Psb

PSBs lag behind on govt insurance enrolment targets, shows data

Till October of the plan year 2024-25, PSBs have achieved only 40 per cent of their total enrolment target of 6.4 crore for PMSBY

UCO Bank, Central Bank rise up to 9% in trade: here's why PSBs are surging

Among others, UCO Bank and Central Bank gained over 9 per cent and over 7 per cent respectively. Indian Overseas Bank shares were up over 6 per cent

PSBs at only 42% of FY25 MUDRA disbursement target by October-end

As of October 25, MUDRA loans amounting to Rs 28,511 crore or 12.4 per cent of the annual target for PSBs, is still under process

PSBs register strong business growth of 11% in H1 FY25, says FinMin

There are currently 12 public sector banks in India, including State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BoB), Indian Overseas Bank (IOB), and UCO Bank, among others

PSBs, financial institutions monetise Rs 4.5 crore through scrap disposal

Public sector banks (PSBs) and financial institutions have realised Rs 4.5 crore through scrap disposal during one month-long special campaign with a special focus on minimising pendency and institutionalising Swachhata from October 2-31, 2024. The Department of Financial Services (DFS) launched Special Campaign 4.0 with special impetus on better space management, customer-centric initiatives, making the environment clean and green, record management and disposal of scrap, an official statement from the finance ministry said. All the organisations of DFS, PSBs, Public Sector Insurance Companies and other Public Sector Financial Institutions like NABARD, SIDBI, EXIM Bank, NHB, IIFCL etc. actively participated in the Special Campaign 4.0. The DFS achieved 100 per cent disposal of all identified Public Grievances, Public Appeals, PMO references and MP references, it said. As much as 11.79 lakh square feet of space has been freed and revenue of Rs 4.50 crore has been earned through scr

AIBEA deplores govt's order to PSBs on employee performance review

The need of the hour is to stand by the side of the employees and officers to boost their morale and ensure a congenial working atmosphere, AIBEA added

Results review: PSBs' net profit grows 16% to Rs 39,974 crore in Q1

NII under pressure; asset quality continues to improve

NPAs of PSBs on Mudra loans declined to 3.4% in FY24: FM Sitharaman

Sitharaman addressed questions regarding NPA associated with Mudra loans, highlighting a significant reduction in NPA rates over the past few years

PSBs' Rs 8,500 crore penalties a burden on common man: Rahul Gandhi

Congress leader Rahul Gandhi criticised the Centre after data showed that 12 PSBs collected Rs 8,500 crore (approx) in penalties from customers for not maintaining average monthly balances in 5 years

Indian Bank eyes recovery of Rs 7,000 cr this financial year: MD & CEO

Public sector Indian Bank has targeted to recover about Rs 7,000 crore during the current financial year, a top official said on Tuesday. The bank has also received the approval from the Reserve Bank of India and shareholders to raise Rs 5,000 crore which would be decided at an opportune time, the bank's Managing Director and CEO Shanti Lal Jain said here. The city-headquartered Indian Bank has reported a 41 per cent jump in its net profit to Rs 2,403 crore for the April-June 2024 quarter due to a decline in bad loans. It had earned a net profit of Rs 1,709 crore in the corresponding quarter of last year. "Last time, we recovered about Rs 8,700-Rs 8,800 crore. But what happens is slowly, this number may come down and this time we have planned that we will be making a recovery of around Rs 7,000 crore," Jain told reporters. Elaborating, he said recovery of Rs 7,000 crore for a financial year comes to Rs 1,750 per quarter and the bank in April-June 2024 quarter recovered Rs 1,937 cro

Finance ministry asks PSBs to revive inoperative Jan Dhan accounts

The Finance Ministry convened a meeting of PSB heads to assess the progress of various financial inclusion schemes, including PM Vishwakarma, Jan Suraksha, and Mudra Yojana

Interest rate spreads hit new 10-year low of 2.25% for PSBs in April 2024

The spread between the outstanding lending and deposit rates has narrowed compared to the spread between fresh lending and deposit rates

PSB loan growth lags industry; cautious approach to protect margins

According to RBI, the share of external benchmark linked loans (EBLR) in total outstanding floating rate loans increased to 56.2 per cent as at end-December 2023 from 49.6 per cent in March 2023

FinMin studying HC order on PSBs' look out circulars for wilful defaulters

The Finance Ministry is studying the recent Bombay High Court order banning public sector banks from seeking the issuance of look out circulars, or LOCs, against wilful defaulters, sources said. Quashing the powers granted by the Union government to public sector banks (PSBs) to act against wilful defaulters, the High Court said it is arbitrary and violative of a person's fundamental rights. The finance ministry is aware of the April 26 judgement and will make a detailed assessment of the order, sources said, adding that the next course of action will be decided after studying the order. A division bench of Justice Gautam Patel and Justice Madhav Jamdar had on April 23 held as unconstitutional the clause of an office memorandum issued by the central government empowering the Chairman, Managing Directors and Chief Executive Officers of public sector banks to seek issuance of LOCs against default borrowers or even persons who stood guarantee for such borrowers. In its 289-page judgem

All public sector banks recorded decline in NPAs over last 6 months: Survey

All public sector banks in India showed a reduction in non-performing asset levels over the last six months while only 67 per cent of private sector banks reported a decline during the period, said a FICCI-IBA Bankers' survey released on Thursday. The survey revealed that 77 per cent of the respondent banks reported a decrease in the NPA levels in the last six months, with public sector banks reporting better asset quality as compared to their private sector counterparts. The 18th round of the FICCI-IBA Bankers' survey was carried out for the period July to December 2023. A total of 23 banks, including public sector, private sector and foreign banks, participated in the survey. These banks together represent about 77 per cent of the banking industry, as classified by asset size. Over half of the banks covered in the FICCI-IBA Bankers' unveiled on Thursday believe that gross non-performing assets would be in the range of 3-3.5 per cent over the next six months. "All responding publi

NCLAT directs 11 PSBs to not take action against IL&FS till next hearing

The National Company Law Appellate Tribunal (NCLAT) has directed 11 public sector lenders not to take coercive action against IL&FS and its group companies till its next hearing on May 14. A two-member NCLAT bench headed by Chairperson Justice Ashok Bhushan also issued notices to the banks, along with the Reserve Bank of India (RBI), directing them to file a reply. "In view of the order dated October 15, 2018, the Respondents (banks) shall not proceed to take any coercive action against the Applicant (IL&FS and group companies) till the next date," said the NCLAT. On October 15, 2018, the NCLAT stayed all proceedings against IL&FS and other group companies till its further order. It had also restrained creditors of IL&FS from filing suits, in the case of non-repayment of loans. The NCLAT direction came on Tuesday over an urgent plea moved by the newly appointed board of debt-ridden IL&FS, seeking direction to the banks restraining them from initiating or pursuing ..

Four state-owned banks may be approved to raise funds in H1 of FY25

Punjab National Bank eyes FPO, Central Bank of India seeks approval for OFS; move aimed at accelerating lending business and improving public participation

NARCL MD & CEO Natarajan Sundar quits, Canara Bank CGM on deputation

Sundar was with State Bank of India before taking charge at NARCL

NARCL, PSBs should work to expedite on-boarding of stressed accounts: FM

The Finance Minister, during the review meeting, also asked the banks to put more effort into recovery from accounts declared as fraud and wilful default while also monitoring early warning signals

Salary hike, 5-day work week for PSB employees by mid-December: Report

The current wage agreement for PSB employees expired on November 1, 2022