What is the full form of PSB?
The full form of PSB is Punjab & Sind Bank. PSB is a bank owned by the government, and its headquarter is situated in New Delhi. The bank has 1526 branches as of March 31, 2020, with 635 being situated in the Punjab state. There were also 25 zonal offices spread out over India.
A brief history of PSB
- PSB was founded by Sir Sunder Singh Majitha, Bhai Vir Singh & Sardar Tarlochan Singh on 24 June 1908.
- PSB was one of the six banks nationalized by the Indian government on 15 April 1980 in the second wave of nationalizations.
- PSB formed a branch in London in the 1960s. In 1991, at the behest of the RBI, the Bank of Baroda purchased the PSB London branch after the involvement of Punjab & Sind in the Sethia fraud in 1987.
- Punjab & Sind has shown a growth of more than 40% yearly since 2004, and its latest IPO has been oversubscribed over 50 times.