Page 3 - Psbs

Centre revises PLI scheme for directors, senior executives of PSBs

The government has introduced a revised performance-linked incentive scheme for senior executives of public sector banks, including return on assets and NPA levels among parameters. The eligibility of banks for the scheme will be assessed by a government-appointed committee on the basis of four parameters, including that Return on Assets (RoA) should be positive and lower net non-performing assets (NPA). In a circular, the finance ministry said the scheme, which aims to provide to suitably reward and motivate employees for significant value creation for various stakeholders, will be effective from financial year 2023-24. The committee, headed by Department of Financial Services (DFS) Secretary, will have Additional Secretary (DFS), Joint Secretary (Banking) and Chief Executive of Indian Banks' Association (IBA) as members. According to the communication, the panel shall assess the governance mechanism in the banks for the PLI evaluation period with respect to occurrences of any maj

Finmin considers proposal to raise posts of Chief General Managers in PSBs

The finance ministry is considering a proposal to raise the posts of Chief General Managers in public sector banks in view of their increasing business and profitability. As per existing government guidelines, there can be one Chief General Manager (CGM) for four General Managers in a public sector bank (PSB). These guidelines were issued in 2019 and since then there has been marked improvement in performance of PSBs despite the pandemic, sources said. Business of PSBs have witnessed significant growth and consequently they booked record profit, sources said, adding the Department of Financial Services under the Finance Ministry is reviewing CGM positions for achieving the next level of growth by PSBs. The decision to relax the guidelines would be taken after thorough examination and considering the need for furthering their business expansion, sources said. The CGM post was created in 2019, after the merger of 10 nationalised banks to four large lenders. CGMs act as an administra

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

Bankers put cash-strapped Vodafone Idea's call for Rs 35K cr loan on hold

Fund-strapped telco says banks have completed techno-economic evaluation, a key step in debt funding process

New MSME credit assessment model for PSBs may see March 2025 launch

Credit model goes beyond credit scores, evaluates supply chains, digital footprints

Financial regulators back ISA 600 for auditors of listed companies

Auditors of PSBs, their branches, and PSUs will not be covered by ISA 600

FM to discuss bad loans taken over by NARCL with PSBs, RRBs on Monday

Sitharaman had last chaired a meeting with heads of PSBs in December 2023

PSBs target healthcare, housing to boost deposits with new lucrative deals

RBI Governor Shaktikanta Das highlighted at the press briefing that interest rates are deregulated and banks are free to decide on interest rates

FM Nirmala Sitharaman, PSB chiefs likely to talk NPAs and cybersecurity

Finance Minister Nirmala Sitharaman will hold the review meet on August 19

People will break Modi's 'chakravyuh': Rahul on PSBs collecting crores

Leader of Opposition in the Lok Sabha Rahul Gandhi on Tuesday slammed the government over public sector banks collecting crores in penalty from customers for not maintaining average monthly balance, saying the "penalty system" is that door of Prime Minister Narendra Modi's "chakravyuh" through which efforts are being made to break the back of the common Indian. His attack on the government came after it emerged in a written reply to a question in the Lok Sabha that public sector banks collected around Rs 8,500 crore under this head in five years starting from FY 2019-20. Minister of state in the finance ministry Pankaj Chaudhary also informed the Lok Sabha on Monday that state-run banks have charged depositors Rs 2,331 crore penalty for not maintaining average monthly minimum balance in FY24. In a post in Hindi on X, Gandhi said, "During Narendra Modi's amrit kaal, the 'empty pockets' of common Indians are also being robbed. The government, which had forgiven Rs 16 lakh crore of ...

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

Finance Ministry asks PSBs to review their IT disaster preparedness

Initially, the government directed major banks such as SBI, BOB and Canara Bank to assess their disaster recovery systems

What ails public sector banks?

Two books written by public sector bankers flag symptoms that range from seemingly small episodes to serious, reputation-ruining actions

50% leadership of PSBs needs to do a catch up on digitisation: Study

The senior management at banks typically includes chief executive officers, assistant CEOs, chief financial officers and any other senior executive officers

Five-day week not there yet, but bank wage settlement has a lot for bankers

While the wait for a five-day week gets longer, the most interesting developments that make the agreement progressive and humane relate to leave

Public-sector banks may be allowed to transfer unclaimed shares to IEPF

FinMin preparing to amend Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970

5 PSU banks to reduce govt shareholding to meet Sebi's MPS norms: DFS Secy

Five public sector lenders, including Bank of Maharashtra, IOB and UCO Bank are planning to reduce government stake to less than 75 per cent to comply with Sebi's minimum public shareholding (MPS) norms, Financial Services Secretary Vivek Joshi has said. Out of 12 public sector banks (PSBs), four were complying with MPS norms as on March 31, 2023. "As part of an ongoing effort, three more PSBs have complied with minimum 25 per cent public float during the current financial year. Remaining five PSBs have laid out action plans to meet MPS requirement," he told PTI in an interaction. Currently, government holding in Delhi-based Punjab & Sind Bank is 98.25 per cent. It is followed by Chennai-based Indian Overseas Bank at 96.38 per cent, UCO Bank 95.39 per cent, Central Bank of India 93.08 per cent, Bank of Maharashtra at 86.46 per cent. As per the Securities and Exchange Board of India (Sebi), all listed companies must maintain an MPS of 25 per cent. However, the regulator had given .

FinMin asks PSBs to ensure compliance in withdrawal from Rera accounts

RERA Act, 2016 mandates the funds from escrow accounts can only be accessed by the promoter after certification from a practising architect, engineer, and chartered accountant

Four state-owned banks may be approved to raise funds in H1 of FY25

Punjab National Bank eyes FPO, Central Bank of India seeks approval for OFS; move aimed at accelerating lending business and improving public participation