Date: 06.06.2024

pnb one

#JustOneApp

..
',.. ......
7-
/"0
..4.
Amrit Mahotsav

ate a

i
*
'll"'{f'T

**·
.,, Board&C•**

Divisio
°Depa
8wDe
rs

**Share Department, Board & Coordination Division, HO Plot No.4 Sector 10, Dwarka,**

**New Delhi-110075 Tel No. : 011-28044857, E-mail: hosd@pnb.co.in**

**(Ekta Pasricha)
Company Secretary**

Encl.: A/a

**Scrip Code : PNB
Scrip Code : 532461**

National Stock Exchange of India Limited
BSE Limited

"Exchange Plaza"
Phiroze Jeejeebhoy Towers,

Bandra - Kurla Complex, Bandra (E)
Dalal Street,

Mumbai - 400 051
Mumbai - 400 001

Dear Sir(s),

**Reg.: Annual Report of the Bank for the year 2023-24**

Pursuant
to
Regulation
34
of the
SEBI
(Listing
Obligations
and
Disclosure

Requirements) Regulations, 2015, please find enclosed the Annual Report of the Bank
for the year 2023-24.

The copy of Annual Report is also available on Bank's website at www.pnbindia.in.

**You are requested to take the above on record please.**

Thanking you
Yours faithfully,

... the name you can BANK upon!

pnbindia.in
T:011 28075000, 28045000

**ianra zinc aa punjb notional bank**

aaje arufeu; aaie vi.4, #re- 10, Gr1, a{ fecal--110075
Corp. Office: Plot No. 4, Sector- 10, Dwarka, New Delhi 110075 India

**@
6@@@@ma» @wow«sons«as**

**ia care aa o
pounjb» notional bank**

..mrh mrun1
.we name you can BANK upon!

**वा�ष�क �रपोटर्
ANNUAL
REPORT**

**2023-24**

**Tech Innovation: Driving
India’s Financial Inclusion**

**�वक�सत भारत, समृ� भारत  
Developed India, Prosperous India **

**�कसान**

**म�हला**

The Rajbhasha Kirti Puraskar First Prize conferred on Punjab National Bank was received by Shri Atul Kumar Goel,Managing Director & 

Chief Executive Officer from  Shri Ajay Kumar Mishra, Minister of State for Home Affairs, Shri Harivansh Narayan Singh, Deputy 

Chairman, Rajya Sabha and Shri Bhanu Pratap Verma, Union Minister of State for MSME

Shri Vivek Joshi, secretary, DFS,Shri Pankaj Sharma , Joint secretary, DFS & Director, Punjab National Bank, Shri K.G.Ananthakrishnan, 
Chairman (Non-Executive) and Shri Atul Kumar Goel, MD&CEO Launching PNB Palaash 2.0 under Go Green intiative of the Bank on the 

occasion of 130th Foundation Day at Head office, Dwarka,New Delhi

**ANNUAL
REPORT**

**lef"V vkfFkZd ifj–';**

The year 2024 is a momentous year for Punjab National Bank as it 
enters its 130th year of operations from its commencement on 12th 
April, 1895, from Lahore. The bank has travelled a long way, gaining 
strength and braving strong winds of change, indicating its tenacity 
over the past so many years. Built on the principles of prudence, 
caution, and a forward-looking approach, PNB has come out stronger, 
weathering many crises, and has grown to be the repository of trust 
among its stakeholders and customers.  

Punjab National Bank, in its journey over the last 13 decades, has 
played a highly instrumental role in shaping the banking landscape of 
pre and post-independence India, and continues to play a significant 
role in the country’s economic growth. 

It gives me great pleasure to share with you the progress your Bank 
has made and the general operating environment in FY2023-24.

**Macro-Economic Scenario**

The global economy in FY2023-24 fared better than expected, 
marked by fading fears of recession and a resurgence in growth in 
major economies. Despite economic growth in manufacturing and 
services, global headwinds due to wars persisted. The Russia-Ukraine 
conflict extended and a new Israel-Palestine war partially disrupted 
trade routes. 

Amidst these global trends, the Indian economy remained resilient 
and was the fastest-growing major economy in the world. As per the 
BCG report1, the Indian Economy is at an inflection point today and 
will become a developed nation by 2047. “Today, India is becoming 
the engine of global growth with 15 percent share in global GDP 
growth”2. The economic growth of India exceeded expectations and 
surprised the upside with growth greater than 8.0 per cent in three-
quarters of FY2023-24. It is at a strong 8.2 per cent for the whole year. 
The year ended on a positive note, with high-frequency indicators 
like GST collections, car sales, and UPI transactions hitting high 
spots. India’s Manufacturing PMI climbed to a 16-year high of 59.1 
in March’2024.

**v/;{k dk lans'k**

**Chairman’s Message**

1   BCG presentation-Emerging Trends and Implications for PNB dated 6th April 2024
2   Excerpts from Prime Minister’s address RBI@90 opening ceremony dated 1st April, 

2024, in Mumbai

As per the BCG report, the key drivers that are propelling India’s 
growth story are large domestic consumption demand on the back 
of rising disposable income, global realignment of supply chains; 
government launched Production Linked Incentive (PLI) Scheme 
to boost manufacturing, high export potential turning India into a 
factory of the world, supportive financial ecosystem with rising public 
capex and demographic dividend.  

India’s digital landscape presents exciting prospects. The burgeoning 
e-commerce, fintech, and Artificial Intelligence sectors offer a 
multitude of avenues for qualified professionals. Government 
programs like Digital India are fostering digital inclusion, expanding 
internet access and propelling the digital economy forward. However, 
there is a need for robust cybersecurity measures which ensure the 
integrity of digital processes and provide a shield against evolving 
threats, making it a cornerstone of successful digital transformation.

Climate change poses significant risks to both the global and Indian 
economies. Globally, rising temperatures could reduce GDP by up to 
18% by 2050, according to a report by Swiss Re Institute3. Economies 
around the world will need to take collective action to mitigate climate 
risk. India is at the forefront of mitigating climate change. India 
has shown active participation in global climate change initiatives 
and commitment to renewable energy. India has initiated forums 
for climate action, such as the International Solar Alliance, LeadIT, 
Climate and Disaster Resilience Initiative, Infrastructure for Resilient 
Island States, Green Credit Initiative and International Big Cat Alliance. 
The Reserve bank of India on its part has also framed the Green 
Deposit framework for banks and issued guidelines for disclosure 
of climate related risks by its regulated entities. SEBI has similarly 
issued disclosure guidelines called the Business Responsibility and 
Sustainability Reporting (BRSR) which mandate listed companies to 
make disclosures related to sustainability parameters. India has also 
achieved in 2020-21 the renewable energy target it had set for 2030. 
India aims to achieve net zero emissions by 2070 and fulfil 50 per cent 
of its energy requirements through renewable energy by 2030.

**Banking Scenario**

The last financial year marked a significant milestone for Indian 
banks, representing the best performance in a decade. Across all 
fundamental pillars—business growth, asset quality, profitability and 
capital adequacy —positive growth was evident. Bank credit surged to 
decadal-high levels, reaching 16 per cent (and 20 per cent considering 
the merger impact of HDFC Bank with HDFC Ltd.), primarily driven by 
robust demand for retail loans, as per RBI’s fortnightly data4. Notably, 
gross NPAs decreased from 11.25 per cent in 2018 to below 3 per 
cent by September 2023.

Public Sector Banks played a pivotal role, with cumulative profits 
exceeding Rs. 1.4 Lakh Crore—a remarkable 35 per cent growth over 

**cSafdax ifj–';**

3   According to Swiss Re Institute's climate change-Annual Report 2021
4   RBI's fortnightly data as on 22nd March 2024

**ANNUAL
REPORT**

the previous year. This transformation owes much to government 
initiatives and reforms. However, decline in market share of business 
remained a challenge for all the Public Sector Banks.

Simultaneously, the Indian banking landscape underwent a structural 
shift. Banks embraced innovation and digitalization, introducing 
various digital products and services. UPI transactions crossed the 
100 billion mark in FY' 2023-24, registering a remarkable 56 per 
cent yearly growth. India now leads globally, accounting for 46 per 
cent of all digital payments. Lending to value chains, too, has made 
significant progress in digitization. This transition towards digital 
banking reflects India’s journey towards a less cash economy. 

The adoption of digital banking capabilities, along with Government 
initiatives like the Pradhan Mantri Jan Dhan Yojana (PMJDY), Unified 
Payment Interface (UPI) and Goods and Service Tax (GST), has brought 
over 50 crore individuals and numerous small businesses into the 
formal banking system. Further initiatives by the Government and 
the regulator like harnessing Goods and Services Tax (GST) invoices 
on IndiaStack, the 59-minute Micro, Small and Medium Enterprise 
(MSME) loan portal, introduction of more players in the financial 
ecosystem such as Account Aggregator and Payment Aggregators, 
digitalization of KCC loans, expanding the scope and coverage of UPI 
and greater interoperability of UPI with other IT applications. Central 
Bank Digital Currency (CBDC), Open Network for Digital Commerce 
(ONDC) etc. will further mature the financial ecosystem. 

Banks will continue to deploy emerging technologies like artificial 
intelligence, machine learning, and the Internet of Things (IoT) to 
improve operational efficiency, mitigate risks, enhance customer 
experience, and develop innovative services. Banks are also 
experimenting with supply chain financing that will enable smoother 
transactions, reduce risks and enhance overall efficiency. 

Apart from extending credit to traditional sectors of the economy like 
MSME and Agriculture, banks are also expected to venture into new 
emerging sectors like Space, Electric Vehicles and Renewable Energy, etc.

Banks in India are gearing up for the next wave of technology-
fuelled innovations in services with the imminent growth of 5G 
internet usage, deeper smartphone penetration, expansion of digital 
payments, frictionless data-led digital lending, risk-mitigated secure 
data protection and collaboration between banks and FinTechs. The 
banking sector will aid the consumption and investment growth 
in the economy by providing credit for the needy sectors of the 
economy. The above steps will pave the way for India to become the 
third-largest economy with a GDP of $5 trillion by 2027. 

**Developments at your Bank**

Beginning its journey from a pure Swadeshi capital of Rs.20,000 on 
12th April 1895, the Bank achieved the landmark of Rs.23 lakh crore 
in Gross Business as of 31st March 2024. In FY’2023-24, your Bank 
registered the highest net profit year-on-year growth at 228 per cent 
to Rs.8,245 crores among all the Public Sector Banks. The Bank has 

**vkids cSad esa fodkl**

made significant progress in asset quality in the last two years, and 
now its Net NPA and Provisioning Coverage Ratio are in line with the 
industry. The Bank is also well capitalized with a capital adequacy 
ratio of 15.97 per cent as of March’2024 as against the regulatory 
requirement of 11.5 per cent. 

On the back of strong financial performance and gaining investors’ 
trust, the PNB’s market capitalization crossed Rs.1 lakh crore mark 
on 15th December 2023. Our Bank is the third PSB to achieve this 
feat, and it has also joined the top 50 most valuable listed stocks 
in terms of market capitalization.

Your Bank has always been striving to offer the best. Customer delight 
at all levels and in all transactions is our goal. To achieve this, PNB 
embarked on a Digital Transformation Journey and in the last 2 years 
has launched more than 100 digital products, processes and portals. 
The three pillars on which this digital transformation journey was 
based are –revamping of channels to make them more efficient, 
reduce human intervention and building the best capabilities. 

Keeping customer centricity in mind, Bank offers a range of Current 
Account and Savings Account products to cater to varied financial 
needs of different customer segments. Your Bank has introduced 
various new features and services in its mobile and internet 
banking application to facilitate ease of banking services and also 
strengthened its customer grievance redress mechanism. We are 
constantly collaborating with the Fintech ecosystem to pave the way 
for a more inclusive financial service landscape, with the primary goal 
of enhancing customer service. 

Your Bank is also incorporating Artificial Intelligence, Machine 
Learning in various processes like risk mitigation, model development, 
optimizing cash retention in ATM & BNA5 machines, transaction 
based nudges for boosting retail products, lead generation, customer 
retention, etc. 

Your Bank undertook various measures last year to reinforce 
sharper risk management at the bank like setting up of a climate risk 
management cell, dedicated Market Intelligence Unit, introducing 
new Early Warning System SAJAG 2.0 for effective credit monitoring, 
risk dashboard, strengthening of product approval process etc. 

Your Bank also undertook various steps to strengthen its compliance 
culture like Compliance Monitoring Tool to track and monitor 
individual level compliance, Penalty Reporting and Monitoring 
System to track regulatory penalties and monitoring Compliance Risk 
at Bank level using in-house developed Compliance Risk Assessment 
Model.

India strives to achieve net zero emissions by 2070, and your Bank will 
play a pivotal role in this transition. PNB has launched various schemes 
for green financing like financing of Electric Vehicles, rooftop solar 
panels and extending credit to various renewable energy projects. 

5   ATM - Automated Teller Machine, BNA - Bunch Note Acceptor
5-  ,Vh,e & v‚VksesVsM Vsyj e'khu] ch,u, & cap uksV ,DlsIVj

**ANNUAL
REPORT**

The Bank last year also launched PNB Palaash, an eight-month period 
campaign to embrace sustainability in bank’s operations through 
measures such as energy and resource conservation, paper reduction, 
waste management and streamlined digital processes.

**Going Forward**

For accelerating business growth, Your Bank will continue to focus 
on all the segments like Retail, Agriculture, MSME and Corporates. 
For Retail Credit, Bank has multiple products for meeting the credit 
needs of the customers at competitive rates and it is leveraging its 
specialized loan processing points and marketing verticals. Bank will 
undertake tie-ups with Builders, Home Loan Counsellors, Car Dealers 
and NBFCs for driving retail credit growth on continued basis. 

Your Bank will continue its focus on agriculture portfolio to help 
farmers meet their credit requirements. Apart from leveraging its 
dense network of rural branches, Your Bank will continue to market 
its digital products for agriculture i.e. Agri Gold Loan, Krishi Tatkal Rin 
etc. Bank also plans to tie up with State Rural Livelihood Mission for 
financing of Self Help Groups and for financing food and agriculture 
based ancillary activities. 

Improved credit culture due to focused processing centres made the 
Bank well positioned to capitalize an increase in MSME loans with 
the upswing in GDP. 13.5 Lakh vendors are registered on Government 
e-Marketplace (GeM) providing a large opportunity to increase 
MSME portfolio. In India, the number of MSMEs are expected to 
grow from 6.3 Crore to 7.2 Crore in the coming years. Only 15% 
of MSMEs are under the purview of formal credit, providing vast 
untapped potential, that could be exploited by your bank through 
vast network of branches, specialized centres for MSME loans, array 
of schemes and products for MSME segment and digital channels. 
Apart from the existing 58 MSME clusters, the Bank aims to identify 
additional clusters. For each cluster, we plan to introduce customized 
financial products and an awareness program, all facilitated through 
cluster-based financing at competitive interest rates.

For Corporate Credit, Bank has dedicated Extra Large Corporate 
Branches/ Large Corporate Branches and Centralized Industry Oriented 
Credit Desk at Head Office for quick disposal of credit proposals. Your 
Bank will continue to extend credit in Core Industries like Infrastructure 
sectors, Real Estate, Engineering Procurement and Construction, Food 
Processing along with 14 sectors for which government has launched 
the Production Linked Incentive (PLI) scheme.

All these measures are  expected to help the Bank regain its market 
share in overall business.

Bank is ensuring to align its business growth strategy with its risk 
appetite. Your Bank has devised various policies and frameworks for 
management of risk emanating from various sources like economic 
uncertainties, climate risks, regulatory risks, cyber risks etc.

**Hkkoh jkg**

bu lHkh mik;ksa ls cSad dks lexz dkjksckj esa viuh cktkj fgLlsnkjh iqu% 
gkfly djus esa enn feyus dh vk'kk gSA

Your Bank strongly believes in giving back to the society which 
are evident from its various initiatives, CSR activities and training 
programs. Bank has 12 Farmer Training Centres (FTCs) across the 
country that are aiding farmers by providing them training on 
agriculture & allied activities, maintenance of tractor and other farm 
machineries, processing and preservation of fruits and vegetables, 
computer courses, running of beauty parlour, tailoring & embroidery, 
etc. Since inception, FTCs has provided training to more than 18 lakh 
farmers, youth including young girls and women from rural areas. 
Your Bank also provided free financial literacy and credit counselling 
in FY’2023-24 to around 3 lakh people, including different groups like 
Farmers, Self Help Groups, Micro and Small Entrepreneurs, Senior 
Citizens etc. through its 175 Financial Literacy Centres (FLCs). These 
programs aided these groups to have better financial planning that 
helps them inculcate the habit of financial prudence. Bank is also 
providing training to the rural population for skill up-gradation to 
undertake self-employment ventures and jobs and has helped 
around 6 lakh persons to settle through its 76 Rural Self Employment 
Training Institutes (RSETIs) and 2 Rural Development Centres (RDCs) 
since inception. Our RSETIs focus on settlement of participants by 
also ensuring adequate credit for inclusive growth.

Your Bank continues to discharge its social obligations with 
enthusiasm, which includes free medical camps, blood donation 
camps, besides frequent donations and infrastructure support to 
Hospitals, Schools, Defence Stations etc. The Bank also supports 
various societies, charitable institutions and NGOs working for the 
benefit of weaker sections of society. 

Going forward, PNB will play an active role in the vision of Viksit 
Bharat by extending credit support to all sectors of the economy with 
special focus on MSME, Agriculture, Women and Youth. 

Your Bank will continue to deploy generative Artificial Intelligence 
and predictive analytics in its operations for cross-selling and 
upselling opportunities. Your Bank will continue to facilitate ease 
of banking through Mobile First experience, Anywhere Banking, 
Whatsapp Banking, Chatbots, and intuitive mobile apps that will 
help in broadening the financial reach and enhancing the customer 
experience and trust. It is also committed to make the digital 
experience as safe as possible for its various stakeholders by investing 
in appropriate technology to make its systems robust and reliable.

PNB will continue to reassess its processes, user interface and 
banking experience to optimize efficiencies, minimize expenses, 
strengthen customer relationships and enhance regulatory 
compliance and governance to eventually become one of the most 
competitive Banks in the industry.

The Bank believes that human resources are its strongest asset and 
thus continues to focus on upskilling and grooming of its employees 
through its ambitious project UDAAN. Bank in the last financial year 
introduced various tools and initiatives to enhance productivity of its 
employees and effectively utilize its human resources. 

**ANNUAL
REPORT**

¼ds- th- vuar—".ku½ 
xSj&dk;Zikyd vè;{k

The Bank will continue to serve the nation with the same zeal and 
vigour as it has done for the past 13 decades. It will continue to make 
the social fabric of India strong and play a pivotal part in the vision 
of Viksit Bharat making India the third-largest economy by providing 
credit to essential sectors of the economy. The Bank will also continue 
to extend financial services across the length and breadth of the 
country and take steps to ensure financial reach to each and every 
citizen of India. 

I would like to congratulate and extend my gratitude to each and 
every member of the PNB Parivar who has worked relentlessly and 
untiringly for the sustained and steady growth of the Bank. I sincerely 
thank all the stakeholders including esteemed shareholders, 
customers for their continued support and trust in our Bank. I also 
express my sincere thanks to the Government of India, the Reserve 
Bank of India and other regulators for their support and guidance. 
Last but not the least, I thank and appreciate all the Board members 
for their valuable inputs and guidance.

(K.G. Anantha Krishnan)
Non-executive Chairman

BLANK PAGE

**ANNUAL
REPORT**

**fç; lEekfur fgr/kkjd**

**oSf'od vFkZO;oLFkk**

**Hkkjrh; vFkZO;oLFkk**

**Dear valued stakeholders**

On behalf of the Board of Directors and the Management Team, I 
am pleased to share Annual Report of the Bank for FY 2023-24. This 
report shares our unwavering commitment to responsible growth, 
as well as the significant milestones and achievements the Bank has 
accomplished in the previous financial year.

**Global Economy**

On the global front, the economy remained remarkably resilient, with 
steady growth and a declining inflation. The stable growth in economic 
activities defied warnings of stagflation and global recession. As per 
the World Economic Outlook Report April 2024 of the International 
Monetary Fund (IMF), Global growth, estimated at 3.2 per cent in the 
Calendar Year (CY) 2023, is projected to continue at the same pace 
in Calendar Years 2024 and 2025. During CY 2023, global inflation 
descended from its mid-2022 peak as a result of central banks raising 
policy rates around the world. However, as inflation is converging 
towards target levels, central banks are pivoting towards policy 
easing.

**Indian Economy**

India’s economy showed strength amid global challenges and 
geopolitical issues driven by strong domestic demand, especially rural 
demand, robust investments, and steady manufacturing growth. Real 
GDP increased by 8.2 per cent in FY 2023-24, with strong investment 
activity. It is higher than the growth of 7.0 per cent in the previous 
year. The buoyant domestic economic landscape is further evidenced 
by improvements in consumer and investor confidence, reflected 
in enhanced sentiment across various sectors. Capital inflows in 
India saw a significant turnaround in FY2023-24 and India’s foreign 
exchange reserves reached an all-time high in March 2024 i.e. $645.6 
billion.

During FY 2023-24, headline CPI inflation averaged at 5.3%, vs. 
the target of 4% (±2%). Despite a declining trajectory of inflation, 
sporadic food price shocks introduced significant volatility. Core 
inflation (which excludes food and fuel) followed a downward path, 
reaching 3.5% in March 2024. In light of this diminishing trajectory, 

**çca/k funs'kd ,oa eq[; dk;Zikyd  
vf/kdkjh ds MsLd ls**

**From the Managing Director
and CEO's Desk**

**cSafdax m|ksx**

**vkids cSad dh xfrfof/k;ka**

**dkjksckj esa fodkl dh xfr dks cuk, j[kuk**

**ykHk esa fujarjrk vkSj vuqikr esa lq/kkj**

the Monetary Policy Committee (MPC) maintained an unchanged 
policy repo rate of 6.50% throughout FY 2023-24, aiming to strike a 
balance between economic growth and inflation control.

**Banking Industry**

FY 2023-24 has been an exceptionally good year for the entire 
banking industry particularly in terms of Business growth, Asset 
Quality, Profitability and Capital Adequacy. Public sector banks in 
India have posted a stellar performance, with profits crossing Rs.1.4 
trillion for FY 2023-24 vis-à-vis Rs.1.1 trillion in FY 2022-23. PSBs’ 
market performance was reflected in soaring Market Capitalisation 
and stock return also improved during the year.

The asset quality of Public Sector Banks (PSBs) exhibited positive 
trends during FY 2023-24. Both gross non-performing assets (GNPA) 
and net non-performing assets (NNPA) declined to their lowest 
levels in a decade. Additionally, the Capital to Risk-Weighted Assets 
Ratio (CRAR) remained comfortably above the regulatory limit. This 
achievement can be attributed to the concerted efforts focused on 
enhancing asset quality, embracing digitalization and implementing 
strategic reforms at various levels.

**Developments in your Bank**

Throughout the year, the Bank continued to support the economic 
revival by way of extending credit to all the sectors while ensuring 
regulatory compliances and adhering to corporate governance 
norms.

Now I would like to place your Bank’s financial and operational 
performance during FY 2023-24.

**Sustaining the growth momentum in Business**

As on 31st March 2024, the Bank’s Global Business grew to  
Rs. 23,53,038 Crore with Gross Global Advances at Rs.9,83,325 Crore 
and Global Deposit at Rs.13,69,713 Crore. The Bank has continued to 
focus on CASA deposits with current Deposit at Rs.72,201 Crore and 
Saving Deposits at Rs.4,80,298 Crore as on 31st March, 2024. Overall 
CASA Deposits as on 31st March, 2024 stood at Rs.5,52,499 Crore as 
against Rs. 5,38,015 Crore as on 31st March, 2023. CASA Share was at 
41.44 per cent as on 31st March, 2024.

**Consistency in Profit and improving ratios**

FY 2023-24 saw a consistent rise in profitability parameters. Bank’s 
Operating Profit was at Rs. 24,931 Crore in FY 2023-24 vis-à-vis  
Rs. 22,529 Crore in FY 2022-23 registering the growth of 10.7 per cent 
with the help of strong growth of 16.2 per cent year on year basis in 
Net Interest Income. Net Profit grew by more than 225 per cent to 
Rs.8245 Crore in FY 2023-24 on account of improving asset quality.

During FY 2023-24, Return on Assets and Return on Equity improved 
to 0.54 per cent (0.18 per cent in FY 2022-23) and 11.66 per cent (3.94 
per cent in FY 2022-23) respectively. The key productivity parameters, 
Business per employee and Business per branch increased to Rs.2384 
Lakh and Rs. 22,525 Lakh respectively as on 31st March 2024 from  

**ANNUAL
REPORT**

**fjVsy] —f"k vkSj ,e,l,ebZ ¼jSe½ ij Qksdl**

**vkfLr xq.koÙkk esa lq/kkj&igys ls csgrj çn'kZu**

Rs. 2164 Lakh and Rs. 20, 953 Lakh respectively as on 31st March 
2023. The domestic and global Net Interest Margin (NIM) was robust 
at 3.23 per cent and 3.09 per cent respectively in FY 2023-24.

**Focus on RAM**

The Bank continued to give due importance to high yielding Retail, 
Agriculture and MSME (RAM) segment to improve its lending growth 
and diversify its portfolio. RAM Advances as on 31st March, 2024 
stood at Rs. 5,20,050 Crore showing year on year growth of 10.7 per 
cent with RAM share to Domestic Advances at 55.2 per cent.

Under RAM, Retail Segment showed a growth of 12.6 per cent and 
stood at Rs.2,22,574 Crore as on 31st March 2024.

Agriculture segment also showed a growth of 11.3 per cent 
and stood at Rs.1,58,188 Crore while MSME segment showed 
the growth of 7.0 per cent and was Rs.1,39,288 Crore as on 31st 
March 2024. During FY 2023-24, MSME customers who graduated 
beyond MSME and were reclassified as mid corporate customers. 
Accordingly, if the impact of reclassification is taken into account in 
the base figures as on 31st March, 2023, then MSME growth would 
be 12.0% year on year basis.

**Asset Quality Improvement-Performing better than before**

The Bank maintained its focus on enhancing asset quality and these 
efforts were reflected by way of reduction in Gross and Net NPA 
numbers sequentially. Gross NPA reduced to Rs. 56,343 Crore as on 
31st March, 2024 from the level of Rs.77,328 Crore as on 31st March, 
2023 showing a decline of 16.4 per cent on YoY. Net NPA declined to 
Rs 6,799 Crore as on 31st March, 2024 from the level of Rs. 22,585 
Crore as on 31st March, 2023 registering a year on year decline of 
69.9 per cent.

Gross NPA ratio improved by 301 bps to 5.73 per cent, Net NPA ratio 
came below 1 per cent as on 31st March 2024 and was at 0.73 per 
cent hence showing a reduction by 199 bps over 31st March 2023. 
Provision Coverage Ratio (PCR) (incl. TWO) moved upto 95.4 per 
cent as on 31st March 2024 from 86.9 per cent as on 31st March 2023 
showing an improvement of 850 bps.

The Bank’s position in Asset Quality improved mainly on the back of 
the improved recovery and arresting slippages. Your Bank’s recovery 
was 1.4 times of slippages in FY 2022-23 which increased to 2.7 times 
in FY 2023-24. The factors which contributed in improving asset 
quality included dedicated tele-calling campaigns and field visits to 
NPA borrowers. At corporate level also, there was full support and 
involvement for enhancing recovery and arresting slippages. During 
the year, the Bank leveraged portals like PNB- SAMARTH for aiding 
recovery process and re-vamped digital OTS (e-OTS) offering for NPA 
recovery for eligible accounts upto Rs.10 Lakh.

**Sound Capital**

The Bank has been laying adequate focus on ensuring adequate 
capital to meet the sustainable growth. The Capital Adequacy Ratio 
reached at 15.97 per cent as on 31st March 2024 as against 15.50 per 
cent in as on 31st March 2023. Tier 1 ratio was at 13.17 per cent and 
Tier 2 was at 2.80 per cent as on 31st March 2024. During FY 2023-24, 
the Bank raised Rs. 6012 Crore through Additional Tier I (AT I) Bonds 
and Rs.3090 Crore through Tier II Bonds.

The Bank also emphasised on optimising Risk weighted Assets by 
focusing on high rated borrowers.

Further, your Bank has taken approval from Board and Shareholders 
for raising of equity capital for an amount aggregating up to Rs.7500 
Crore in one or more tranches during FY 2024-25, through Qualified 
Institutions Placement (QIP)/Follow on Public Offer (FPO) or any 
other permitted mode or a combination thereof. Further, Board has 
accorded permission for raising Capital through Bonds up to Rs.10000 
Crore (Additional Tier-I up to Rs.7000 Crore and Tier-II bonds up to 
Rs.3000 Crore) during FY2024-25.

**Dividend**

Throughout FY 2023-24, the Bank performed remarkably well 
and consolidated its position in the industry. Further, the Board of 
Directors of the Bank have recommended a dividend of Rs.1.50/- per 
equity share (i.e. 75%) of face value of Rs.2/- each to the Shareholders 
for the year 2023-24, subject to the approval of the Shareholders at 
the AGM. This is as compared to the dividend of Rs. 0.65/- per equity 
share distributed for FY 2022-23 and is testimony to our commitment 
to value creation for our esteemed shareholders.

**Customer Service**

Your Bank believes that in the era of intense competition, the quality 
of customer service serves as a significant differentiator, especially in 
a service industry. In this direction, your Bank has launched several 
end to end digital products and process like tab-based account 
opening of Current and Saving (CASA) accounts, digitalised home 
loan and education loan to meet customer expectations and thus 
providing ease of banking.

In addition to it, the Bank also ensured to make adequate efforts 
in the direction by way of resolving customer queries promptly 
and conveniently. Recognizing the critical role of efficient grievance 
redressal bank has undertaken call centre revamp, streamlined 
communication channels and digitalised complaint resolution 
mechanism. There has been 20 per cent reduction in number of 
digital complaints and 22 per cent reduction in number of non-digital 
complaints received in FY 2023-24 over FY 2022-23.

**Digital Footprints**

Technology has revolutionised the way banking is done and has 

**lq–<+ iwath**

**ykHkka'k**

**xzkgd lsok**

çkS|ksfxdh us cSafdax ds rjhds esa Økafr yk nh gS vkSj vf/kd lqfo/kktud] 

**ANNUAL
REPORT**

ensured more convenient, accessible and secure financial services. 
In line with the trend and requirement of the present time, the Bank 
has also taken various steps in this direction and come out with digital 
products and services for the superior customer experience.

Your Bank has launched multiple products, processes and portals 
for providing best in class services to its customers. Some of these 
products and services include Pre-Approved Business Loans (PABL), 
Digital Kisan Credit Cards through Jan Samarth Portal, Digi Home 
Loans, Digital Personal Loan to New To Bank (NTB) Customers (PNB-
Swagat), e-PM SVANidhi, e-GST Express, e-BG. These products, 
processes and portals have not only provided opportunities for 
Business growth but also paced up recovery efforts, customer 
service, credit monitoring, etc. The Bank has acclaimed to have many 
Industry-first offerings which is the matter of pride for your Bank. The 
digital efforts of the Bank has been discussed in detail in the Annual 
Report of the Bank.

Your Bank’s mobile app PNB ONE was upgraded to provide more 
convenience to all its customers. Towards it, the Bank has also 
introduced additional features such as scanner, zoom in and zoom 
out facility, flashlight and scan from gallery. In addition to it, RuPay 
Credit Card can be linked to PNB ONE for Person 2 Merchant (P2M) 
payments. Further, Fixed Deposit/Recurring Deposits opening 
journeys have been made simple. Also, on PNB ONE, customers can 
get a unified view of all the banks accounts. Owing to these efforts 
made, Mobile banking transaction volume increased to 5.40 Crore in 
FY 2023-24 from 2.82 Crore in FY 2022-23.

**Transforming HR via PNB UDAAN**

In a significant move towards revolutionizing the most valuable 
assets i.e., human resources, your Bank has embarked on an 
ambitious journey with Project UDAAN. This initiative is designed to 
create a cutting-edge HR ecosystem, fostering data-driven decisions 
and promoting a culture of inclusivity and equal opportunity. 
By leveraging the latest digital tools, Project UDAAN is all set to 
enhance transparency and efficiency in HR processes. A key focus 
of this initiative is nurturing future leaders through tailored learning 
programs and utilizing advanced analytics to meet performance 
needs.

The comprehensive three-year plan under Project UDAAN has already 
demonstrated success in its first year, with capabilities matching 
industry best practices. As the Bank progresses into the second year, 
the aim of the Bank is to surpass expectations by implementing 
innovative systems and processes. By the end of the third year, your 
Bank aspires to launch state-of-the-art digital platforms, including 
mobile applications and advanced analytics use cases.

A multitude of digital tools and initiatives have been developed and 
launched in the first year of Project UDAAN, focusing on performance 
management and capability building. These include the Role Clarity 
Tool, Target Setting and Collation Tool, PMS Profiler, and Performance 
Dashboards, all of which are designed to enhance role clarity and 

**ih,uch mM+ku ds ek/;e ls ekuo lalk/ku dk :ikarj.k**

objective performance evaluations. Additionally, tools for manpower 
assessment, recruitment, and promotions have been introduced 
to strengthen the transformation process. The Postings Tool and 
revamped job family allocation framework ensure scientific and 
transparent placements, fostering a performance-driven culture.

Project UDAAN’s comprehensive approach extends to leadership 
development and change management, with extensive programs and 
initiatives designed to drive awareness, engagement, and adoption 
of new methodologies. The Leadership Development Program has 
successfully trained over 900 mid-managers and senior leaders, 
equipping them with best-in-class skills. Looking ahead, UDAAN 2.0 
aims to introduce a revamped Rewards and Recognition framework, 
an Employee Skill Assessment platform, and a modernized Learning & 
Development ecosystem. By developing a rich library of HR analytics 
use cases, your Bank aims to enhance HR processes and employee 
engagement, ultimately building a world-class talent pool for the 
Bank.

**Awards and Accolades**

The Bank’s performance was adequately recognised at various 
prestigious forums which added to the spirits of your Bank. Notable 
among them is Bank’s 3rd Rank under EASE 5.0. The Bank also stood 
2nd under 2 themes of EASE i.e., Digital Enabled Customer Offerings 
and Big Data & Analytics. Your Bank was also adjudged Best MSME 
Bank by ASSOCHAM. Your Bank was recognised for “Best Data 
Quality in Commercial Bureau Segment” for 2023-24 during the 
Annual Conference of General Managers of PSBs organized by IBA 
& TransUnion (TU) CIBIL and Data Excellence Award in Consumer 
Bureau segment by CRIF Highmark during CRIF InFocus Seminar.

The Bank’s list of awards and accolades also included Excellence in 
Gender Inclusion Award by jury of International Inclusion Alliance. 
With your constant support, the Bank would continue to add to list of 
laurels and accolades in future also.

**Looking Ahead**

Financial Year 2024-25 looks promising as Indian Economy is likely 
to maintain growth momentum. The government focus will continue 
to promote sustained, equitable and inclusive growth by focusing 
on Digitalisation & Ease of Doing Business, Infrastructure including 
Renewable Energy and Financial Inclusion, etc. Economic activities 
are showing resilience with inflation pivoting towards target. The 
downside risk to this is the geopolitical situation which will continue 
to play a major role in determining the actual growth path of Financial 
Year 2024-25. Coming to Banking sector outlook, banking industry is 
in better position with healthy credit growth outlook, sound capital 
adequacy and enhanced asset quality.

Going forward, your Bank will continue to work on key priorities, 
strategic goals, and the exciting opportunities that lie ahead. Your 

**iqjLdkj vkSj ç'kalk**

**Hkkoh ;kstuk,a**

**ANNUAL
REPORT**

Bank will continue to emphasize on digitalization for delivering 
superior customer experience and operational efficiency. Your Bank 
will also ensure expanding financial inclusion initiatives, reaching 
unbanked and underbanked segments of the population.

In FY 2024-25, the Bank is all set to achieve sustainable growth 
through further digitisation, improved employee-centricity, focus 
on RAM and CASA portfolio build-up, and improving market 
share while reiterating your Bank’s commitment to robust risk 
management practices to ensure financial stability and mitigation 
of potential risks.

Customer Centricity will evolve further and the Bank’s unwavering 
focus will be on providing exceptional customer service and building 
strong customer relationships. With talented team, innovative 
strategies, and unwavering commitment to our core values, we are 
well-positioned to navigate the evolving financial landscape and 
emerge stronger than ever.

I would like to express my gratitude to all members of the Board for 
their trust, faith and active association. I also thank the Ministry of 
Finance and Reserve Bank of India for their support and guidance. 
I also take this opportunity to wholeheartedly thank all our 
stakeholders for their unequivocal trust in the Bank. I would also 
like to acknowledge the continuous patronage we have received in 
this journey from our customers. I thank all our employees for their 
unstinted support during the year.

Yours Sincerely,

(Atul Kumar Goel)
Managing Director & CEO

vkidk]

¼vrqy dqekj xks;y½
çca/k funs'kd ,oa eq[; dk;Zikyd vf/kdkjh 

**Shri K G Ananthakrishnan**

Non-Executive Chairman

**Shri Atul Kumar Goel**

Managing Director & Chief Executive Officer

**�नदेशक मंडल/Board of Directors**

**Shri Kalyan Kumar**

Executive Director

Shri Binod Kumar
Executive Director

�ी एम.परम�शवम 
कायर्पालक �नदेशक

**Shri M. Paramasivam**

Executive Director

**�ी �बभु �साद महापा�**

कायर्पालक �नदेशक

**Shri Bibhu Prasad Mahapatra**

Executive Director

**कायर्पालक �नदेशक/Executive Directors**

**�ी पंकज शमार्**

**Shri Pankaj Sharma**

Govt. of India Nominee Director

**�ीमती उमा शंकर**

**Smt Uma Sankar**

Reserve Bank of India Nominee Director

**�ी पंकज जोशी**

अंशका�लक गैर - सरकारी �नदेशक 

**Shri Pankaj Joshi**

Part Time Non-Official Director

**डॉ. रेखा जैन**

शेयरधारक- �नदेशक
Dr Rekha Jain

Shareholder Director

**�ी ज�त�र �स�ह बजाज**

शेयरधारक-�नदेशक

**Shri Jatinder Singh Bajaj**

Shareholder Director

**�नदेशक/Directors**

**Shri Binay Kumar Gupta**

**मु� महा�बं�क ��वरसीज�/�hief General Manager ��verseas�**

**�ी ��रोज हसनैन
Shri �iro� �asnain**

**�ी समीर बाजपेयी**

**Shri Sameer Bajpai**

**�ी अमरेश �साद**

**Shri Amresh Prasad**

**�ी सुनील अ�वाल
Shri Sunil Agra�al**

**�ी संजय गु�ा**

**Shri Sanjay Gupta**

**�ी एस के  राणा
Shri S K Rana**

**Shri Sunil Kumar �hugh**

**�ी राजीवा**

**Shri Rajeeva**

**�ी राके श गां�ी**

**Shri Rakesh Gandhi**

**�ी संजीवन नीखर**

**Shri Sanjeevan �ikhar**

**�ी राके श �ोवर**

**Shri Rakesh Grover**

**�ी संजय वा�य**

**Shri Sanjay �arshneya**

**�ी हेमंत वमार्**

**Shri �emant �erma**

**Shri Amit Kumar Srivastava**

**�ी वी सुंदरेसन**

**Shri � Sundaresan**

BLANK PAGE

**ANNUAL
REPORT**

**fo"k; lwph**

**i`"B la-**

**uksfVl 
1&40**

**funs'kdksa dh fjiksVZ 
41&84**

**çcaèku ifjppkZ ,oa fo'ys"k.k 
85&127**

**d‚jiksjsV vfHk'kklu ij ys[kkijh{kdksa dk çek.ki= 
128&129**

**d‚jiksjsV vfHk'kklu ij fjiksVZ 
130&189**

**lfpoh; ys[kkijh{kk fjiksVZ 
190&195**

**funs'kdksa dh xSj&v;ksX;rk dk çek.k i= 
196&198**

**dkjksckj mÙkjnkf;Ro vkSj fLFkjrk fjiksVZ 
199&266**

**d‚jiksjsV lkekftd mÙkjnkf;Ro fjiksVZ 
267&287**

**csly III ÝseodZ ds varxZr çdVhdj.k 
288**

**,dy foÙkh; foojf.k;ka 
289**

**-  ys[kkijh{kdksa dh fjiksVZ 
290&302**

**-  rqyu i= 
303&304**

**-  ykHk ,oa gkfu ys[kk 
305&307**

**-  vuqlwfp;ka 
308&320**

**-  çeq[k ys[kkadu uhfr;ka 
321&335**

**-  ys[kksa ds fy, fVIif.k;ka 
336&415**

**-  udnh çokg fooj.k 
416&420**

**lesfdr foÙkh; foojf.k;ka 
421**

**- ys[kkijh{kdksa dh fjiksVZ 
422&434**

**- rqyu i= 
435&436**

**- ykHk ,oa gkfu ys[kk 
437&439**

**- vuqlwfp;ka 
440&452**

**-  çeq[k ys[kkadu uhfr;ka 
453&468**

**- ys[kksa ds fy, fVIif.k;ka  
469&487**

**- udnh çokg fooj.k 
488&491**

**Contents**

**Page No.**

Notice 
1-40 

Directors’ Report 
41-84 

Management Discussion and Analysis 
85-127 

Auditors’ Certificate on Corporate Governance 
128-129

Report on Corporate Governance 
130-189

Secretarial Audit Report 
190-195

Certificate of Non-Disqualification of Directors 
196-198

Business Responsibility and Sustainability Report 
199-266

Corporate Social Responsibility Report 
267-287

Disclosure under Basel III Framework 
288

**Standalone Financial Statements 
289**

- 
Auditors’ Report 
290-302

- 
Balance Sheet 
303-304

- 
Profit & Loss Account 
305-307

- 
Schedules 
308-320

- 
Significant Accounting Policies 
321-335

- 
Notes to Accounts 
336-415

- 
Cash Flow Statement 
416-420

**Consolidated Financial Statements 
421**

- 
Auditors’ Report 
422-434

- 
Balance Sheet 
435-436

- 
Profit & Loss Account 
437-439

- 
Schedules 
440-452

- 
Significant Accounting Policies 
453-468

- 
Notes to Accounts 
469-487

- 
Cash Flow Statement 
488-491

**AUDITORS**

D K Chhajer & Co.

S C Bapna & Associates

Ummed Jain & Co.

N K Bhargava & Co.

PSD & Associates

SHARE TRANSFER AGENT
Beetal Financial & Computer Services (P) Limited
�Beetal House’, 3rd Floor
99, Madangir, Behind Local Shopping Centre
New Delhi 110062
Tel. No. 011-29961281/82/83, Fax� 011-29961284
e-mail� beetalrta@gmail.com

BLANK PAGE

**ANNUAL
REPORT**

**1**

**23oha okf"kZd vke cSBd dh lwpuk **

**�otice of the ��rd Annual �eneral �eeting**

Date and time of 23rd Annual Generalal
Meeting (AGM)

Saturday, 29th June, 2024 at 11.00
11.00 a.m.
a.m.

through VC/OAVM
VC/OAVM

Cut-off
date
for
de
determining
termining
the
the

shareholders eligible
eligible to vote on the
the

Agenda Items of
of
of the
the AGM

Saturday,
Saturday, 22nd June,
June, 2024

Record Date for Dividend
Dividend
Dividend
Saturday, 22nd June,
June,
June, 2024
2024

Book Closure Dates
Dates
From
FromSunda
Sunday,23rdJune,
June,
June,2024toSaturday,
turday,

29th June, 2024 (both
(both days
days inclusive)
inclusive)

Period of Remote E-Voting
E-Voting
From
09.00
a.m.
of
Wednesday,
ednesday,

26
26th June, 2024
2024 to 05.00
05.00 p.m.
p.m. of Friday,y,

28th
th June,
June, 2024
2024

Dividend Payment Date
Date
Friday,
Friday,
Friday, 12th
th July,
July, 2024
2024

**23oha okf"kZd vke cSBd ¼,th,e½ dh frfFk 
,oa le; **

**ohfM;ks d‚UÝsaflax ohlh@vks,oh,e ds 
ekè;e ls 'kfuokj] 29 twu] 2024 dks iwokZà 
11-00 cts**

**,th,e dh dk;Zlwph enksa ij ernku ds 
fy, ik= 'ks;jèkkjdksa ds fuèkkZj.k ds fy, 
dV&v‚Q frfFk**

**'kfuokj] 22 twu] 2024**

**ykHkka'k ds fy, fjd‚MZ frfFk 
'kfuokj] 22 twu] 2024**

**cgh can djus dh frfFk;k¡ 
jfookj] 23 twu] 2024 ls 'kfuokj] 29 twu] 
2024 rd ¼nksuksa fnu 'kkfey½  **

**fjeksV bZ&oksfVax dh vofèk 
cqèkokj] 26 twu] 2024 iwokZà 09-00 cts ls 
'kqØokj] 28 twu] 2024 vijkà 05-00 cts rd**

**2**

 Head Office� Plot No.4, Sector 10, Dwarka, New Delhi – 110075 

(E-mail id� hosd@pnb.co.in)                            

**NOTICE**

**ORDINARY BUSINESS**

To consider and if thought fit, to pass the following as Ordinary 
Resolution�

��������� ��A� the Audited Balance Sheet of the Bank as at 31st 
March 2024, Profit and Loss Account of the Bank for the year ended 
31st March 2024, the Report of the Board of Directors on the working 
and activities of the Bank for the period covered by the Accounts and 
the Auditors’ Report on the Balance Sheet and Accounts be and are 
hereby approved and adopted��

**Item �o��� �o declare dividend on the e�uity shares of the �an� for 
the financial year ����-��**

To consider and if thought fit, to pass the follo�ing as �rdinary 
�esolution�

**�P�CIA� ���I����**

¼Ã&esy vkÃMh% hosd@pnb.co.in½

**lwpuk**

**fo'ks"k dk;Z**

**ANNUAL
REPORT**

**3**

To consider and if thought fit, to pass the following as Ordinary 
Resolution�

“�������� ��A� pursuant to the provisions of Regulation 23(4) of 
the Securities and Exchange Board of India (Listing Obligations and 
Disclosure Requirements) Regulations, 2015 (hereinafter referred to 
as “SEBI Listing Regulations”) and such other applicable provisions 
of law, if any, and any amendments, modifications, variations or re-
enactments thereof (hereinafter referred to as “Applicable Laws”) 
and the �Policy on Related Party Transactions’ of Punjab National 
Bank (hereinafter referred to as “Bank”), the Shareholders of the 
Bank do hereby accord approval to the Board of Directors of the 
Bank (hereinafter referred to as “Board”, which term shall be deemed 
to include the Audit Committee of Board or any Committee duly 
constituted by the Board, to exercise its powers conferred under this 
resolution), for entering into and/or carrying out and/or continuing 
with contracts or arrangements or transactions (whether individual 
transaction or transactions taken together or a series of transactions 
or otherwise) for Outright securities transactions (sale/purchase 
of securities), Money Market transactions, Primary subscription of 
securities, Security Arranger services in PNBs NCD issuances through 
EBP in which PNB Gilts may be arranger/one of the arrangers to 
the issue and also such other transactions such as purchase/sale of 
Government Securities (G-Sec), Bonds/ Debentures of PSUs, other 
bodies as may be disclosed in the notes forming part of the Financial 
Statements for the relevant Financial Year, for an amount in excess 
of the materiality threshold of �1000 Crore or 10% of the Annual 
Consolidated Turnover of the Bank as per the last audited financial 
statements of the Bank, whichever is lower, as prescribed under 
Applicable Laws, from the date of AGM for FY 2023-24 (i.e., 29th 
June, 2024) till the date of next AGM, as specified in the Explanatory 
Statement annexed to the Notice.”

“�������� ������� THAT the Board be and is hereby authorised 
to sign and execute all necessary documents, contracts, deeds, 
agreements and to do all such acts, deeds, matters and things as it 
may in its absolute discretion deem necessary or expedient to give 
effect to this resolution and to settle any question that may arise in 
this regard and incidental thereto, without being required to seek any 
further consent or approval of the shareholders to the end and intent 
that the shareholders shall be deemed to have given their approval 
thereto expressly by the authority of this resolution.” 

“�������� ������� ��A� the Board be and is hereby authorised 
to delegate all or any of the powers herein conferred on it, to the 
Managing Director & CEO or Executive Director(s) or Committee of 
Executives or any Officer(s) of the Bank, as it may deem fit, to give 
effect to the aforesaid Resolution.”

To consider and if thought fit, to pass the following as Ordinary 
Resolution�

“�������� ��A� pursuant to the provisions of Regulation 23(4) of 

**4**

the Securities and Exchange Board of India (Listing Obligations and 
Disclosure Requirements) Regulations, 2015 (hereinafter referred to 
as “SEBI Listing Regulations”) and such other applicable provisions 
of law, if any, and any amendments, modifications, variations or re-
enactments thereof (hereinafter referred to as “Applicable Laws”) 
and the �Policy on Related Party Transactions’ of Punjab National 
Bank (hereinafter referred to as “Bank”), the Shareholders of the 
Bank do hereby accord approval to the Board of Directors of the 
Bank (hereinafter referred to as “Board”, which term shall be deemed 
to include the Audit Committee of Board or any Committee duly 
constituted by the Board, to exercise its powers conferred under this 
resolution), for entering into and/or carrying out and/or continuing 
with contracts or arrangements or transactions (whether individual 
transaction or transactions taken together or a series of transactions 
or otherwise) of granting of Loans and Advances such as Term Loans, 
Line of Credit, Overdraft, etc., to PNB Gilts Limited and PNB Housing 
Finance Limited (PNBHFL), Related Parties of the Bank within the 
meaning of Regulation 2(1)(zb) of SEBI Listing Regulations, for an 
amount in excess of the materiality threshold of �1000 Crore or 
10% of the Annual Consolidated Turnover  of the Bank as per the 
last audited financial statements of the Bank, whichever is lower, as 
prescribed under Applicable Laws, from the date of AGM for FY 2023-
24 (i.e., 29th June, 2024) till the date of next AGM, as specified in the 
Explanatory Statement annexed to the Notice.”

“�������� ������� ��A� the Board be and is hereby authorised 
to sign and execute all necessary documents, contracts, deeds, 
agreements and to do all such acts, deeds, matters and things as it 
may in its absolute discretion deem necessary or expedient to give 
effect to this resolution and to settle any question that may arise in 
this regard and incidental thereto, without being required to seek any 
further consent or approval of the shareholders to the end and intent 
that the shareholders shall be deemed to have given their approval 
thereto expressly by the authority of this resolution.” 

“�������� ������� THAT the Board be and is hereby authorised 
to delegate all or any of the powers herein conferred on it, to the 
Managing Director & CEO or Executive Director(s) or Committee of 
Executives or any Officer(s) of the Bank, as it may deem fit, to give 
effect to the aforesaid Resolution.”

**Item �o��� �o consider and approve the �aterial �elated Party 
�ransactions for I�PC �ransactions �ith �egional �ural �an�s 
�Associates�**

To consider and if thought fit, pass the following as Ordinary 
Resolution�

“�������� ��A� pursuant to the provisions of Regulation 23(4) of 
the Securities and Exchange Board of India (Listing Obligations and 
Disclosure Requirements) Regulations, 2015 (hereinafter referred to 
as “SEBI Listing Regulations”) and such other applicable provisions 
of law, if any, and any amendments, modifications, variations or re-
enactments thereof (hereinafter referred to as “Applicable Laws”) 
and the �Policy on Related Party Transactions’ of Punjab National 
Bank (hereinafter referred to as “Bank”), the Shareholders of the 
Bank do hereby accord approval to the Board of Directors of the 
Bank (hereinafter referred to as “Board”, which term shall be deemed 

**ANNUAL
REPORT**

**5**

to include the Audit Committee of Board or any Committee duly 
constituted by the Board, to exercise its powers conferred under this 
resolution), for entering into and/or carrying out and/or continuing 
with contracts or arrangements or transactions (whether individual 
transaction or transactions taken together or a series of transactions 
or otherwise) for undertaking IBPC transactions with Regional Rural 
Banks viz. Assam Gramin Vikash Bank, Bangiya Gramin Vikash Bank, 
Himachal Pradesh Gramin Bank, Manipur Rural Bank, Punjab Gramin 
Bank, Prathama UP Gramin Bank, Tripura Gramin Bank, Dakshin Bihar 
Gramin Bank and Sarva Haryana Gramin Bank, Related Parties of 
the Bank within the meaning of Regulation 2(1)(zb) of SEBI Listing 
Regulations, for an amount in excess of the materiality threshold of 
�1000 Crore or 10% of the Annual Consolidated Turnover of the Bank 
as per the last audited financial statements of the Bank, whichever 
is lower, as prescribed under Applicable Laws, from the date of AGM 
for FY 2023-24 (i.e., 29th June, 2024) till the date of next AGM, as 
specified in the Explanatory Statement annexed to the Notice.”

“�������� ������� ��A� the Board be and is hereby authorised 
to sign and execute all necessary documents, contracts, deeds, 
agreements and to do all such acts, deeds, matters and things as it 
may in its absolute discretion deem necessary or expedient to give 
effect to this resolution and to settle any question that may arise in 
this regard and incidental thereto, without being required to seek any 
further consent or approval of the shareholders to the end and intent 
that the shareholders shall be deemed to have given their approval 
thereto expressly by the authority of this resolution.” 

“�������� ������� ��A� the Board be and is hereby authorised 
to delegate all or any of the powers herein conferred on it, to the 
Managing Director & CEO or Executive Director(s) or Committee of 
Executives or any Officer(s) of the Bank, as it may deem fit, to give 
effect to the aforesaid Resolution.”

To consider and if thought fit, to pass the following as Ordinary 
Resolution�

“�������� ��A� pursuant to the provisions of Regulation 23(4) of 
the Securities and Exchange Board of India (Listing Obligations and 
Disclosure Requirements) Regulations, 2015 (hereinafter referred to 
as “SEBI Listing Regulations”) and such other applicable provisions 
of law, if any, and any amendments, modifications, variations or re-
enactments thereof (hereinafter referred to as “Applicable Laws”) 
and the �Policy on Related Party Transactions’ of Punjab National 
Bank (hereinafter referred to as “Bank”), the Shareholders of the 
Bank do hereby accord approval to the Board of Directors of the 
Bank (hereinafter referred to as “Board”, which term shall be deemed 
to include the Audit Committee of Board or any Committee duly 
constituted by the Board, to exercise its powers conferred under this 
resolution), for entering into and/or carrying out and/or continuing 
with contracts or arrangements or transactions (whether individual 
transaction or transactions taken together or a series of transactions 
or otherwise) for acceptance of current account deposits by the 

**6**

Bank whether by way of fresh deposit(s) or any extension(s) or 
modification(s) of earlier contracts/arrangements/transactions or 
otherwise, from PNB Gilts Limited and PNB Housing Finance Limited, 
Related Parties of the Bank within the meaning of Regulation 2(1)(zb) 
of SEBI Listing Regulations, for an amount in excess of the materiality 
threshold of �1000 Crore or 10% of the Annual Consolidated Turnover  
of the Bank as per the last audited financial statements of the Bank, 
whichever is lower, as prescribed under Applicable Laws, from the 
date of AGM for FY 2023-24 (i.e., 29th June, 2024) till the date of 
next AGM, as specified in the Explanatory Statement annexed to the 
Notice.”

“�������� ������� ��A� the Board be and is hereby authorised 
to sign and execute all necessary documents, contracts, deeds, 
agreements and to do all such acts, deeds, matters and things as it 
may in its absolute discretion deem necessary or expedient to give 
effect to this resolution and to settle any question that may arise in 
this regard and incidental thereto, without being required to seek any 
further consent or approval of the shareholders to the end and intent 
that the shareholders shall be deemed to have given their approval 
thereto expressly by the authority of this resolution.” 

“�������� ������� ��A� the Board be and is hereby authorised 
to delegate all or any of the powers herein conferred on it, to the 
Managing Director & CEO or Executive Director(s) or Committee of 
Executives or any Officer(s) of the Bank, as it may deem fit, to give 
effect to the aforesaid Resolution.”

To consider and if thought fit, to pass with or without modification, 
the following as Ordinary Resolution�

“�������� ��A� pursuant to the provisions of Regulation 23(4) of 
the Securities and Exchange Board of India (Listing Obligations and 
Disclosure Requirements) Regulations, 2015 (hereinafter referred to 
as “SEBI Listing Regulations”) and such other applicable provisions 
of law, if any, and any amendments, modifications, variations or re-
enactments thereof (hereinafter referred to as “Applicable Laws”) 
and the �Policy on Related Party Transactions’ of Punjab National 
Bank (hereinafter referred to as “Bank”), the Shareholders of 
the Bank do hereby accord approval to the Board of Directors of 
the Bank (hereinafter referred to as “Board”, which term shall be 
deemed to include the Audit Committee of Board or any Committee 
duly constituted by the Board, to exercise its powers conferred 
under this resolution), for entering into and/or carrying out and/or 
continuing with contracts or arrangements or transactions (whether 
individual transaction or transactions taken together or a series of 
transactions or otherwise) in the Nostro accounts whether by way 
of fresh transaction or any extension(s) or modification(s) of earlier 
contracts/arrangements/ transactions or otherwise, with Druk PNB 
Bank Limited and Everest Bank Limited, Related Parties of the Bank 

**ANNUAL
REPORT**

**7**

within the meaning of Regulation 2(1)(zb) of SEBI Listing Regulations, 
for an amount in excess of the materiality threshold of �1000 Crore 
or 10% of the Annual Consolidated Turnover  of the Bank as per the 
last audited financial statements of the Bank, whichever is lower, as 
prescribed under Applicable Laws, from the date of AGM for FY 2023-
24 (i.e., 29th June, 2024) till the date of next AGM, as specified in the 
Explanatory Statement annexed to the Notice.”

“�������� ������� ��A� the Board be and is hereby authorised 
to sign and execute all necessary documents, contracts, deeds, 
agreements and to do all such acts, deeds, matters and things as it 
may in its absolute discretion deem necessary or expedient to give 
effect to this resolution and to settle any question that may arise in 
this regard and incidental thereto, without being required to seek any 
further consent or approval of the shareholders to the end and intent 
that the shareholders shall be deemed to have given their approval 
thereto expressly by the authority of this resolution.” 

“�������� ������� ��A� the Board be and is hereby authorised 
to delegate all or any of the powers herein conferred on it, to the 
Managing Director & CEO or Executive Director(s) or Committee of 
Executives or any Officer(s) of the Bank, as it may deem fit, to give 
effect to the aforesaid Resolution.”

By order of the Board of Directors

     �or Pun�ab �ational �an� 

Place� New Delhi 
 
                               ���ta Pasricha�

Date� 03.06.2024 
                                     Company �ecretary

funs'kd eaMy ds vkns'k ls

**—rs iatkc uS'kuy cSad **

LFkku% uÃ fnYyh 
 
¼,drk iljhpk½

fnukad% 03-06-2024 
daiuh lfpo