ltd. (High Mark) to CRIF and realized Rs 4.15 crore.The Board of Directors of PNB at its meeting held on 19 September 2014 granted in-principle approval for sub-division of existing equity shares of face value of Rs 10 each into 5 equity shares of face value of Rs 2 each.On 1 April 2015 PNB announced that capital funds to the tune of Rs 870 crore have been received from the Government of India on 31 March 2015 for issue and allotment of 4.42 crore equity shares at a price of Rs 196.80 per equity share to Government of India on preferential basis in accordance with Regulation 76(1) of SEBI ICDR Regulations.On 30 September 2015 PNB announced that consequent upon receipt of capital funds to the tune of Rs 1732 crore from the Government of India on 29 September 2015 the bank has issued and allotted 10.9 crore equity shares at a price of Rs 158.84 per equity share on preferential basis to Government of India in accordance with Regulation 76(1) of SEBI ICDR Regulations.On 15 September 2016 PNB announced that consequent upon receipt of capital funds to the tune of Rs 2112 crore from the Government of India on 14 September 2016 the bank has issued and allotted 16.43 crore equity shares at a price of Rs 128.49 per equity share on preferential basis to the Government of India in accordance with Regulation 76(1) of SEBI ICDR Regulations.Punjab National Bank (PNB) and India Post Payments Bank (IPPB) signed a memorandum of understanding on 17 January 2017 wherein PNB shall provide technology platform for pilot launch of IPPB on receipt of regulatory approval from Reserve Bank of India. The Board of Directors of PNB at its meeting held on 2 November 2017 authorized the management to partially sell its stake in PNB Housing Finance Ltd. Further consequent upon the exercise of call option by the Principal Group the Board has approved to offload PNB's entire stake in Principal PNB Asset Management Company and Principal trustee Company Pvt Ltd to the Principal group.On 5 December 2017 PNB announced that the bank successfully sold 98.15 lakh equity shares of PNB Housing Finance Ltd (PNBHFL) to different investors (Non Retail and retail) at above the floor price /cut off price with gross sales consideration of Rs 1315.33 crore.On 18 December 2017 PNB announced allotment of 29.76 crore equity shares to successful eligible qualified institutional buyers at a price of Rs 168 per share. Earlier PNB on 14 December 2017 announced the closure of the qualified institutions placement (QIP) of equity share. The bank raised Rs 5000 crore from the QIP.The Board of the Directors of PNB at its meeting held on 6 February 2018 accorded approval for Capital Infusion by Government of India up to Rs 5473 crore.On 14 February 2018 PNB informed the stock exchanges of detection of a massive fraud of Rs 11394.02 crore. On 12 February 2018 on the basis of investigation report total fraud of Rs 11394.02 crore (about USD 1771.69 million) in case of unauthorized issuance of Letters of Undertakings Foreign Letter of Credits and Inland Letter of Guarantees in the group accounts of Nirav Modi Group and M/s Gitanjali Group and in the account of M/s. Chandri Paper & Allied Products Pvt. Ltd. was reported to RBI. Later on 26 February 2018 PNB informed the stock exchanges that the quantum of reported unauthorized transactions can increase by about USD 204.25 million.