NEW DELHI: From facilitating loans to startups to special savings accounts for students and credit card offers, state-run Punjab National Bank (PNB) is rolling out the red carpet for young customers.“Every young person wants to hold a credit card today, so our effort is to fulfil that. Second, we are easing the loan approval process for them, particularly for startups where they can avail credit digitally without getting involved in paperwork. We have also come up with a special savings scheme for them. Efforts are underway to get in touch with educational institutions, so that we can tap into the young age cohort,” PNB managing director and CEO Ashok Chandra told TOI.The move is part of an exercise to win back customers who have flocked to more nimble private banks in recent years, backed by better technology and a suite of products, often peddled by intrusive relationship managers. Recently, finance minister FM Nirmala Sitharaman had exhorted state-run banks to adopt a “lifecycle” approach and aim to become the preferred financial partner, from campus to career and beyond.Having reported a 13% rise in net profit to Rs 5,532 crore in the Sept quarter, Chandra is hopeful of the momentum sustaining with deposit and credit growth being on track in the current financial year, with no pressure to increase the deposit rates, at least for the time being.Besides, Chandra said El Nino had so far not impacted the bank’s loan book as it had seen sustained demand in its strongholds of north and north-western India, though he is keeping a close watch. “All sectors are behaving well. Growth is happening. Stress is at its lowest levels. As of now, there is no impact on our books… and we are watchful and mindful of it.”
