Finance Ministry On Psbs

Finance ministry pulls up PSBs over mis-selling of insurance products

Banks have been advised to ensure '100 per cent' compliance of know your customer (KYC) guidelines while sourcing insurance business

PSBs asked to expedite recruitment, fill vacancies in time-bound manner

The finance ministry has asked public sector banks (PSBs) to expedite the process of filling pending vacancies, sources said. The ministry had reviewed the vacancies in PSBs earlier this month and advised them to take action to fill them. Finance Minister Nirmala Sitharaman on Tuesday had directed PSBs to fill the backlog vacancies of Scheduled Castes (SCs) in a time-bound manner. The total employees strength of PSBs peaked at 8.86 lakh during 2012-13. It declined to 7.80 lakh during 2020-21. Banks have started issuing advertisements for recruitment. The country's biggest lender State Bank of India (SBI) has issued advertisements for recruitment of 1,673 probationary officers. Of this, 1,600 are regular vacancies while 73 are backlog cases. Due to COVID-19, the recruitment process got impacted and as a result there are some backlogs which will be filled in due course of time, a senior PSB official said. Besides, Central Bank of India has issued advertisements seeking applications

SBI, Indian Bank: These PSB stocks are likely to rise, show charts

The government may infuse Rs 20,000 crore through the recapitalisation of bonds into state-owned banks.

FinMin's new measures to protect prudent commercial decision of bankers

Finance Minister Nirmala Sitharaman at several occasions assured bankers that adequate measures would be taken to protect honest commercial decisions taken by them

FM Sitharaman to meet CEOs of PSBs on Saturday to review their performance

The meeting is also expected to take up discussion on non-performing asset recovery through both NCLT and non-NCLT

Finance ministry for hands-on approach towards govt banks

New Delhi, 29 OctoberState-owned banks should expect more government oversight of their operations."It cannot be business as usual," says a top government official.Last week, these banks were told another ~2.11 lakh crore would be given to them for strengthening their capital adequacy. Some of the oversight will arrive as part of the ongoing wage negotiations for the sector; also, when their bosses come for detailed consultation with the finance ministry for their capital requirement rescue.For some years the ministry has only settled the extent of a sector-wise pay raise. Leaving it to the Indian Banks' Association, the latter's joint forum, to fill in the details in negotiations with staff unions. It is supposed to be different this time. In August, as many as 11 of these banks had committed to the government that staff strength would not rise. A Bloomberg/Quint report said this was contained in a tripartite pact, drafted by SBI Capital Markets, for the banks, their employee unions .