PNB to roll out its wealth management product by Dec aimed at boosting non-interest income
PNB plans to deploy 1,300 Customer Relationship Managers across 1,300 branches by end of this month
Punjab National Bank (PNB) aims to boost its non-interest income by launching a wealth management product by December, according to the bank's managing director and CEO Ashok Chandra. The bank has already deployed 1,700 Customer Relationship Managers (CRMs) in its branches to manage high-value customers. Another 1,300 CRMs will be deployed by the end of this month in 1,300 more branches.
PNB is also in the process of engaging with consultants to appoint a partner for wealth management services. Chandra expects the wealth management offering to be in place within three to four months. The bank is focusing on retail, agri, MSME, and self-help groups for asset creation. Loan growth is projected to be 12-13 percent while deposits will grow at 9-10 percent during the ongoing financial year. Chandra believes the bank's profit will surpass ₹20,000 crore in the current financial year.
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