S.A. Ramesh Rangan, Managing Director announced that the Bank will contribute a fixed amount for each opening of new saving, current account and transactions put through electronic or alternative modes of transactions towards fulfilling its social obligations as a responsible corporate citizen. The Bank will contribute Rs 50 each for every current account opened, Rs five for each new savings account and 10 paisa for each transaction on the alternative delivery platform like internet banking, mobile banking, ATM transactions and point of sale. Similarly Rs two each would go to this corpus for every new user of internet and mobile banking.
Rangan made this announcement while inaugurating 25 branches in one go through video conferencing with branch heads in Punjab, Haryana, Himachal Pradesh, Jammu and Kashmir, Rajasthan, Uttar Pradesh and Union Territory of Chandigarh. He said that with the opening of new branches, the Banks network has reached 1254 branches spread across 23 states and union territories. The Bank has opened 47 branches this financial year and plans to add another 60 to 70 branches by the end of September 2014. The Managing Director informed that the State Bank of Patiala has become second largest subsidiary bank of the State Bank group, registering a total business of over Rs 1,68,000 crores as on June 2014.
Gurnam Singh, General Manager, Retail Network told that focus area of the State Bank of Patiala are MSME and Agriculture sectors. It has set a target of 40 per cent growth in agriculture loans in the current year. He added that the Bank has opened branches in far-flung difficult terrains of Himachal Pradesh to fulfill the avowed task of financial inclusion and to cover all unbanked areas of the country.