Strengthens digital banking services by unveiling facilities such as quick opening of online saving account via video-KYC, insta pre-approved loan, insta demat account and insurance facility through internet and mobile banking service
Celebrating its illustrious legacy of 127 years of service to the nation, Punjab National Bank launched a unique pilot project PNB@Ease outlet. The model offers “Banking-on-the-Go” service where every transaction undertaken by a bank branch will be initiated and authorized by the customers themselves. The service can range from savings accounts opening to availing various loans and more, without visiting a branch or help from the bank employees. Going forward, the Bank would roll out PNB@Ease across 165 identified locations in India.
With an option to get assisted by bank staff, PNB @Ease outlets will be loaded with five Kiosks i.e. ATM, Bunch Note Acceptor, Account Opening Kiosk, Card Issuance Kiosk and internet-enabled Kiosk. This facility will enable the customers to avail all banking services under one roof. Additionally, PNB@Ease outlets would boost the Bank’s distribution capability and lower the cost of customer acquisition.
First such multi-functional outlet was inaugurated by Sh. Debasish Panda, IAS, Secretary and Sh. Pankaj Jain, IAS, Additional Secretary, Department of Financial Services at the Central Secretariat Metro Station, New Delhi on Monday.
On its 127th foundation day, PNB announced various digital initiatives such as instant opening of online saving account via video-KYC, insta pre-approved loan, insta demat account and insurance facility through internet and mobile banking services.
Thanking customers, employees and other stakeholders for their selfless contribution and support during the challenging times, Shri CH. S. S. Mallikarjuna Rao – MD and CEO of PNB, said, “127th Foundation day of PNB is a momentous occasion for us in line with our legacy. Despite the challenges put forward by the pandemic, we have seamlessly amalgamated two banks with us. The integration of technology, people and business, was completed in record time enabling us to tap the growth opportunities. Customer service is paramount to us and to continue to serve the customers better, we have taken a few initiatives in the area of digitalization. These include PNB@ease outlet, Online Savings account opening with Video KYC, online Pre-approved personal loan, Online Insta-Demat account and more.”
Congratulating PNB on becoming one of the largest public sector bank post amalgamation and wishing it achieve greater heights, Chief Guest of the ceremony Sh. Debasish Panda, IAS, Secretary – Department of Financial Services, said, “Today’s launch demonstrates PNB’s ability to adopt the latest technology to stay ahead of the curve. Instead of developing the technology in-house, banks can collaborate with fintech and startups for digital transformation while staying focused on its larger role of credit growth and financial inclusion for the country.”
Sh. Pankaj Jain, IAS, Additional Secretary – Department of Financial Services complimented the Bank on its digital initiatives and emphasized the need for continuous technological up-gradation and customer service.
PNB steps up digital product offerings:
With the new video-KYC facility, a new customer can open a saving account in less than 5 minutes. Other new digital services include insta-demat account – a paperless facility launched in collaboration with National Securities Depositories Ltd (NSDL). A customer can now open a Demat account instantaneously, simply by a DIY approach based on OTP authentication and existing KYC with the Bank. Customers can also avail of online insurance facilities from the comfort of their homes through the Bank’s internet and mobile banking service.
Instant Pre-approved & paperless loan significantly improves convenience:
Customers eligible for a pre-approved loan will no longer have to visit a branch to avail the loan. The existing customers can take the online pre-approved loan and instantly receive the money in their account. PNB leverages its state-of-the-art digital analytics technology to complete customers’ credit assessment online and execute digital documentation using E-Contract generation with an E-Signing facility of National E-Governance Services Ltd (NeSL).
PNB Cards & Services subsidiary:
PNB incorporated a fully owned subsidiary, PNB Cards & Services Limited, which was flagged to commence it operation and to undertake credit card business in a holistic way. Thus, PNB is now one of the few public sector banks with a separate credit card arm, thereby enabling a dedicated management focus. Being one of India’s largest banks, this initiative would catalyze wider adoption of credit-card payments and ensure contactless payments from a safety perspective.
As part of its CSR Initiative, PNB donated Rs. 3,53,78,890 to PM-CARES FUND on its Foundation Day by onboarding more than 83 lakh customers through its digital campaign “DIGITAL APNAYEN”. The innovative campaign is aligned with the Government’s vision of onboarding new users on digital payment modes.
Coffee Table Book on the remarkable journey of amalgamation and Cybersecurity Glossary PNB unveils a coffee table book, portraying a detailed journey and successful amalgamation of Erstwhile Oriental Bank of Commerce and United Bank of India with Punjab National Bank. Another booklet on the Cybersecurity Glossary was launched that compiles all the cyber threats and frameworks to enrich the knowledge of employees and general masses.