Punjab & Sind Bank , a prominent public sector bank, successfully conducted its 15th Annual General Meeting (AGM) on August 5, 2025, via video conferencing. The meeting, which saw the participation of 62 shareholders, marked several important decisions and approvals for the bank's future direction.

Dividend Declaration

One of the key highlights of the AGM was the approval of a dividend for the financial year 2024-25. Shareholders gave their nod to a dividend of Rs. 0.07 per equity share, representing 0.70% of the face value. The bank has committed to disbursing the dividend within 30 days to eligible shareholders on record as of July 29, 2025.

Financial Statements Adoption

The shareholders discussed and adopted the audited financial statements for the year ended March 31, 2025. This included the balance sheet, profit and loss account, along with the reports from the Board of Directors and auditors.

Key Appointments and Reappointments

Several crucial appointments were approved during the meeting:

1. Rajeeva was appointed as an Executive Director of the bank.
2. Vivek Srivastava secured his position as the RBI Nominee Director.
3. Shankar Lal Agarwal was reappointed as a Part-time Non-Official Director.
4. Swarup Kumar Saha's tenure as Managing Director & CEO was extended.

Secretarial Auditor Appointment

In a move to ensure continued compliance and transparency, the AGM approved the appointment of R S Kathuria & Co as the bank's Secretarial Auditor. This appointment is for a five-year term, covering the financial years 2025-26 to 2029-30.

Voting Results

All resolutions presented at the AGM received overwhelming support from the shareholders. The voting results, as reported by the scrutinizer, showed approval rates exceeding 99% for all items on the agenda.

The strong shareholder support across all resolutions reflects confidence in the bank's management and strategic direction.

Punjab & Sind Bank's 15th AGM concluded successfully, setting the stage for the bank's operations and governance in the coming year. The approvals of key appointments and financial decisions demonstrate the institution's commitment to growth and regulatory compliance in the dynamic banking sector.

Punjab & Sind Bank (PSB), a prominent public sector bank, has recently identified suspected money mule transactions during its routine surveillance activities. The bank has assured stakeholders that these findings have no material impact on its financial position or operations.

Proactive Monitoring and Reporting

In a statement to the stock exchanges, Punjab & Sind Bank revealed that it had detected transactions exhibiting characteristics associated with money mule activity in one of its branches. The bank emphasized its commitment to transparency and compliance by promptly reporting these instances to the relevant authorities.

Saket Mehrotra, Company Secretary of Punjab & Sind Bank, stated, "The Bank, in the ordinary course of surveillance and transaction monitoring, identified certain transactions that exhibited characteristics associated with money mule activity. The Bank proactively reported such instances to the relevant authorities."

No Material Impact on Financials

The bank has reassured its stakeholders that these suspected transactions do not pose any significant threat to its financial stability. "We further confirm that these transactions do not have any material impact on the Bank's financial position or operations," Mehrotra added in the official communication.

Commitment to Compliance and Transparency

This proactive disclosure by Punjab & Sind Bank underscores its dedication to maintaining robust internal controls and adhering to regulatory standards. By swiftly identifying and reporting suspicious activities, the bank demonstrates its commitment to combating financial crimes and upholding the integrity of the banking system.

Ongoing Vigilance

While the bank has not disclosed specific details about the nature or extent of the suspected money mule transactions, its prompt action reflects the financial industry's ongoing efforts to detect and prevent illicit financial activities.

The identification of these transactions highlights the importance of continuous monitoring and the effectiveness of the bank's surveillance systems in flagging potentially suspicious activities.

Investor Confidence

Punjab & Sind Bank's transparent approach in addressing this matter is likely to be viewed positively by investors and regulatory bodies. By proactively communicating about the detection of suspicious transactions and confirming their immaterial impact, the bank aims to maintain trust and confidence among its stakeholders.

As the investigation progresses, Punjab & Sind Bank is expected to continue cooperating with authorities and may implement additional measures to further strengthen its anti-money laundering protocols if necessary.

The bank's swift action in this matter reaffirms its commitment to maintaining a secure and compliant banking environment for its customers and shareholders.