PSB Full Form

by Yogi P - October 4, 2023

Full form of  PSB

PSB stands for Punjab & Sind Bank. It is a government-owned bank headquartered in New Delhi, India. PSB has 1,526 branches as of March 31, 2020, with 635 branches in the state of Punjab. It also has 25 zonal offices spread across India.

Brief history of PSB

PSB was founded on June 24, 1908, by Sir Sunder Singh Majitha, Bhai Vir Singh, and Sardar Tarlochan Singh. It was one of the six banks nationalized by the Indian government on April 15, 1980, in the second wave of nationalizations.

PSB opened a branch in London in the 1960s. In 1991, following PSB’s involvement in the Sethia fraud in 1987, the Bank of Baroda purchased the PSB London branch at the behest of the Reserve Bank of India (RBI).

PSB has shown over 40% annual growth since 2004, and its latest IPO was oversubscribed by over 50 times.

What does PSB do?

PSB provides a range of banking and financial services to individuals, small businesses, and cooperatives in India. It is committed to rural and agricultural development in the country.

Conclusion

PSB is a major public sector bank in India. It plays a vital role in the country’s economy, particularly in the rural and agricultural sectors.