Punjab & Sind Bank inches up on launching e-Bank Guarantee facility
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Punjab & Sind Bank is currently trading at Rs. 51.91, up by 0.01 points or 0.02% from its previous closing of Rs. 51.90 on the BSE.
The scrip opened at Rs. 52.03 and has touched a high and low of Rs. 52.75 and Rs. 51.70 respectively. So far 14425 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 77.50 on 05-Feb-2024 and a 52 week low of Rs. 39.00 on 06-Nov-2023.
Last one week high and low of the scrip stood at Rs. 53.80 and Rs. 49.60 respectively. The current market cap of the company is Rs. 35115.71 crore.
The promoters holding in the company stood at 98.25%, while Institutions and Non-Institutions held 0.65% and 1.10% respectively.
Punjab & Sind Bank has launched e-Bank Guarantee (e-BG) facility in partnership with National e-Governance Services (NeSL) that replaces the paper-based BG issuance process with e-stamping and e-signatures. With the secured transmission and enhanced transparency, beneficiaries will save efforts and time in the verification of physical BGs.
It is a landmark step towards enhancing the ease of business for applicants and beneficiaries. It will not only reduce the TAT (turnaround time) but also be a game changer to curb the frauds and inconvenience caused on the physical movement of documents.
Punjab & Sind Bank’s primary business is taking deposits, and making advances and investments, and is principally divided into retail banking, corporate banking, priority sector banking, treasury operations and other banking services such as agency functions for insurance, distribution of mutual funds and pension and tax collection services.
