Punjab National Bank Expands Branch Network Despite Digital Shift
95% Of Transactions Are Digital. So Why Is PNB Still Opening Hundreds Of Branches?
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Punjab National Bank (PNB) reports that over 95% of its transactions are now digital, yet it plans to open 250 new branches this financial year. This expansion, primarily in southern and western India, underscores the bank's strategy to enhance its physical presence for customer trust and outreach, even as digital banking grows rapidly.
- 01PNB added 144 branches in FY26 and aims to open 250 more in FY27, focusing on southern and western India.
- 02The bank's PNB One mobile app now features over 350 functionalities, enhancing customer engagement.
- 03Digital transactions account for more than 95% of all transactions, reflecting a significant shift in banking habits.
- 04Over 35% of PNB's customers are under 30 years old, indicating a growing trend among younger users towards digital banking.
- 05Every third loan sanctioned by PNB is now done digitally, with digital loan sanctions exceeding ₹1 lakh crore (approximately $12 billion USD).
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Punjab National Bank (PNB) has reported that digital transactions now constitute over 95% of its total transactions. Despite this significant shift towards digital banking, PNB plans to open 250 new branches in the current financial year, following the addition of 144 branches in FY26. The bank's expansion will primarily target southern and western India, indicating a strategy to bolster its physical presence in key regions. Managing Director and CEO Ashok Chandra emphasized that physical branches still play a crucial role in enhancing customer trust and outreach, especially as the bank aims to diversify its services beyond corporate lending. PNB's flagship mobile application, PNB One, now offers over 350 features, and the number of users engaging through WhatsApp banking has surged by 77% to 1.09 crore (approximately 10.9 million). The bank's approach reflects a broader trend in Indian banking, where digital and physical banking coexist, with each serving unique customer needs.
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The expansion of PNB's branches may improve access to banking services for customers in southern and western India, particularly in retail, agriculture, and MSME sectors.
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