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PNB bags Niryat Bandhu Bronze Trophy
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merisarkar news service
New Delhi, November 27, 2010 |
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KR Kamath receiving the trophy
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India's leading public sector bank - Punjab National Bank has bagged coveted Niryat Bandhu Bronze Trophy for the year 2008-09 for extending excellent support services to exporters.
The award was presented to KR Kamath, Chairman & Managing Director of the bank by Jyotiraditya Scindia, Minister of State for Commerce and Industry in New Delhi on Novemer 16, 2010. This is an annual event organized by the Federation of Indian Export Organizations.
On the occasion, Kamath informed that Punjab National Bank with a history of 116 years has been a front runner in the Banking industry.
The Bank’s business base has crossed Rs. 4.82 lakh crore mark, its international business has improved to over Rs. 48000 crore. While Bank’s assets are around Rs.3.28 lakh crore, the highest among the nationalized banks in India. The bank has largest branch network of more than 5000 offices spread throughout the country.
PNB said in a statement, “The bank has been improving its global footprints to serve its existing customers better who have become global players. Bank is also contemplating expansion to newer destinations like Australia and Canada shortly in addition to existing international presence in 9 countries. PNB is the first Bank to have opened a branch at Kabul. Besides, it also has one branch at DIFC Dubai, 2 branches in Hong Kong, representative offices (RO) at Almaty, Dubai, Shanghai and (Oslo) Norway, a wholly owned subsidiary in UK with 5 branches, a joint venture (JV) with Everest Bank Ltd. Nepal and a JV banking subsidiary 'DRUK PNB Bank Ltd.' in Bhutan."
SK Dubey, General Manager, International Banking informed that the Bank has established Business relationship with over 1050 international banks including corresponding banking relationship with over 165 international banks. The Bank has also entered into Rupee Drawing Arrangements (RDA) with over 27 Exchange Houses in United Arab Emirates, Kuwait, Qatar, Bahrain, Oman and Singapore for sending remittances to India and Speed Remittance Arrangements with over 22 Exchange Houses.
The Bank has also over 165 branches to handle Forex business independently with 11 International banking branches all over the country which have been manned by experts, besides setting up Exchange Bureaus at several locations in India to handle currency exchange business.
As a result of these initiatives, the Export credit outstanding of the Bank rose to around Rs. 8900 crore as on 12th November 2010 with the Export and Import turnover being Rs. 20,200 crores and Rs. 28304 crores.
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