India's PNB 'banking' on retail customers for low-cost funds

Punjab National Bank has campaigned to mop up low-cost funds from retail customers.

The ‘PNB Saving Bank Campaign’ will last for two months and aims to cross the saving fund deposits of Rs1,00,000 crore.

Besides this, the bank will reward its top performing employees, who participate in the campaign and garner at least 10 customer accounts.

PNB Executive Director Usha Ananthasubramanian said the objective was to increase current and savings account or CASA share and improve customer service by inculcating sense of ownership among employees.

CASA are a source of low-cost funds for banks as no interest is paid on current accounts and only savings accounts get only nominal interest. The bank targets increasing its customer base from 70 million to 80 million.

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