PNB Launches Digital Initiative [email protected]

State-owned Punjab National Bank (PNB) on Monday launched a digitial initiative [email protected] under which every transaction undertaken by a bank branch will be initiated and authorised by 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, PNB said in a statement. Going forward, it said, the bank would roll out [email protected] across 165 identified locations across India.

'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,' Financial Services Secretary Debasish Panda said.

Speaking on the occasion, Pankaj Jain, Additional Secretary - Department of Financial Services, stressed on the the need for continuous technological up-gradation and customer service to be undertaken by the bank. Sharing the details of the initiative, PNB Managing Director S S Mallikarjuna Rao said 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, he said, adding, [email protected] outlets would boost the bank's distribution capability and lower the cost of customer acquisition.

First such multi-functional outlet was inaugurated by Panda at the Central Secretariat Metro Station, New Delhi.

On its 127th foundation day, PNB announced other 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.

On its foundation day, the bank also unveiled 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 knowkedge of employees and general masses. 

(PTI)