Punjab National Bank (PNB) is actively enhancing its non-interest income through the introduction of wealth management services aimed for rollout by December. As part of this initiative, the bank is significantly increasing its Customer Relationship Managers (CRMs) to improve client servicing and expand its credit card business, notably with the introduction of a premium metal credit card.
Wealth Management Initiative
PNB’s Managing Director and CEO, Ashok Chandra, announced a strategic shift towards wealth management, intending to deploy an additional 1,300 CRMs across the bank’s branches. Six months earlier, the bank had already placed 1,700 CRMs, each responsible for managing 250 to 300 top customers.
The bank is engaging consultants to support its wealth management strategy, with plans to initiate the RFP process for appointing a partner soon. Chandra emphasized that the first wealth management services should be in place by the third quarter of the financial year, demonstrating PNB’s commitment to this segment.
Expansion of Credit Card Services
Alongside the wealth management push, PNB is taking substantial steps to boost its credit card business, which operates as a dedicated division. As of March 31, 2025, the bank had around 6.6 lakh credit card holders, but with an identified potential in this domain, it initiated a comprehensive roadmap to scale up operations.
The digital infrastructure necessary for a better credit card service was launched in November 2025, and since then, the bank has seen significant growth. With the introduction of the Luxura Credit Card, aimed at high-net-worth individuals, PNB has reported an uptick in its credit card user base, nearing 10 lakh holders and targeting 15 lakh by the end of the year.
Financial Performance and Growth Outlook
Chandra expressed optimism regarding the bank’s profitability, projecting that it would exceed ₹20,000 crore in net profit for the ongoing financial year, significantly up from ₹16,904 crore earned in the previous year. The bank has maintained a net profit exceeding ₹5,000 crore quarterly since the second quarter of the last financial year.
To achieve its financial targets, PNB plans to conduct large-scale outreach programs each quarter, focusing on asset creation in retail, agriculture, MSMEs, and self-help groups. The bank anticipates loan growth of 12-13% and deposit growth around 9-10% during this financial cycle.
What This Means
PNB’s move towards enhancing its wealth management and credit card services reflects a larger trend within the Indian banking sector, where banks are increasingly diversifying their service offerings to sustain profitability. By prioritizing luxury and premium financial products, PNB is positioning itself to capture a growing affluent market segment, demonstrating the competitive landscape in Indian banking. The emphasis on customer relationship management could improve client loyalty and retention, crucial in today’s financial market.
Frequently Asked Questions
1. What are the new services offered by Punjab National Bank?
PNB is launching wealth management services and expanding its credit card offerings, including a new high-net-worth Luxura Credit Card.
2. How has PNB performed financially in recent years?
PNB has maintained a net profit of over ₹5,000 crore every quarter since the second quarter of the last financial year, expecting to surpass ₹20,000 crore in the ongoing financial year.
3. What is the target growth for PNB’s credit card holders?
PNB aims to reach approximately 15 lakh credit card holders by the end of the financial year, up from around 10 lakh currently.
4. What is the role of Customer Relationship Managers in PNB’s strategy?
CRMs at PNB are responsible for providing personalized service to top customers and are crucial for implementing the bank’s wealth management strategy.
