The fund raising could be completed in the second quarter or the third quarter depending on market conditions.
QIP will help improve the capital adequacy ratio of the bank, he said.
The bank’s capital adequacy ratio at the end of March 2024 was 17.10 percent.
Besides, it will help reduce the government’s holding in the bank.
Government of India holds 98.25 percent stake in Punjab and Sindh Bank.
Asked about loan growth projections for the current fiscal, Saha said the bank expects 12-14 percent growth in the asset book, and of this, retail, agriculture and MSME (RAM) should see 15-18 percent growth. .
On the deposit side, he said the bank expects liabilities to grow between 8 and 10 percent during the current financial year.
Saha said the bank has taken several customer-centric initiatives to improve satisfaction levels.
As part of this initiative, the bank is in the process of converting 50 identified branches into model or smart branches.
Saha said the lender has also introduced PSB Pink debit card powered by RuPay for women with several benefits.
The bank has also launched demat services through wealth-tech partner Fisdam, which allows its customers to invest in the equity market and buy mutual funds.
The bank has also launched a range of customer-centric digital offerings through its omnichannel PSB UNiC app designed to ensure secure and hassle-free banking services.
Some of the offers include video KYC, savings account opening through bulk NEFT/RTGS, access to free CIC credit score and UNiC app enrollment through Aadhaar OTP.
This new product initiative, he said, is a testament to the bank’s dedication to making a positive social impact and creating a more sustainable future for all.
(You can now subscribe to our ETMarkets WhatsApp channel)