How a bank founded for Indian independence became a global financial giant
In short: Founded in 1894 by leaders of the Swadeshi movement, Punjab National Bank was the first Indian bank started solely with domestic capital. From its origins in pre-independent Lahore to its current status as a massive public sector institution, the bank has navigated partition, nationalization, and high-profile international fraud scandals.
Punjab National Bank (PNB) was established in May 1894 as a symbol of national economic ambition. Its founding board, which included figures like Dyal Singh Majithia and Lala Lajpat Rai, aimed to create a truly national institution to serve India's interests. The bank opened for business in Lahore in 1895, operating under the Indian Companies Act. It remains the only bank from that era started with Indian capital that still survives today, having outlasted earlier competitors like the Oudh Commercial Bank.
The bank's history is deeply intertwined with the geopolitical shifts of the 20th century. During the Partition of India in 1947, PNB faced significant disruption, losing 92 offices in West Pakistan and transferring its registered office to New Delhi. In 1969, the Government of India nationalized PNB alongside 13 other major commercial banks. Over the decades, it expanded its footprint through strategic acquisitions, including the 2020 merger with the Oriental Bank of Commerce and the United Bank of India, which solidified its position as the country's second-largest public sector bank.
Despite its growth, PNB has faced significant challenges. In 2018, the bank disclosed a massive fraud involving Nirav Modi, leading to international investigations and arrests. More recently, in 2026, the National Investigation Agency probed the discovery of counterfeit currency at a PNB currency chest in Saharanpur. Today, the bank operates a vast network of over 10,000 branches and ATMs, maintaining international subsidiaries and representative offices in regions ranging from the UK and Bhutan to Kazakhstan and Australia.
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Sources
- Summary by Intellect · source: Punjab National Bank
- Also: Wikidata — Punjab National Bank · CC0
- Also: find-and-update.company-information.service.gov.uk — PUNJAB NATIONAL BANK (INTERNATIONAL) LIMITED overview - Find and update company information - GOV.UK
- Also: Wikidata — Punjab National Bank branch · CC0
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