Page 4 - Psbs

BoM records highest growth in deposit mobilisation among PSU banks in Q3

Bank of Maharashtra (BoM) has recorded the highest growth rate in terms of deposit mobilisation among public sector lenders at a time when most lenders are facing difficulty in achieving double-digit growth. Out of 12 public sector banks, only BoM and State Bank of India (SBI) could log a double-digit growth in deposits in the third quarter ended December 2023. The Pune-based lender BoM reported a 17.89 per cent growth in deposits followed by SBI at 12.84 per cent during the quarter, according to published quarterly numbers of the public sector banks (PSBs). However, SBI's total deposits were about 18.5 times higher at Rs 45,67,927 crore, as compared to Rs 2,45,734 crore of BoM in absolute terms. Central Bank of India was the third by clocking a 9.53 per cent growth in deposits while Punjab National Bank recorded a 9.10 per cent increase. In terms of low-cost CASA deposits, BoM continued to top the chart with 50.19 per cent followed by Central Bank of India with 48.98 per cent. H

Nifty PSU Bank soars 3%; Bank of India, Union Bank, PNB, UCO rally up to 7%

At 02:35 PM; Nifty PSU Bank index, the top gainer among sectoral indices, was up 3 per cent as compared to a 1.2 per cent rise in the Nifty 50

Central Bank of India's loans grow 14.9% to Rs 2.4 trillion in Q3 FY24

The Mumbai-based public sector bank's deposits expanded by 9.52 per cent Y-o-Y to Rs 3.77 trillion at the end of December 2023 from Rs 3.44 trillion a year ago

State-owned cos seen extending rally on PM Modi's expected re-election

Modi's government is spending billions of dollars on everything from roads and railways to defense, renewing interest in a sector that has for long been a straggler of India's $4 trillion stock market

PSBs given Rs 15,000 crore on ED action, says FM Nirmala Sitharaman

Finance minister said that over last two financial years, the number of non-performing asset accounts in the commercial banks have declined from 2.19 cr to 2.06 cr, showing decrease of 6 per cent

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

UCO Bank recovers 79% of wrongly credited amount after IMPS glitch

UCO Bank on Thursday said that it has initiated requisite actions to recover the remaining Rs 171 crore

Governance reforms to ensure higher growth for longer, say PSB chiefs

At BS BFSI Summit, Ashwani Kumar, MD, UCO Bank said the high frequency indicators like GST collections, e-way bills and order book of companies signal that growth momentum is likely to continue

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

Centre aiming to review list of public banks up for privatisation: Report

A panel may also decide the quantum of shareholding that the government would dilute in banks while deciding the weightage to be given to banks

How to loot the public sector banks

Banker-borrower collusion has led to a surge in IBC cases, with pre-planned fraud that results in minimal realisable value

Best of BS Opinion: How to loot state-run banks, the 'Global South' & more

Here is the best of Business Standard's opinion pieces for today

Top-flight PSB boards needed for resilience

Asset quality of lenders has improved, but financial resilience in a system is best built in good times. It is time for the RBI to press the governance accelerator

Govt clears appointments of 12 executive directors for state-owned banks

The government has approved the appointments of 12 general managers as executive directors (EDs) of various public sector banks (PSBs). According to sources, the Appointments Committee of the Cabinet on Saturday approved the appointments of 12 EDs. As per the government order, Sanjay Rudra, general manager, Bank of Maharashtra, has been appointed ED, Union Bank of India. Another GM from the same bank, Vijaykumar N Kamble will take over as ED of UCO Bank. Besides, sources said, Bhavendra Kumar, currently Chief General Manager with Canara Bank, has been elevated to become ED of the same bank. Bibhu Prasad Mahapatra, Chief General Manager of Punjab National Bank, has been elevated as ED of the bank, while Ravi Mehra, general manager, has been promoted to become ED of Punjab & Sind Bank. Rajiv Mishra, Chief General Manager with Union Bank of India, will take over as ED of Bank of India, and Brajesh Kumar Singh, Chief General Manager of Bank of Baroda, will join Indian Bank as ED in ..

NARCL makes offers for Rs 1.7 trillion debt, bags only Rs 25K crore

Lenders' reluctance to accept SRs, lengthy negotiations dragging its work, says senior exec

Private bank headcount closes in on public sector bank tally: RBI data

While total employees working with PSBs are falling over the years, the number of those in officer's grade has risen from 386,000 at the end of March, 2020, to 397,000 in March, 2023

Fitch retains SBI, 5 other PSB' rating at BBB, with stable outlook

Fitch Ratings on Thursday affirmed the ratings of the nation's six public sector lenders, including State Bank of India (SBI) and Bank of Baroda (BoB), at BBB- with stable outlook. The other banks which the agency rated BBB- with stable outlook are Punjab National Bank, Canara Bank, Bank of India, and Union Bank of India. The rater has also affirmed these banks' viability rating at BB and its government support rating of BBB-. On retaining the long-term issuer default rating of SBI, the agency said the rating is support-driven, with the government support rating (GSR) above the viability rating (VR). SBI's GSR is the same as the sovereign rating of BBB- with stable outlook, reflecting the agency's view that SBI has the highest probability of extraordinary state support among the banks. The stable outlook mirrors that on the sovereign's own rating, it added. Revising the operating environment score of the bank to BB+ from BB, the agency said it reflects the view of structural ...

Punjab & Sind Bank aims for 2,000 branches and ATMs by March 2026

Punjab & Sind Bank is aiming for 2,000 branches and as many ATMs in the country in the next three years as part of its strategy to increase touch points and brand visibility. The bank intends to open 50 branches during the current financial year, taking the branch count to over 1,600, Punjab & Sind Bank Managing Director Swarup Kumar Saha told PTI. The bank added 28 branches in the last financial year, taking the total count to 1,555. "Overall, the branch network would cross 2,000 by the end of three years say by March 2026. The bank is now present in 319 districts of the country. The idea is to have a presence in each district of the country. Tier II and III cities would be the focus area and we will expand presence where the bank is sparsely present," he said. The addition of branches would help mobilise low-cost deposits and also increase penetration of loan products, he said. "We are trying to build operational efficiency more so that I can reduce my cost and increase my ..

Ensure smooth implementation of PM Vishwakarma scheme: FinMin to PSBs

Under the scheme, the government will provide credit support of up to Rs 1 lakh for the first tranche and Rs 2 lakh for the second tranche at an interest rate of 5 per cent

RBI likely sold dollars via PSBs to keep rupee from record lows: Traders

The RBI likely sold dollars to pull the rupee back near the 83 level