Page 2 - Public Sector Banks

State Bank of India talent emerges high-yield asset for pvt sector banks

Regulatory comfort drives bank boards to appoint SBI officials for stability

SBI is Nomura's top pick, says PSB well set to deliver on asset quality

Nomura has reaffirmed its 'Buy' rating for SBI, maintaining a target price of Rs 980. This target suggests a potential upside of approximately 25per cent from the previous closing price of Rs 781.

SBI plans to recruit around 10,000 new employees during FY25 for efficiency

The country's biggest lender State Bank of India (SBI) intends to recruit about 10,000 new employees during the current financial year to meet its general banking requirement and foster its technical prowess. The bank has invested significantly in technology to provide seamless customer service as well as to strengthen the resilience of its digital channels. "We are strengthening our workforce, both on the technology side as well as on the general banking side. We have recently announced around 1,500 technology people recruitment both at the entry level and slightly at the higher level," SBI Chairman C S Setty told PTI in an interview. "Our technology recruitment is also on specialized jobs like data scientists, data architects, network operators etc. We are recruiting them for a variety of jobs in the technology side...So, in all, our current year requirement will be around 8,000 to 10,000 people. Head count will be added to both specialized and general sides," he said. The total

State-owned banks on apprenticeship spree to strengthen customer services

Banks are hiring apprentices for the first time amid gradual decline in number of employees

Jan-Dhan accounts: A new option for state-owned banks to mobilise deposits

Following this, many banks are exploring previously untapped areas to mobilise deposits while choosing not to engage in an interest rate war

NPCI reports Rs 1,134.31 crore surplus in FY24, up 37% on payment services

NPCI, which operates UPI platform, earned Rs 2,693.42 crore in FY24, up 36 per cent from Rs 1,971.69 crore

PSBs trim branch network but private sector spreads its net, shows data

Das asked banks to use their branches effectively to mobilise deposits, highlighting the importance of brick-and-mortar structures

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

NII under pressure; asset quality continues to improve

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

11 public banks charge Rs 2,331 cr for non-maintenance of minimum balance

For the recovery of this charge from account holders, public sector banks have formulated slab structures based on different geographies and segments

Uco Bank Q1 result: Net profit jumps 147% to Rs 551 cr, deposits rise 7.39%

State-owned UCO Bank on Monday reported a 147 per cent year-on-year jump in net profit to Rs 551 crore in the April-June quarter. The lender's bottomline in the corresponding period a year ago stood at Rs 223 crore. Operating profit in the reporting quarter was Rs 1,321 crore, registering a growth of 9.81 per cent over the year-earlier period. The Kolkata-based bank's total business grew 11.46 per cent on-year to Rs 4,61,408 crore, while gross advances increased 17.64 per cent to Rs 1,93,253 crore, it said in a statement. Total deposits rose 7.39 per cent year-on-year to Rs 2,68,155 crore in the three months ended June. Advances in retail, agriculture and MSME (RAM) sectors were up 18.65 per cent at Rs 1,01,986 crore, it said. The bank also managed to reduce its Gross NPA in April-June by 116 basis points to 3.32 per cent, while net NPA declined by 40 basis points to 0.78 per cent. The statement said capital adequacy ratio stood at 17.09 per cent at the end of the first quarter,

Increase participation in financial inclusion schemes: FinMin to pvt banks

On June 25, the DFS asked public sector banks (PSBs) to revive inoperative accounts under the Pradhan Mantri Jan Dhan Yojana

Public sector banks on a roll: IOB, Central Bank zoom up to 9% on July 9

PSB shares: The Nifty PSU Bank index was trading as the top sectoral gainer on the NSE

Punjab & Sind Bank plans to open 100 branches, as many ATMs this fiscal

State-owned Punjab & Sind Bank plans to open 100 branches across the country in the current financial year as part of the strategy to expand its reach. During the year, the bank also plans to add 100 new ATMs to its network. "With the addition of 100 branches, the total number of branches would reach 1,665 by the end of 2024-25, and similarly, the number of ATMs would touch 1,135," Punjab & Sind Bank Managing Director Swarup Kumar Saha told PTI. The bank will continue to focus on branch expansion, and new branches would come up in areas other than the northern region, he said. Besides, he said, the bank also proposes to expand its reach through the Banking Correspondent (BC) channel. The bank plans to more than double its BC network during the current fiscal, he said, adding, that the bank is trying to expand this network to 4,000 by the end of the current financial year against 1,700 at present. The bank is working on customising more products and processes to improve ...

FinMin to meet CEOs of PSBs on Jun 25, review financial inclusion schemes

The finance ministry has called a meeting of heads of Public Sector Banks (PSBs) on Tuesday to review progress of various financial inclusion schemes, including PM Vishwakarma, Jan Suraksha and Mudra Yojana. The meeting is scheduled to be chaired by Financial Services Secretary Vivek Joshi. According to sources, the meeting would review the progress of various flagship schemes, including PM Vishwakarma, StandUp India, PM SVANidhi , among others. Other financial inclusion related issues would also be discussed in the meeting, sources said. Prime Minister Narendra Modi in September last year launched PM Vishwakarma scheme under which traditional craftsmen and artisans will be provided loan assistance at a minimal interest rate without the need for collateral. With a financial outlay of Rs 13,000 crore for a period of five years, the scheme will benefit about 30 lakh families of traditional artisans and craftsmen, including weavers, goldsmiths, blacksmiths, laundry workers, and ...

PSBs outshine private, foreign peers in technical efficiency: SBI report

SBI report says takeover of weaker banks affected productivity of acquiring ones

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

3 GMs to take charge of TMB operations after Sankarasubramaniam's exit

Krishnan had resigned from the post of MD and CEO of the Tuticorin-based bank, on September 28 last year, citing personal reasons

Bank of India floats 666 days term deposits bucket with 7.3% rate

Slashes rate on 2-year deposits by 45 basis points

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