The Marketing mix of PMC Bank analyses the 4Ps of PMC Bank, including the Product, Price, Place, and Promotions. Punjab and Maharashtra Cooperative Bank Limited is commonly referred to as PMC Bank. It is of Indian origins and is associated with the Banking and Finance industry. PMC Bank was founded in 1984, on 13 February, and has established itself as one of the top 10 cooperative banks in the country.
It was the youngest bank to get the status of Scheduled Bank in 2000 and the Authorized Dealer Category 1 license in 2011 for Forex business by the Reserve Bank of India. PMC Bank was conferred multi-state status in 2004 by the Central Registrar. Some of its competitors and market top are as follows-
- Ahmedabad Mercantile Cooperative Bank Limited
- Mehsana Urban Cooperative Bank
About PMC Bank
- Type: Cooperative bank
- Industry: Banking
- Founded: 4 July 1933
- Founder: Shri Vitthalrao Vikhe Patil
- Headquarters: Dadar, Mumbai, Maharashtra, India
- Area served: Maharashtra, India
- Key people: Jayadevan Nair (Chairman) and Prafulla Pawar (CEO)
- Number of employees: 1,400
Table of Contents
PMC Bank Product Strategy
PMC Bank is among India’s most preferred and competent urban cooperative banks and corporate names.
- Retail Banking Services: This includes traditional banking services such as savings accounts, current accounts, and fixed deposits.
- Loan Products: We offer various types of loans, including personal loans, home loans, and vehicle loans.
- Digital Banking Services: With the emphasis on digital transformation in banking, services like online and mobile banking are likely part of their offerings.
- Investment Services: These might include options like mutual funds, insurance products, and other investment vehicles.
- NRI Services: Banking and financial services tailored for Non-Resident Indians, including NRE/NRO accounts and related services.
PMC Bank Place Strategy
PMC Bank started its operations with a humble background, opening in a small room at Sion in Maharashtra. Its Central and registered offices are in Mumbai, Maharashtra. PMC Bank extended its area of operations to include Indore in Madhya Pradesh, Andhra Pradesh, Surat and Vapi in Gujarat, Dharwad and Bangalore in Karnataka, and Goa and Delhi. It started with single-branch operations and now has opened a network of nearly one hundred and twenty-three branches spread over six states. To spread its reach to international platforms, it launched its website, Twitter handles, and Facebook page in 2011-12.
PMC Bank, especially after its merger process with Unity Small Finance Bank, would likely have a place strategy that includes:
- Extensive Branch Network: PMC Bank likely maintains a vast network of branches across various locations to provide easy access to banking services.
- ATM Services: The bank probably offers a network of ATMs for convenient cash withdrawals and other transactions.
- Digital Presence: Emphasis on digital banking solutions like internet banking and mobile apps to cater to the growing demand for online banking services.
- Customer Service Centers: Dedicated customer service centers or help desks at branches to assist customers with various banking needs.
- Rural and Urban Reach: A strategic presence in urban and rural areas to cater to a diverse customer base, aligning with the ethos of a cooperative bank.
PMC Bank Pricing Strategy
PMC Bank has projected itself as one of the premier cooperative banks in India, committed to excellence via innovative products and impeccable services. It has created a distinctive name for itself because of several pioneering options. Price is a significant factor in a company and banking policy as it determines a bank’s approach towards its customers. PMC Bank is a cooperative bank established to help its customers and work towards the benefit of society. It has kept its bank and interest rates and service packages economical and reasonable so customers can benefit from its plans.
- Competitive Interest Rates: Offering competitive rates on savings accounts and fixed deposits to attract and retain customers.
- Affordable Loan Rates: Striving to provide attractive interest rates, especially for critical segments like housing and education.
- Low Transaction Fees: Keeping transaction fees minimal to ensure accessibility for a broad customer base.
- Value-Added Services: Offering additional services like online banking at competitive rates or as part of banking packages.
- Tailored Products: Designing banking products with pricing structures tailored to different customer segments, including retail and business clients.
PMC Bank Promotion Strategy
PMC Bank has numerous success stories to its credit. In the year 1999, it was facilitated with Work Ethics Oriented to Depositor’s Service by All India Bank Depositors’ Association, Padma Bhushan Vasant Dada Patil Award nine times titled Best Urban Cooperative Bank and from NPCI, it received Special Jury Award. PMC Bank has introduced unique products like Bal Bhavishya Yojana and Double Decker for beneficial lending.
PMC Bank is one of the world’s main propagators of women’s empowerment, and 70% of its employees are women. Its genuine efforts towards this cause include special schemes to open saving accounts for women, education loans to girls/women with a 1% lower rate of interest than regular terms, and additional benefits in the senior citizen category to women above the age of 58.
It donates to Cry & Saves the Children Foundation and Helpage India. To celebrate 30 successful years, PMC Bank organized camps for health check-ups of its well-wishers and Customers.
Some Recent Video ads and Print ads for PMC Bank are:
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