Punjab National Bank is preparing to enter India’s wealth management market in early 2027 while accelerating credit card expansion, as the public sector lender looks to build new sources of growth.
Punjab National Bank (PNB) is set to make a bigger push into businesses that have traditionally seen limited participation from public sector banks. The state-owned lender is preparing to launch wealth management services and significantly expand its credit card operations.
PNB Managing Director and CEO Ashok Chandra told Business Standard that the bank expects to enter the wealth management segment in early 2027.
PNB Builds Wealth Management Network
As part of its preparations, PNB has already deployed relationship managers (RMs) across 1,700 branches, while another 1,300 branches are expected to have dedicated RMs by the end of September.
With more than 10,000 branches nationwide, the bank plans to use its extensive branch network to identify and serve affluent customers. Relationship managers will focus on the top 250 customers at each participating branch and offer them wealth management-related services.
PNB has also begun training its relationship managers to handle the requirements of wealth management clients.
India’s Wealth Management Market Offers Huge Potential
The wealth management business has become increasingly attractive as Indian households invest more of their savings in financial assets and the number of high-net-worth individuals (HNWIs) continues to rise.
The Indian wealth management market was estimated at around $172 billion in 2025 and is projected to reach approximately $436 billion by 2034, representing annual growth of more than 10% between 2026 and 2034.
A recent Boston Consulting Group (BCG) report also highlighted India’s growing importance in global wealth creation. According to the report, emerging markets are expected to account for 10% of global financial wealth growth through 2030, with India, Brazil and Mexico among the key contributors.
PNB Steps Up Credit Card Expansion
Alongside wealth management, PNB is aggressively scaling up its credit card business, which the bank entered in 2009.
Ashok Chandra said the credit card market represents a major opportunity in India, but public sector banks have generally maintained a smaller presence compared with private lenders. State Bank of India is a notable exception, although its credit card operations are handled through its subsidiary, SBI Card.
PNB created a digital framework for its credit card business last year and has now established a dedicated department headed by a general manager.
The strategy appears to be delivering rapid growth. PNB had around 6.5 lakh credit cards as of March 2025. Within a year, that figure increased to approximately 10.5 lakh cards.
The bank is currently adding between 50,000 and 60,000 new credit cards every month.
Luxura Metal Card Targets Premium Customers
PNB has also launched Luxura, a premium metal credit card on the RuPay network.
The card comes with a maximum credit limit of ₹50 lakh. Customers can also have the annual fee waived if they spend more than ₹8 lakh during a year from the date of issuance.
The lender is also looking to expand its customer base through institutional partnerships.
Last month, PNB and the Indian Army signed a memorandum of understanding to provide customised credit cards to Army personnel across ranks.
Under the arrangement, Army officers will be offered the Luxura card, while Junior Commissioned Officers and other personnel will have access to the Parakram card, available on RuPay/Visa platforms.
PNB Eyes Bigger Share of Credit Card Market
PNB expects its partnership with the Indian Army to generate substantial additions to its credit card base.
Chandra said the bank expects the tie-up to contribute significantly to its expansion and expressed confidence that PNB could become a dominant player in the credit card segment over the next two to three years.
The challenge, however, is the strong position of private banks in India’s credit card industry.
As of the end of July, HDFC Bank was the country’s largest credit card issuer, accounting for around 22% of the market with nearly 27 million cards.
SBI Card had approximately 22.8 million cards, while ICICI Bank had around 19.7 million.
Overall, the number of credit cards outstanding in India stood at approximately 122.9 million at the end of July.
PNB Looks Beyond Traditional Banking
PNB’s simultaneous push into wealth management and credit cards reflects a broader effort by the public sector lender to diversify its revenue opportunities.
Its large branch network provides a significant advantage in reaching affluent customers, while the rapid expansion of its credit card base could help the bank participate more actively in India’s growing consumer-credit market.
The success of these initiatives will depend on PNB’s ability to build specialised capabilities, attract high-value customers and compete effectively with private-sector financial institutions already well established in both segments.