April 26, 2023

Punjab National Bank (PNB) Corporate Banking

  • 'XYZ Cement Ltd.' plans to expand its installed capacity by setting up a greenfield manufacturing plant. The company is seeking to evaluate the means to finance this capex.
    • 'ABC Communications Ltd', a telecom service provider plans to pare its burgeoning debt position.
The company is seeking customisable financial products to meet its requirement.
  • 'DEF trading Ltd' has recently on-boarded new customers. The company is seeking a working capital loan to meet its requirement.
Welcome to the realm of corporate banking wherein banks provide a comprehensive, customisable suite of services to small, medium and large businesses, across the government and private sector undertakings.
The services suite comprises:
  • Long-term loans
  • Short-term working capital loan
  • Syndicate lending
  • Treasury products such as Forex hedging solutions and advisory services
  • Cash management
  • Risk management services
  • Trade finance
  • Commercial real estate
  • Equipment financing
  • Payment processing
  • Private equity financing
  • Netbanking and mobile banking multi-channel services
As an empirical example, let us take a look at Punjab National Bank(PNB).
Headquartered in New Delhi, Punjab National Bank is India's second largest public sector undertaking, backed by an asset base of ₹1,339,301 crore ( FY2022), spread across a wide network, domestic and overseas and with a customer base of 180 million.
Now let us look at the nuances of net banking services- registration, login process, eligibility criteria etc.
  • To begin with, as long as you have the relevant KYC documents, you can avail the bank's digital banking services.
  • You could either download the application form from the official web portal, www.pnbindia.in or visit the nearest branch to avail the e-registration form.
  • Once the details have been filled in the application form and submitted, the bank would send the username or customer ID as login credentials for digital services.
  • Now login with these credentials into the web portal.
  • You will be asked to enter an OTP which will be sent on your registered mobile number.
  • You would be required to list down a set of seven Q&As and then and then select an image.
  • As a cyber security practice, it is advisable to change your password after the first login. Always ensure that the password is coded as cryptic.
  • Once your password has been authenticated, you can login with the same.
So basically, the digital services portfolio provides:
  • Seamless, simplified and speedier channel as you can access your account 247365, everytime, everywhere.
  • Easy and quick processing of adding benedixiaey to your account.
  • Easy and quick process for limit setting.
  • You can also avail the facility of 'future transaction management', provisions for recurring transactions as you can schedule them as per your business requirement.
  • Customers can also utilise the online channel to pay their direct/indirect taxes, insurance premiums and mutual fund payments etc.

Frequently Asked Question (FAQs):

Q. How does corporate banking differ from retail banking?

The primary differences between retail and corporate banking are with respect to:
  • Loan size and transaction size being larger in case of corporate customers.
  • The product offerings are more customised in case of corporate banking versus a more standardised offering in case of retail banking.
  • From a service charges perspective, the transaction costs are lower for corporate customers due to economies of scale versus retail customers.

Q. What is the benefit of PNB IBS shields?

As a part of PNB's endeavour to provide safe and secure digital transactions, to its users, the IBS shield provides a multi-layered authentication feature so as to minimise any unauthorised access to customer's account.
With IBS shield, the user has to set his/her image, phrase & register for seven challenge questions.

Q. How should my PNB corporate net banking password be structured?

As a part of cyber security practice, always remember to change your password regularly and your password should always be Cryptic with alphanumeric and special characters and greater than 7-8 characters. Never keep your birth dates or name initials or your family's credentials as password.

Q. What are some of the important do's and don'ts with regards to ensure safe and secure netbanking transactions?

  • As mentioned above, always remember to change your password regularly and keep it cryptic- alphanumeric with a special character.
    • Always login to the bank's official web portal and never through links provided in emails or SMS etc.
    • Keep a tab on your account activity by checking your statements at regular intervals.
    • Update your device's antivirus on a regular basis.
    • In case your device is misplaced/stolen, report the case to the relevant authorities and your branch.
    • Always remember to never ever share your confidential information over the internet.
    • Never ever transfer funds without validating the beneficiary's credentials- account number, IFSC code, amount etc.

Never miss a trading opportunity with Margin Trading Facility

Enjoy 2X leverage on over 900+ stocks

Upstox Margin Trading Facility
Apple Logo
Downloadlogo
iOS App
Google Play Logo
Downloadlogo
Android App

RELATED ARTICLES

Money Transfer

Transferring funds electronically from one bank account to another, within and across geographic borders, quickly, safely and securely, for a whole host of reasons ( medical emergencies, vacation spends, shopping et al) is increasingly becoming the preferred channel in an increasingly digitised borderless world. Welcome to this concept of money transfer. The transactions can be executed through different payment gateways and the selection of your preferred payment gateway would depend upon the following: - Threshold amount to be transaction - Time taken for the the transaction to complete. - Service charge levied by the financial entity. - Risk involved - Access to internet/mobile banking - Trackability of your transaction - Having the correct beneficiary details is important to complete the transfer. - Exchange rate incase of international money transfers.

United Bank India Mobile Banking

- Have you run out of time to visit your bank branch to make an urgent fund transfer? - Are you looking at an alternative channel for your banking transactions which is convenient, compatible, accessible, comprehensive, easy to use,quicker, free of cost, bundled service offerings and is safe and secure. - Have you lost your network connection and yet you need to view your account balance on an urgent basis?. Mobile banking channel is the answer to your needs. Case in point being, United Bank of India ( UBI). UBI is now a part of Punjab National Bank (PNB), having merged with effect from April 1, 2020. Established in 1950 in Kolkata as a regional private bank catering to the eastern and north-eastern belt, the bank was nationalised in 1969 and over the years, the bank expanded its network of branches and asset base to become a mid-sized PSB ( Public Sector Bank) to include a network of more than 2000 branches and three fully equipped overseas branches in New Delhi, Kolkata and Mumbai. In fact, UBI is among the leading banks in the states of West Bengal, Assam, Tripura and Manipur. Backed by an asset base of ₹1.52 lakh crore ( as on September, 2019), UBI offers a comprehensive portfolio of services across multiple channels, offline and online through netbanking, mobile banking such as check balance, transfer money,make utility bill payments and much more. You can avail these services 247365, even on bank holidays, public holidays, weekends and that too, free of charge.

What is Account Payee Cheque and How to Write, Make, & Fill: Meaning

An account payee cheque, also known as a "crossed cheque," is a type of cheque that is specifically designed to be deposited into the account of the person or entity that the cheque is made out to. This type of cheque is different from a regular, or "open," cheque, which can be cashed by anyone who holds it.

What is MMID in Axis Bank? 

Festive occasion or a medical emergency, your family and extended family need funds and need them urgently.However, they don't have access to netbanking. Is there a way I could make the electronic fund transfer through my mobile phone? Can they receive the funds quickly and safely? Vyola! Technology is indeed transformational and disruptive and has revolutionised India's digital banking sector, making fund transfers accessible to everyone in every corner of the country by using mobile phones as the medium. You can now make instant 247 interbank electronic fund transfer to individuals and enterprises anywhere using your mobile phone throughout the year including Sundays and bank holidays This is where the concept of MMID, Mobile Money Identifier comes in. In simple terms, MMID is a seven digit code which is typically a combination of your mobile number and bank account number which allows for interbank transfers via the mobile banking platform. Customers can transfer and receive funds via Immediate Payment Services (IMPS) using their registered Mobile number and Mobile Money Identifier (MMID). Introduced by the Government of India in 2010, MMID was a step up to the two commonly used transfer methods – the Real Time Gross Settlement or RTGS fund transfers and the National Electronic Fund Transfer or NEFT service. Unlike RTGS and NEFT Services which require net banking facilities to function, with MMID, one could transfer funds to the beneficiary's account electronically using a mobile phone. As long as you have a phone number linked to your bank account, you can receive fund transfers via MMID. All you need is the mobile number, account number and the IFSC details of the payee.