Punjab & Sind Bank has received approval to raise equity capital up to an amount of Rs 500 crore through Qualified Institutional Placement (QIP) in one or more tranches within a period of 12 months. The bank has also received approval to issue of Basel III compliant Tier II Bonds upto an amount of Rs 1,500 crore in one or more tranches within a period of 12 months. The Board of Directors of the bank at its meeting held on December 12, 2018 has approved the same.
Punjab & Sind Bank’s primary business is taking deposits, and making advances and investments, and is principally divided into retail banking, corporate banking, priority sector banking, treasury operations and other banking services such as agency functions for insurance, distribution of mutual funds and pension and tax collection services.
