Punjab National Bank was established in 1895 in Lahora, India. During financial institution’s long history, nine banks have been merged with Punjab National Bank. The primary business segments of the bank are the treasury, the wholesale banking segment and the retail banking segment. Within India the financial institution has a network of 10,528 branches. As of 2021, Punjab National Bank had INR 12.8 trillion in total assets and 103,144 employees.
Punjab National Bank discloses the proportion of women in its total direct operations workforce for each employee category. It also discloses the amount of finance it directs towards micro- small- and medium-sized enterprises (MSMEs).
There is no evidence that Punjab National Bank assigns responsibility for sustainability to the group’s highest governing body. Moreover, there is no evidence that the financial institution links the remuneration of its executive or management teams to sustainability performance criteria. In terms of female representation in leadership positions, women are underrepresented on the board of directors where only 1 out of 11 board members are women. The financial institution has an opportunity to publicly commit to gender equality and women’s empowerment and to reach at least 40% female representation in senior leadership positions and on the board. Furthermore, the financial institution could discloses actions taken to address any pay gaps. Regarding engagement, Punjab National Bank has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients and investees.
There is no evidence that Punjab National Bank discloses a target to reach net-zero financed emissions by 2050. Furthermore, no evidence of an approach to fossil fuels, which covers the entire fossil fuel value chain and all of the financial institution’s financing activities, was found in the public domain. This could include the amount or share of finance directed towards fossil fuels, or the financial institutions stance on financing companies with new fossil fuel projects. The financial institution has an opportunity to disclose the key sectors and companies it has identified as priorities to engage with on climate change, specifically on alignment with the Paris Agreement. It could also disclose its financing activities devoted to climate solutions. Regarding nature and biodiversity, the financial institution has an opportunity to commit to minimising its negative impacts.
Punjab National Bank states that it is committed to respecting human rights, but has an opportunity to place this statement in a public policy document. It could also describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. While the financial institution provides a grievance mechanism for workers and external stakeholders to raise human rights complaints or concerns, it should specify that complainants have the option to identify themselves or remain anonymous. There is an opportunity for Punjab National Bank to disclose the proportion of its total direct operations workforce for each employee category by age group. It could also disclose the amount of finance directed towards usually excluded groups or low-income developing countries.
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Revenue: INR 941.7 billion; Total assets: INR 12.8 trillion