Removal of poverty and regional imbalances were accorded a high priority. PNB has always responded enthusiastically to the nation's needs. It has been earnestly engaged in the task of national development. In the process, the bank has emerged as a major nationalised bank. Partition of India and Pakistan at Independence. PNB lost its premises in Lahore, but continued to operate in Pakistan. PNB set up a representative office in Almaty , Kazakhstan. PNB took over Nedungadi Bank established the bank in , the oldest private sector bank in Kerala.
It was incorporated in and in had acquired selected assets and deposits of the Coimbatore National Bank. At the time of the merger with PNB, Nedungadi Bank's shares had zero value, with the result that its shareholders received no payment for their shares. Punjab National Bank — History of the Bank.
It was during this period that the Jalianwala Bagh Committee account was opened in the Bank, which in the decade that followed, was operated by Mahatma Gandhi and Pandit Jawaharlal Nehru. The five years from to were ones of unprecedented growth. From a modest base of 71, the number of branches increased to Deposits grew from Rs. On March 31, , the Bank officials decided to leave Lahore and transfer the registered office of the Bank to Delhi and permission for transfer was obtained from the Lahore High Court on June 20, Many a staff member fell victim to the widespread riots in the discharge of their duties.
The conditions deteriorated further. The Bank, however, continued to maintain a few caretaker branches. The Bank then embarked on its task of rehabilitating the displaced account holders.
The migrants from Pakistan were repaid their deposits based upon whatever evidence they could produce. Such gestures cemented their trusts in the bank and PNB became a symbol of Trust and a name you can bank upon.
Surplus staff posed a big problem. Fast expansion became a priority. The policy paid rich dividends by opening up an era of phenomenal growth.
In , the Bank took over the assets and liabilities of Bharat Bank Ltd. In , it amalgamated the Indo-Commercial Bank with it. From its dwindled deposits of Rs. Its number of offices had increased to and advances from Rs. Indira Gandhi etc. There are few leaders of the pre-independence era who, after having plunged themselves into the political struggle, continued to take an active interest in social, cultural and educational work.
Lala Lajpat Rai was one of such leaders. Born on 28th January, at a small village, Dhudike in the Ferozepur district of Punjab, he belonged to the Agarwal Baniya caste and it was perhaps because of this, in addition to taking part in social and political life of the country, he took keen interest in industrial and financial matter also.
His father was a teacher of Persian and Urdu in a government school. Having passed the final examination in Law from Punjab University, he started his practice in, when he was barely 18 years old. Endowed with a rich legacy of moral and intellectual background, Lala Lajpat Rai had benefit of education in the practical rationalism of western science combined with the religious purity and moral elevation of Eastern literature that put on him the hallmark of true culture.
While sympathizing with and aiding every movement made for progress, Lala Lajpat Rai identified himself very closely with Arya Samaj, in which he found ample scope for the exercise of his patriotism, philanthropy and religious zeal.
Having qualified as a pleader, Lala Lajpat Rai started practice at Hissar and soon became a leading lawyer of the district. He organized the Arya Samaj there and put it on proper lines. In , he transferred his practice to the wider field at Lahore. He took part in the foundation of the D. College at Lahore. Lala Lajpat Rai always felt drawn towards politics. The far-sighted visionaries and patriots like Lala Lajpat Rai, Mr. Today the Bank stands tall amongst nationalized banks in major financial parameters i.
Fired by the spirit of nationalism and founded on the idea that Indians should have a national bank of their own, Punjab National Bank Ltd was the result of the efforts of far-sighted visionaries and patriots, among whom were persons like Lala Lajpat Rai, Mr. The registered office was shifted to Delhi and the Bank honoured all the deposit claims of the refugees even on the basis of whatever little evidence they could produce. Subsequently, the Bank registered impressive performance and grew from strength to strength.
A pioneer throughout, the Bank distinguished itself by appointing auditors in long before it was mandatory; introduced the "teller" system in another first ; established profit sharing bonus, provident fund and voluntary outside audit well before they formed keystones of good management. Nationalisation came in which unleashed a new chapter in the long history of the Bank.
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