Page 4 - Psbs

Indian banks' profitability to stablise, asset quality to improve: S&P

Several large public sector banks saddled with high volume of weak assets, says agency

PSU banks set target for selling flagship govt insurance schemes in FY24

Public sector banks (PSBs) have set a target for the sale of flagship government insurance schemes Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) in FY24. Besides, they have also set goals for other financial inclusion schemes like Mudra Yojana and StandUp India Scheme. There are about 8.3 crore beneficiaries under PMJJBY and 23.9 crore under PMSBY, as of now. Since the launch of the schemes in 2015, 15.99 crore enrolment has taken place under PMJJBY, while 33.78 crore under PMSBY as of March 31, 2023. Last year, the finance ministry revised rates from Rs 330 to Rs 436 under PMJJBY and from Rs 12 to Rs 20 for PMSBY, effective June 1, 2022. The revision was being undertaken because of the long-standing adverse claims experience by the schemes and to make them economically viable. According to sources, the ministry has asked banks to encourage customers to buy these policies for multi-years rather than renewing every year. PMJJBY off

Achieve targets under financial inclusion plans: Finance ministry to PSBs

"Banks were advised to leverage their banking correspondents network for outreach and enrolling potential beneficiaries," the finance ministry said in a statement

Finance Ministry to meet chiefs of PSBs, key schemes' progress in focus

DFS secretary to review progress of financial inclusion and social security schemes

Expected loss model: PSBs may seek pause on paying govt dividends

Sitaraman said banks' provisioning cover ratio was close to 75 per cent - the highest in about the last 25 years

India asks state-run banks to monitor top loan accounts strictly: Reports

Indian banks, in the past, have had to take deep haircuts on their exposure to debt-laden companies admitted under bankruptcy legislation

Govt tells PSBs to monitor, make provision for companies' pledged shares

Directs banks to double down on comprehensive stress testing of portfolios at micro-cluster level

Finance ministry asks public sector banks to share bond portfolio data

About 60 per cent of banks' investment book is in the HTM portfolio, analysts at Macquarie Research wrote

FM Sitharaman to review PSBs performance Sat amid financial crisis in West

Regularly scheduled meeting could discuss banking troubles in the US and Europe

FM Nirmala Sitharaman likely to meet CEOs of PSU Banks on Saturday

Finance minister Niramala Sitharaman is scheduled to meet managing directors of public sector banks (PSBs) on March 25 for performance review in the backdrop of failure of few banks in the US and liquidity crisis faced by Credit Suisse. The meeting is going to take stock of the progress made by banks in achieving targets set for the various government schemes, including Kisan Credit Card (KCC), Stand-Up India, Pradhan Mantri Mudra Yojana (PMMY), and emergency credit line guarantee scheme (ECLGS) to help businesses affected by Covid-19, according to sources. This is the first full review meeting after the presentation of Budget 2023-24 and banks would be asked to focus on the areas highlighted by the Budget including credit flow to productive sectors. The finance minister would review credit growth, asset quality, and capital raising and business growth plan of banks for next financial year, the sources said, adding non-performing assets (NPAs) of Rs 100 crore and the recovery status

FinMin pushes PSBs to enhance procurement via GeM to Rs 10,000 cr in FY24

GeM Sahay to provide short-term loans to all sellers

RBI possibly buying dollars in spot, paying forwards via PSBs: Traders

The Reserve Bank of India (RBI) was possibly buying dollars in spot and paying in forwards via public sector banks on Thursday to mop up foreign currency inflows, three traders told Reuters

Deposits by public sector banks up 8.8% in December quarter: RBI data

However, they still lag the pace of private banks

PSBs write off Rs 29,000 cr in Q3FY23 as part of a clean-up exercise

According to estimates by rating agency CARE Ratings, the write-offs by PSBs in April-December 2022, at Rs 81,000 crore, were lower than the Rs 90,000 crore in April-December 2021

Q3 results: PSBs' net profit jumps 66% on healthy interest margins

Other income rises in Q3 against contraction in Q2

Achieve financial inclusion targets, finance ministry tells PSBs

The progress in digitisation of the process for getting the KCC was also discussed to improve the transparency

A matter of tenure and retirement of PSB chiefs

MDs and EDs of nationalised banks can have a term of up to 10 years but there is no relaxation in their retirement age. Private bank bosses can be in the saddle till they are 70

State Bank is changing its business model, quietly

Going beyond corporate loans, SBI is getting into vendor financing as well as supply chain and cluster financing, the buzzwords of banking these days

Consolidation of PSBs gives a robust base to scale: Bankers at BFSI Summit

Have better underwriting, risk magt to manage high credit growth

Govt to consult regulator before privatising public sector banks

The government on Monday said it will take a view on privatisation of public sector banks (PSBs) after consultation with the concerned department and regulator. Consideration of issues related to disinvestment and decision on selection, terms and conditions, etc. in case of strategic sale is entrusted to the Cabinet committee designated for this purpose under the Government of India (Transaction of Business) Rules, 1961, minister of state for finance Bhagwat Karad said in a written reply to Lok Sabha. "Before such consideration for decision thereon, consultation is undertaken with the ministries and departments concerned and, where necessary, with the regulator concerned," he said. In the Union Budget for the financial year (FY) 2021-22, he said, the government's intent to take up privatisation of two PSBs and approval of a policy of strategic disinvestment of Public Sector Enterprises (PSEs) was announced. The objectives of the policy include enabling growth of public sector ...