Cabinet Secretary TV Somanathan has called a meeting of various stakeholders next week to find a way out for the state-run MTNL, which has defaulted on bank loans
Sitharaman was replying to the discussion on the Banking Laws (Amendment) Bill, 2024. Later, the Rajya Sabha passed the Bill by voice vote
The finance ministry has called a meeting of heads of public sector banks (PSBs) on March 4 to review financial performance of banks and progress of financial inclusion schemes, among others. The meeting is scheduled to be chaired by Financial Services Secretary M Nagaraju. According to sources, the meeting would also discuss and review the progress of various financial inclusion schemes including PM SVANidhi Schemes. This is going to be the first meeting after presentation of Union Budget 2025-26 in Parliament. PSBs have posted highest-ever net profit of Rs 1.29 lakh crore in the April-December period of the current fiscal year, marking an annual increase of 31.3 per cent. The performance of PSBs has shown significant improvement on key financial parameters, like record net profit growth, improved asset quality, and build-up of adequate capital buffers, during the period under review. The 12 state-owned banks recorded net profit growth of 31.3 per cent (year-on-year) to achieve
PSBs have significantly improved asset quality, with a low net non-performing asset (NPA) ratio of 0.59 per cent, and an aggregate net NPA outstanding of Rs 61,252 crore
PSBs achieved only 51% of enrolment targets for the Pradhan Mantri Jeevan Jyoti Bima Yojana by Dec 2024
The restrictions make individuals ineligible if they had taken government loans in past five years
The meeting aims to review the progress of various financial inclusion schemes and discuss future funding requirements in light of the upcoming Budget
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
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
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
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
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
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
NII under pressure; asset quality continues to improve
Sitharaman addressed questions regarding NPA associated with Mudra loans, highlighting a significant reduction in NPA rates over the past few years
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
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
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
The spread between the outstanding lending and deposit rates has narrowed compared to the spread between fresh lending and deposit rates
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