Punjab National Bank: At the forefront of change

The banking sector in India is undergoing major transformation. Digitisation is the buzzword today and the entire sector is geared up to adapt to modern requirements of its clients.
The Indian economy is doing well. GDP forecast of 7.1 per cent is likely to be achieved in the current financial year. The markets are also responding positively to the Indian growth story.
I firmly believe that the economic slowdown and the decline in industrial production have bottomed out and it is now time for the Indian economy to grow. 
There are a lot of good indicators relating to growth. One is the good monsoon this year. Implementation of the Goods and Services Tax (GST) is the other factor that will provide a fillip to the Indian economy. 
GST reflects one India, one market, one tax. This will reduce inefficiencies in the tax administration and will also facilitate quicker and better cross border movements between different states, making them more competitive and cost-effective.
Another important milestone in the economy is reforms in the banking sector. The ordinance issued by the Indian government, empowering the Reserve Bank of India (RBI) to issue guidelines for resolution of stressed assets, will bring down Non-performing Asset (NPA) levels of the sector.
Reforms in the coal sector have already led to the country becoming coal-surplus. In the power sector, reforms have been implemented through the Ujwal Discom Assurance Yojana (UDAY), which has given a new life to power distribution companies desperate for profits.
Health of the steel sector has also improved after the government imposed a 7.5 per cent import duty on metal, making Indian steel as competitive as those from China.
The government has of late given incentives to boost investments in the infrastructure sector, which will definitely give dividends in the long run.
The government has come out with a scheme for affordable housing, which ensures subsidies for homes to those living below the poverty line. Demand for steel, cement and other products will naturally go up because of the rise in housing construction.
In the roads sector, the government has come up with a hybrid annuity model, in which the National Highway Authority of India will make 40 per cent of the investment. This is set to boost the sector. 
By and large, the Indian growth story will result in the economy taking off in a big way this year and the results will soon be visible. I am confident about the Indian economy and feel that the growth prospects for the country are good.
Punjab National Bank (PNB) is equally geared up to take up the new challenges. In the digital space, we have got the best of penetration. On the financial inclusion front, on a pan-India basis, we have got the highest and best numbers in Aadhar Seeding.
We also have a large customer base and in financial inclusion activities, we are par excellence. I strongly believe that the next battlefield for the financial sector will be in rural and semi-urban areas in India. Banks working proactively in these sectors will have an edge over others.
And this is one area where we have great strength. More than 60 per cent of our branches are in rural and semi-urban areas, which will provide us an impetus for our business, both on the liabilities and retail assets side.
Affordable and rural housing will provide great scope for investments. We have revamped our retail lending models and all our branches have been brought under this. Every branch will be connected to a retail-processing cell, which will ensure fast delivery of retail products.
We are also going in for aggressive lending for the micro, small and medium enterprises (MSME) sector, which will grow, especially with the implementation of the GST, making them more competitive.
We are focusing on our strategy in areas including agriculture, retail lending and affordable housing. We are aggressively lending under the government's Mudra scheme and have already met our national targets.
PNB is also the first and largest in lending under the Stand-Up India scheme of the government. 
All these factors will help us expand our asset books. With our diversification into retail, we are confident of improving our bottom line in the current fiscal. 
We turned around and made a profit of Rs13.25 billion for the financial year ending March 31, 2017. We are sure the story will continue in the current fiscal as well.
PNB has a strong overseas presence, especially in Dubai, Hong Kong and London, where we have a subsidiary. We plan to expand our presence across the globe.
We have just launched - today, on Independence Day - an NRI desk that will help Indians living abroad. They can get all the help they need; the help desk will provide solutions across all 7,000 branches of the bank. It will provide single-point access through telecom and email to all our NRI customers. The corporate office will centrally monitor it.
For NRIs, we will also be offering attractive schemes, especially in housing. And when they come to India during Diwali, Eid and Christmas, we will have special meets for them.
We are expanding our activities in the Gulf, where we have tie-ups with a large number of exchange houses. Road shows will also be held in the region. We have housing loans for NRIs, besides special investment products relating to mutual funds and insurance.
Our bank has also devised a comprehensive 'Mission Parivartan,' which has been put in action to transform towards adding more efficiency, profitability and productivity to strengthen PNB. 
My message to NRIs is: Punjab National Bank, India's second-largest lender, is for you. We want to serve you, support us and give us an opportunity to serve you. 
- As told to Nithin Belle

• India