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PSB to open 100 branches this fiscal

india Updated: Aug 20, 2010 18:48 IST

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Public sector lender Punjab & Sind Bank (PSB) on Friday said it would open 100 branches in the current fiscal to expand its presence in North and would spend Rs 100 crore on introducing core banking solutions (CBS) system at all branches.

"We will be opening 100 branches in this fiscal and out of which majority of branches will be opened in Punjab and Haryana," PSB Executive Director PK Anand told reporters in Chandigarh on Friday.

Besides, Punjab and Haryana, PSB has also decided to scale up its presence in Western and Southern India where it has little presence. "We will now be moving towards West and South and we plan to have branches in Gujarat, Tamil Nadu and Andhra Pradesh," he said.

PSB has 920 branches across the country out of which over 400 branches are located only in Punjab. About 25 per cent of bank's total business comes from Punjab.

PSB, which has lagged behind in having CBS solutions, has also earmarked Rs 100 crore for introducing CBS across all branches in the country. "We are having pilot projects at 15 branches in the country for CBS and we plan to have all our branches with CBS in next 27 months," he said.

Earlier, PSB had appointed Satyam for implementing and maintaining CBS.

"But after Satyam fiasco, the bank allotted the project to Wipro for introducing CBS in our branches," he said.

Asked about its IPO, Anand said that the bank would be filing DRHP with the market regulator SEBI by month-end for raising Rs 500 to 600 crore from public. Bank intended to dilute government’ s stake of 18 per cent with an IPO.

PSB is eyeing a total business of Rs 95,000 crore by the end of current fiscal with growth of 20-22 per cent in advances and deposits. Last fiscal, bank achieved business of Rs 82,000 crore out of which Rs 49,500 crore constituted deposits, he said.

PSB is also in the process of hiring 2,000 people in the current fiscal. "We have decided to hire 2,000 people comprising officers and clerks posts," he said.