Public Sector Bank

Stop using PSBs as sources of funds for fraudulent friends: Rahul to govt

Leader of the Opposition in Lok Sabha Rahul Gandhi on Wednesday accused the government of using public sector banks, the "lifelines of the masses", as an unlimited source of funds for their "fraudulent friends". Gandhi met a delegation from the All India Banking Officers Confederation. "The Modi government has turned these lifelines of the masses into private financiers for only the rich and powerful corporations," he said in a post on X. After meeting the members, he expressed distress at the state of public sector banks and its impact on common people. "Public Sector Banks are being forced to prioritise profit over people and are thus unable to serve the public effectively. With staff shortages and a toxic work environment, they are expected to reach unachievable targets without a level playing field," Gandhi said after hearing the members of the confederation. He alleged women employees are not given equal opportunity or advancement avenues and are forced to bear the brunt of th

PSBs share in incremental credit dips to 51% in September: Report

PSBs' credit growth on a year-on-year (Y-o-Y) basis stood at 12.9 per cent in September, lagging behind 16.4 per cent Y-o-Y of private lenders

SBI aims to become first financial firm to cross Rs 1 trn profit: Chairman

State Bank of India (SBI) is aiming to become the first Indian financial firm to cross a milestone of Rs 1 lakh crore net profit in the next 3-5 years, chairman of the country's largest lender C S Setty has said. SBI recorded a standalone net profit of Rs 61,077 crore in FY24, registering a growth of 21.59 per cent. "We have potential. Definitely, we would like to be the first company in India to reach that milestone," Setty said when asked if it is possible to cross Rs 1 lakh crore in the next 3-5 years. However, he said, "while profits, market capitalization etc are extremely important elements for our organization, we give equal thrust on customer-centricity and it acts as a fundamental aspect of our operations." With regard to corporate loan demand, Setty said, the bank has already got a Rs 4 lakh crore strong credit pipeline from India Inc and capital expenditure by the private sector is expected to pick up in the second half of the fiscal year. "We see a good amount of inter

SBI has Rs 4 trn credit pipeline, pvt capex to pick up: Chairman C S Setty

SBI Chairman C S Setty has said the bank has already got Rs 4 lakh crore strong credit pipeline from India Inc and expressed hope that capital expenditure by the private sector is expected to pick up in the second half of the fiscal year. "We see a good amount of interest in private capital expenditure. The infrastructure financing, of course, is mainly coming from the roads, renewable energy, and some of the refineries," he told PTI in an interview. As far as public spending is concerned, Finance Minister Nirmala Sitharaman in the Budget proposed to raise the capital expenditure target by 11.1 per cent to record Rs 11.11 lakh crore for 2024-25. This is 3.4 per cent of the country's GDP. Setty said some of the corporates had undertaken brownfield expansion for which the capital expenditure was funded by their own cash accruals and cash balances that they had. However, he said, "We now see some of the corporates drawing the term loans for brownfield expansion too." "We have a pipel

Bank of Maharashtra records 19% growth in credit for April-June quarter

State-owned Bank of Maharashtra (BoM) on Friday reported a 19 per cent growth in credit to Rs 2.09 lakh crore for the April-June quarter. The outstanding credit was Rs 1.75 lakh crore at the end of June 30, 2023, BoM said in a regulatory filing. The Pune-headquartered lender reported a 9.44 per cent increase in total deposits to Rs 2.67 lakh crore as against Rs 2.44 lakh crore at the end of the first quarter of the previous financial year. During the quarter, it said, Current Accounts and Savings Accounts declined to 49.86 per cent of the total deposits as against 50.97 per cent. The Credit Deposit ratio increased to 78.18 per cent at the end of June 30, 2024, as against 71.89 per cent in the year-ago period.

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

SBI Card Q4 results: Net profit rises 11% to Rs 662 crore, revenue up 14%

The company's capital to risk ratio (CRAR) stood at 20.5 per cent as of 31 March 2024 as compared to 23.1 per cent as of 31 March

SBI Card introduces inaugural travel-centric core credit card 'MILES'

The card promises comprehensive travel benefits, including the conversion of Travel Credits to Air Miles and Hotel Points, enhanced rewards on all travel bookings, and access to airport lounges

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

BFSI Summit 2023: Steady growth to continue, CEOs of public banks say

Ashwani Kumar, MD and CEO at UCO Bank said that the growth will be there due to budgetary push by the government, the G20 Summit and the production-linked incentive scheme

CBI files fresh case against former PEC chief in Rs 194 cr cheating case

The CBI has filed a fresh case against former chairman and managing director of PEC Arun Kumar Mirchandani and other former officials for allegedly causing a loss of Rs 194.61 crore to the public sector company, officials said on Monday. The CBI has filed multiple cases against Mirchandani and former officials of the PEC, a government enterprise under the Ministry of Commerce that facilitates import and export of commodities and grants financial assistance to importers. In the present case, it has been alleged that Morena-based KS Oils availed financial assistance from PEC Ltd for the import of crude edible oil under the foreign letter of credit (FLC) process entering into associateship agreements. KS Oils had secured the financing aid through seven letters of credit established in 2012-13, for which it submitted post-dated cheques (PDCs) as security. Letters of credit (LC) are a guarantee that a bank gives on behalf of its customer to honour the payment commitment. PEC took the ..

Bank Holidays September 2023: Banks will remain shut for 16 days, list here

Banks will remain closed for 16 days in September 2023. Plan your bank visits accordingly to avoid last-minute hassle. ATM services and net banking facilities will remain operational

Union Bank prices equity share at Rs 86.55 for QIP; raises Rs 5,000 crore

Priced at 5% discount to floor price; another equity offering likely to reduce Govt stake further

Make hay while the sun shines

It's time for the government, the majority owner of public-sector banks, to reap the benefit of the rally in bank stocks

BOI to raise up to Rs 3,000 cr via tier II bonds to support business growth

Mumbai-based lender has board nod to raise up to Rs 6,500 cr in FY24, of which Rs 4,500 cr would be via AT1 bonds/equity and balance via tier II bonds

SBI slow in procurement from GeM portal; lags behind counterparts in FY23

India's largest lender SBI was quite slow in procuring goods and services from government-owned GeM portal in 2022-23 and lagged behind smaller counterparts, including Canara Bank and Punjab National Bank, according to the government data. Canara Bank emerged as the largest buyer among the state-owned lenders in 2022-23, making total purchases of Rs 592.82 crore from the portal, the data showed. Punjab National Bank (Rs 164.57 crore) was the second largest, followed by Indian Overseas Bank (Rs 159.82 crore), State Bank of India (Rs 158.22 crore), Indian Bank (Rs 111.59 crore), Bank of India (Rs 63.81 crore), Bank of Baroda (Rs 48.63 crore), Union Bank of India (Rs 37.03 crore), Bank of Maharashtra (Rs 10.26 crore), Punjab and Sind Bank (Rs 9.98 crore), UCO Bank (Rs 5.30 crore) and Central Bank of India (Rs 4.54 crore) in 2022-23. The SBI did not respond to an email query on the subject. The GeM portal was launched on August 9, 2016, for online purchasing of goods and services by al

UCO Bank Q4 net profit zooms 86% at Rs 581.24 cr on improvement in margins

Board nod for Rs 2,000 cr equity offering

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

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

Indian Overseas Bank launches electronic bank guarantee scheme

Public sector Indian Overseas Bank has launched the facility of issuance of e-BG (Electronic Bank Guarantee) scheme in association with the National e-Governance Services Ltd, the bank said on Wednesday. The e-BG is an instrument issued by the city-headquartered bank in which the bank undertakes to guarantee a specific amount against the non-fulfillment of some action/performance of the applicant. The main features of the e-BG are completely paperless mode with digital stamping and digital signature. Real time issuance of e-BG would make it available for the beneficiary instantly leading to time saving which in turn would fast track all the business purpose for which it is issued, the bank said. "Our bank is one of the pioneer in launching the Bank Guarantee through digital mode. As on date only few banks have the facility of issuance of e-BG," Indian Overseas Bank said in a statement here. Following the path to achieve vision mission statement 2021-2026 to provide best banking ...

Bank of Baroda Q3 net up 75%; exposure to Adani Group well below RBI cap

Bank management says, exposure to Adani Group well below the ceiling prescribed by RBI under large exposure framework