[nilesh]

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Hi I would like to have the history of the formation of the Punjab National Bank as well as the progression made by the Bank?

[Vishal Kotkar]

Wat back in 1895, in Lahore, a gathering of visionaries and loyalists — Lala Lajpat Rai, Mr. E C Jessawala, Babu Kali Prasono Roy, Lala Harkishan Lal and Sardar Dyal Singh Majithia and others — got together to make a national bank. The thought was first mooted by Rai Mool Raj of Arya Samaj who, as revealed by Lala Lajpat Rai, had since quite a while ago esteemed Indians ought to have their very own national bank.

Punjab National Bank was conceived with an approved aggregate capital of Rs 2 lac and working capital of Rs 20,000.

Punjab National Bank was enlisted on 19 May 1894 under the Indian Companies Act, with its office in Anarkali Bazaar, Lahore show day Pakistan. The establishing board was drawn from various parts of India claiming diverse religions and a changed back-ground with, be that as it may, the regular goal of furnishing nation with a genuinely national bank which would advance the financial enthusiasm of the nation.

33% of its workplaces in west Pakistan constituted 40% of its stores — PNB needed to lose these amid parcel.

Punjab National Bank was nationalized in 1969. In 1993, it procured New Bank of India, a bank that was nationalized in 1980, the second flood of bank nationalization. Later in 2003, it procured Kerala-based Nedungadi Bank, a private bank established by Appu Nedungadi

The History & Progression of Punjab National Bank
THE BANK

PNB was founded in the year 1894 at Lahore (presently in Pakistan) as an off-shoot of the Swadeshi Movement. Among the inspired founders were Sardar Dayal Singh Majithia, Lala HarKishen Lal, Lala Lalchand, Shri Kali Prosanna Roy, Shri E.C. Jessawala, Shri Prabhu Dayal, Bakshi Jaishi Ram, Lala Dholan Dass.

With a common missionary zeal they set about establishing a national bank; the first one with Indian capital — owned, managed and operated by the Indians for the benefit of the Indians. The Lion of Punjab, Lala Lajpat Rai, was actively associated with the management of the Bank in its formative years.

The Bank made steady progress right from its inception. It has shown resilience to tide over many a crisis. It withstood the crisis in banking industry of 1913 and the severe depression of the thirties.

It survived the most critical period in its history — the Partlition of 1947 — when it was uprooted from its major area of operations. It was the farsightedness of the management that the registered office of the Bank was shifted from Lahore to Delhi in June 1947 — even before the announcement of the Partition.

With the passage of time the Bank grew to strength spreading its wings from one corner of the country to another. Some smaller banks like, The Bhagwan Dass Bank Limited, Universal Bank of India, The Bharat Bank Limited, The Indo-Commercial Bank Limited, The Hindustan Commercial Bank Limited and The Nedungadi Bank were brought within its fold.

PNB has the privilege of maintaining accounts of the illustrious national leaders like Mahatma Gandhi, Shri Jawahar Lal Nehru, Shri Lal Bahadur Shastri, Shrimati Indira Gandhi besides the account of the famous Jalianwala Bagh Committee.

Nationalisation of the fourteen major banks on 19th July, 1969 was a major step for the banking industry. PNB was one amongst these. As a result, banking was given a new direction and thrust.

The banks were expected to reach people in every nook and corner, meet their needs, and work for their economic upliftment. 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.


THE HISTORY

1894 : PNB was founded on May 19, 1894 in Lahore.

1895 : PNB opened for business on 12 April, 1895 at Ganpatrai Road in Lahore.

1904 : PNB established branches in Karachi and Peshawar.

1939 : PNB acquired Bhagwan Dass Bank Limited.

1947 : Partition of India and Pakistan at Independence. PNB lost its premises in Lahore, but continued to operate in Pakistan.

1960 : PNB amalgamated Indo-Commercial Bank Limited (established in 1933) in a rescue.

1961 : PNB acquired Universal Bank of India.

1963 : The Government of Burma nationalized PNB's branch in Rangoon (Yangon).

1965 : After the Indo-Pak war the government of Pakistan seized all the offices in Pakistan of Indian banks, including PNB's headoffice, which may have moved to Karachi. PNB also had branches in East Pakistan (Bangladesh).

1969 : The Government of India nationalized PNB and 13 other major banks on 19th July, 1969.

1978 : PNB opened a branch in London.

1986 : The Reserve Bank of India required PNB to transfer its London branch to State Bank of India after the branch was involved in a fraud scandal.

1988 : PNB acquired Hindustan Commercial Bank Limited in a rescue.

1993 : PNB acquired New Bank of India, which the Government of India had nationalised in 1980.

1998 : PNB set up a representative office in Almaty , Kazakhstan.

2003 : PNB took over Nedungadi Bank (established the bank in 1899), the oldest private sector bank in Kerala. It was incorporated in 1913 and in 1965 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.



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