Page 2 - Psu Banks

PSBs extend rally on RBI's bonanza to central Govt; IOB, PSB rally upto 10%

PSU bank stocks news: The Indian banking industry has been on an upward trajectory aided by strong economic growth, rising disposable incomes, increasing consumerism and easier access to credit

Indian Overseas Bank aims to open 88 new branches in FY2024-25, says CEO

Public sector Indian Overseas Bank has drawn up plans to set up 88 new branches across India this financial year, a top official has said. The city-headquartered bank under its expansion drive recently inaugurated a new branch in Nagapattinam and the 126th ATM in neighbouring Puducherry. Indian Overseas Bank Managing Director and CEO Ajay Kumar Srivastava after inaugurating the 3,240th branch of the bank at the Medical College in Nagapattinam highlighted the bank's aggressive plans, a press release said here on Friday. He stated that Indian Overseas Bank aims to open 88 new branches across India this year, with 8 branches targeted specifically in Puducherry, Cuddalore, Nagapattinam and Mayiladuthurai districts to serve the unbanked rural areas. Indian Overseas Bank is committed to introduce innovative banking products to suit customer needs. The bank's total business crossed Rs 5 lakh crore, showcasing substantial growth, the release added.

RBI provisioning norms singe PSU banks, infrastructure financers

Move will impact RoE, networth, say analysts

Froth remains in select PSU stocks; Q4, a test for sustainable financials

Among PSUs, Railway stocks such as Rites, IRFC and IRCTC dipped by 21.3 per cent, 8.1 per cent and over 2 per cent respectively in March, Ace Equity data shows

Finmin asks PSU banks for comprehensive review of their gold loan portfolio

The finance ministry has directed all state-owned banks to review their gold loan portfolio as instances of non-compliance with regulatory norms have been noticed by the government. The Department of Financial Services (DFS) in a communication addressed to heads of public sector banks has asked them to look at their system and processes related to gold loan. "We have asked banks to undertake comprehensive review of the gold loan business," Financial Services Secretary Vivek Joshi told PTI. A directive in this regard was issued last month advising them to fix anomalies relating to collection of fees and interest and closure of gold loan accounts. The letter flagged various concerns, including disbursement of gold loans without requisite gold collateral, anomalies regarding collection of fees and repayment in cash. The DFS urged banks to undertake a thorough review of the last two-year period from January 1, 2022 to January 31, 2024 so as to ensure that all gold loans were disburse

Strength in SBI stock going ahead will depend on earnings growth: Analysts

While analysts do not see a specific tailwind that can cause a re-rating in the short term, they see headroom for outperformance in long-term

$50 billion SBI Pension Funds may turn to corporate bonds: CIO Pandey

SBI Pension has been positioning for a rate cut by extending the 'modified duration' in its bond portfolio to around 6.8-to-6.9 years from 6 years over the past eighteen months, Pandey said

How long will the bull run continue for PSU banks?

In the past one year, the S&P BSE Bankex has been up 17.63 per cent and the Bank Nifty 17.04 per cent. But the Nifty PSU Bank index has risen close to 95 per cent!

Rate sensitive shares trade mixed post RBI policy; SBI surges 6%

The Reserve Bank of India's Monetary Policy Committee (RBI MPC) on Thursday decided to keep the repo rate unchanged at 6.5 per cent for the sixth consecutive time.

This Rekha Jhunjhunwala-owned share nears Rs 1 trn mcap; plans stock split

Shares of Canara Bank hit multi-year high at Rs 550.50, as they rallied 6 per cent after the lender said its board will meet on February 26 to consider stock split.

Kolkata banks to remain closed today: Check India-wise holidays this week

Bank holidays in January: The upcoming weekend is a long one for the bank employees due to Republic Day, a fourth Saturday on the following day, and January 28 being a Sunday

PSBs extend rally; Union, Canara, PNB hit 52-week highs; SBI crosses Rs 600

The Nifty PSU Bank index hit a record high of 5,418.70 in intraday trade on Tuesday, surpassing its previous high of 5,396.85 touched on October 3, 2023

SBI trades flat; underperforms in a firm market post mixed Q2 earnings

Thus far in the calendar year 2023, the stock has slipped 6 per cent, as against nearly 6 per cent rally in the Sensex.

Stocks to Watch today: SBI, IndiGo, Titan, Zomato, RIL, BoI, BoB, Delhivery

Stocks to watch on Monday, November 06, 2023: Shares of PSU Banks are likely to hog the limelight following Q2 results announced by major banks over the weekend.

Bank of Maharashtra top among PSU lenders in loan, deposit growth in Q2

State-owned Bank of Maharashtra (BoM) retained the top spot among public sector lenders in loan and deposit growth in percentage terms during the second quarter of the current financial year. The deposit and advances of the Pune-based lender posted an over 20 per cent rise, the highest by any public sector bank during the July-September period. With a growth rate of 23.55 per cent, gross domestic advances of the bank rose to Rs 1,83,122 crore at the end of September 2023, according to published quarterly numbers of public sector banks (PSBs). It was followed by Indian Overseas Bank with 20.29 per cent growth, Central Bank of India (17.26 per cent growth) and UCO Bank with 16.53 per cent growth. The country's largest lender State Bank of India (SBI) stood at the seventh spot with 13.21 per cent rise in domestic advances growth. However, SBI's total loans were about 16 times higher at Rs 28,84,007 crore as compared to Rs 1,75,676 crore of BoM in absolute terms. With regard to depos

Stocks to Watch today: Banks, Nuvama Wealth, RIL, Tata Steel, Strides, M&M

Stocks to watch on Tuesday, September 26, 2023: Shares of bank, mainly state-run, are likely to be in focus amid reports that the government may spend up to Rs 60,000 crore to provide subsidised loans

PSB shares rally; IOB, PSB, Central Bank, Uco Bank surge over 40% in 4 days

Nifty PSU Bank index hit a new high today, and was the top gainer among sectoral indices, up nearly 4 per cent

Bank of India up 3% on heavy volumes; nears 52-week high on healthy outlook

Going ahead, bank targets advance growth of 11- 12 per cent in FY24-25E with continued focus on retail/ MSME segment.

Stocks to Watch on Aug 14: Adani Ports, Nykaa, Raymond, PSU Banks, Biocon

Stocks to watch on August 14, 2023: Balrampur Chini, Delta Corp, Indiabulls Housing Finance, India Cements, Manappuram Finance and Zee among nine stocks in F&O ban period on Monday.

Bank of Maharashtra tops PSU lenders chart in loan, deposit growth in Q1

State-owned Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in loan and deposit growth in percentage terms during the first quarter of the current financial year. The deposit and advances of the Pune-based lender recorded nearly 25 per cent rise, the highest by any public sector bank during the April-June quarter. With a growth rate of 24.98 per cent the gross domestic advances of the bank rose to Rs 1,75,676 crore at the end of June 2023, according to published quarterly numbers of the public sector banks (PSBs). It was followed by UCO Bank with 20.70 per cent growth, while Bank of Baroda with 16.80 per cent and Indian Overseas Bank with 16.21 per cent growth were at third and fourth spot respectively. Country's largest lender State Bank of India stood at fifth spot with 15.08 per cent rise in domestic advances growth. However, SBI's total loans were about 16 times higher at Rs 28,20,433 crore, as compared to Rs 1,75,676 crore of BoM in abso