New Delhi: Hit hard by the $2 billion bank fraud, allegedly perpetrated by billionaire jeweller Nirav Modi, Punjab National Bank (PNB) has embarked on Mission Parivartan, a 10-pronged transformation strategy to strengthen one of the oldest public sector banks in India on all counts.
The strategy includes profit maximization, improvement of asset quality and recovery, increasing productivity, new ideas for augmenting retail business, innovative vigilance practices and reducing error and complaints.
In a letter written to the employees, PNB managing director Sunil Mehta said an independent think tank named “Mission Parivartan Division" will act as the catalyst to ensure the 3Cs—Commitment, Collaboration and Communication—bring together all internal stakeholders.
As part of the participative approach, the bank has created the “Lead the Parivartan" portal to engage all in the transformation process and involves crowd-sourcing of suggestions and ideas from all PNBians. The think-tank will provide both directional and policy inputs and also act as a platform to enhance ownership, commitment and involvement of HO Divisions and all internal stakeholders in the policymaking process using the bottom-up approach, the letter said.
“Change is the only constant. We are living in a dynamic environment and must learn not only to live with constant change, but also plan it from moment to moment. The organisation that does not keep pace with the changing technology, customer demands and effective business processes loses its competitive edge," Mehta said in the letter.
“To paraphrase the words said by the Nokia CEO: ‘We didn’t do anything wrong, but others have done it right’. The advantage they had yesterday was replaced by the trends of tomorrow," he said.
The letter further said that transformation efforts will include measurable criteria to stay on course and also Monthly Insight—an e-newsletter that will serve as an ideal channel to sensitive all staff members at a sustained frequency on the developments taking place under the transformational exercise.