In a bid to accord greater visibility to its credit card business and compete with mainstream private banks, the New Delhi-headquartered Punjab National Bank (PNB) announced its plans to give a fresh push to its credit card operations from November, when its new IT infrastructure gets activated.
“PNB credit card is not visible in the market, although the features are at par with any other card in the market. Therefore, we have strengthened the credit card division and put a general manager in-charge for the business,” said the bank’s MD, Ashok Chandra, adding that he is hopeful that “by November or December onwards, PNB will be in full swing as far as credit card business is concerned”.
Also in the line-up is a revamped mobile application and enhanced digital infrastructure to support the bank’s plans to improve its internet and mobile banking facilities.
The PNB One mobile app for retail and current account customers will also get a facelift and be launched by the end of September, the MD informed.
Also Read: PNB targets recovery of ₹16k cr; to keep slippages below 1 pc
“This project is going on for the last one year...we have a very good mobile app, but we are coming out with some good AI model, and the vendor, Infosys, is working on that. By the end of September, the revamped mobile app will be launched with enhanced features, convenient for the customers to use," Chandra said.
To shore up its recovery realization, PNB has identified about 100 non-performing assets (NPA) accounts for sale to Asset Reconstruction Companies (ARCs) during the current financial year, its senior management reported.
“The book size of these 100 NPAs will be somewhere around ₹4,000-5,000 crore. That is the outstanding book (for sale to ARCs),” Chandra said, and added that he expected a recovery of at least 40-50 per cent from them.
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