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. Overall, the bank has 1559 branches that are widely distributed across India, where its 623 are in the state of Punjab.
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, Bank of Baroda purchased the PSB London branch after the involvement of Punjab & Sind in the Sethia fraud in 1987.
- Punjab & Sind clearly shows the growth of more than 40% every year since 2004, and its latest IPO has been oversubscribed more than 50 times. The bank recently reached a mark in the business of Rs 1.60 lac crore.
- A Regional Rural Bank funded by Punjab & Sind Bank was Sutlej Gramin Bank.