By 121 News
Chandigarh 07th April:- Jatinderbir Singh Chairman and Managing Director of Punjab & Sind Bank, highlighted the performance of the Bank. As per provisional results, the deposits have increased to Rs 91184 crores and advances have increased to Rs 65386 crores as on 31.03.2016 Total Priority Sector advances as on 31.03.2016 stood at Rs24773 crore i.e. 37.26 % of the ANBC, up from 34.55% as on March 2015. Priority Sector advances has shown a positive growth of 22.43% as on
31.03.2016 over March 2015. Retail advances of the Bank has grown by 25%.
The Bank has been awarded Social Banking Excellence Award by ASSOCHAM for the year 2015. Kalraj Mishra, the Hon'ble Union Cabinet Minister has also given 'Excellence Award' for PMJDY performance of the Bank. Punjab & Sind Bank has adopted Marginal Cost of Funds based lending rate (MCLR) system in the Bank for different tenors effective from 01.04.2016. The rates for Overnight and One month tenor are 9.30% and 9.50% respectively, and for three months, six months and one year tenor are 9.65%. In the state of Punjab Raminderjit Singh, General Manager, LHO reported that the Bank has lent Rs. 8241 crore (61%) to Priority Sector in the state of
Punjab out of which Rs. 4624 crore (34%) to Agriculture sector. The Bank's contribution to MSME is Rs. 2205 crore (16%) and the assistance to Weaker Section is 3728 crore (28%), at Zonal level.
The Chandigarh zone of the Bank which is headed by TPS Walia, Zonal Manager, reported that this zone has contributed Rs. 5273 crore in the deposit pool of the Bank and has lent Rs. 2835 crore to the public. The lending to Priority Sector is Rs. 1564 crore (55%) out of which lending to Agriculture is Rs. 421.5 crore (28%).
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