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PNB targets wealth management and credit card growth by 2027
Punjab National Bank wants to offer wealth management services by early 2027.
Wealth management helps customers manage and invest their money.
The bank has placed relationship managers in 1,700 branches and plans to add them in 1,300 more.
These managers will approach the top 250 customers in each branch.
Punjab National Bank is also growing its credit card business.
Its card count increased from 650,000 to 1.05 million.
The bank is adding about 50,000 to 60,000 cards each month.
It launched a premium metal card called Luxura.
It also plans to provide customised cards to Indian Army personnel.
Punjab National Bank plans to enter wealth management services in early 2027.
Relationship managers are deployed in 1,700 branches, with 1,300 more planned by September end.
India’s wealth management market is projected to grow from $172 billion in 2025 to $436 billion by 2034.
Punjab National Bank’s credit card base rose from 650,000 in March 2025 to 1.05 million.
The bank launched Luxura and signed an agreement with the Indian Army for customised cards.
- Who
- Punjab National Bank, led by Managing Director and Chief Executive Officer Ashok Chandra, is undertaking the expansion.
- What
- The bank plans to enter wealth management and substantially expand its credit card business.
- Where
- The initiatives will operate through Punjab National Bank’s branch network in India.
- When
- The wealth management launch is planned for early 2027; 1,300 additional branches are expected to receive relationship managers by September end.
- Why
- The bank is seeking growth in India’s expanding wealth management and credit card markets.
Key facts
- Wealth management launch
- Planned for early 2027
- Relationship manager coverage
- 1,700 branches currently; 1,300 additional branches planned by September end
- Branch network
- More than 10,000 branches across India
- Wealth market projection
- Expected to rise from $172 billion in 2025 to $436 billion by 2034
- Credit card base
- Increased from 650,000 in March 2025 to 1.05 million
- Monthly card additions
- Approximately 50,000 to 60,000 cards
- New card products
- Luxura for officers and Parakram for junior commissioned officers and personnel under the Army agreement
Quotes
Ashok Chandra
Managing director and chief executive officer of Punjab National Bank
“There were 650,000 credit cards up to March 2025. From which the number has gone up to 1,050,000. We are adding 50,000 to 60,000 cards every month.”
rediff.com
“For the wealth management business, we have deployed relationship managers (RMs) in 1,700 branches.”
rediff.com
Sources
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