Punjab National Bank might shut down its 300 loss-making branches in upcoming year. The bank might shut down or merge about 200-300 of its loss-making branches as a part of its consolidation plan, moneycontrol reported.
PNB is also considering relocation of its branches.
"We have closed 2 or 3 branches so far. One of our departments is working on it. We have identified about 200-300 loss-making branches. So, either we will prepare a plan for revamping them, or merger, closure or reopening them at other locations", Sunil Mehta, Managing Director and Chief Executive of PNB told the publication.
By March, the bank had 6,937 branches. PNB added nine branches from April to June taking the network to 6,946. However,by the end of June quarter,it had put down the shutters of of six branches.
By September end, the bank had a total of 6,940 branches.
Mehta also added that the entire focus is upon to turn the loss-making units into profitable ones.
PNB also closed down 928 ATMs in six months from 10,681 as on March end to 9,753 as on September end 2017, the report added.
India's second largest bank had constituted a commitee of senior officials to lay out strategies for branch network rationalization.
Meanwhile, PNB last month had started charging customers more over withdrawal from ATMs after five transactions.
The bank in its note said that savings fund/current/overdraft account holders would all attract charges at Rs 10 per transaction beyond a limit of five times a month even if the PNB card holder makes the transaction at PNB ATM only.
In August 2014, Reserve Bank had rationalised the number of free ATM transactions that customers could do at own and other bank ATMs.
