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PNB starts Corporate Internet Banking

New Delhi, September 15, 2004

Dr. Montek Singh Ahluwalia, Deputy Chairman, Planning Commission, launched PNB’s Corporate Internet Banking Service today in New Delhi. Mr. S.S. Kohli, CMD, Dr. K.C. Chakrabarty, ED, Senior Bankers, other top officials and large number of Corporate clients were present.

Dr.Ahluwalia said that from initial hiccups when computerisation was introduced two decades ago in banking sector, it has come a long way since then offering state of art facilities to customers.

He lauded the achievements of PNB having networked 700 branches, highest in the bank in South East Asia. He emphasised that Public Sector Banks have a major role to play towards growth of economy.

Earlier while welcoming Dr.Ahluwalia, Shri Kohli said that keeping up Techno savvy initiatives, PNB has launched yet another product to its Customers - the Corporate Internet Banking. Aimed at enabling corporate customers with the power of banking at their convenience and comfort, the product would enable a corporate customer to monitor and manage all its accounts across the country, from anywhere across the globe. Powered with unbeatable features like online lodging of LC/LG, Fund transfer with multilevel approvals according to corporate specific hierarchical system, Bill payment facilities, salary upload, cash management services, supply chain management etc the product is here to redefine banking convenience. The USP of the product is that the Corporate can do most of the banking transactions at its own convenience with minimal or zero intervention from the Bank.

Mr. Kohli added that PNB has emerged a pioneer Bank in ITisation and has embarked upon an intensive drive to phase out legacy systems by inducting world-class technology. The Bank keeps a close watch on the emerging global trends in Banking and technology and has always been a frontrunner in inducting the same to deliver world-class services and products to its customers. Bank is having the largest Centralised Banking network in South East Asia.

Customers of over 700 branches in over 145 centres across the country would benefit from the “Corporate Internet Banking Services.” PNB had already launched its Retail Internet Banking services in August 2003. Bank has ensured that its Internet Banking Services conform to International Security Standards and has under gone stringent security evaluation.

PNB has been recently awarded the "Best IT User Award - 2004" in the Banking and Financial Services Industry (BFSI) category in Mumbai by NASSCOM in partnership with economictimes.com in acknowledgement of the work PNB has undertaken in deploying IT for gaining significant business benefits. PNB has also been awarded the "Innovator" Award by CIOL (Cyber India Online Limited) in association with Dataquest recognizing excellence among CIOs. They have given this Award for the use of technology in an innovative manner to address business problems and benefit from it.

PNB has also been conferred the National Award for excellence in lending to SSI Sector consecutively for the years 2001-02, 2002-03 and 2003-04. The Bank has recently received National Award for exceeding the National Goals under Agricultural Lending for the 2003-04 and Golden Peacock National Training Award for 2004.

Punjab National Bank was recently ranked 33rd amongst top 500 companies by the leading financial daily, the Economic Times, on the basis of market capitalization within less than two years of going public. PNB's attempts at providing best customer service has earned it 9th place among India's Most Trusted top 50 service brands in Economic Times-A.C.Nielson Survey. PNB has been ranked 313th amongst the top 1000 global banks, by prestigious international publication, The Banker. PNB is serving over 3.5 crore customers through 4474 offices, largest amongst nationalized banks.

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