Page 5 - Psbs

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

Public sector banks' lending to state govt units down 20% in FY23

The moderation in lending follows the Reserve Bank of India's missive to lenders for not doing enough due diligence and monitoring the end use of funds

Achieve targets under financial inclusion schemes for FY24 at earliest: DFS

During the meeting, Joshi also discussed with banks with a special focus on the progress under the ongoing four-month jan suraksha campaign of PMJJBY and PMSBY schemes

Move to privatise PSBs will be opposed tooth and nail, says AINBOF

Any move to privatise public sector banks (PSBs) will be opposed "tooth and nail", the All India Nationalised Bank Officers Federation (AINBOF) asserted on Wednesday. AINBOF general secretary Sanjay Das said that bank nationalisation was the most successful and biggest economic reform in independent India and paved the way for the public sector banks to play a crucial role in the development in all sectors of the country. With high unemployment, inflation and economic inequalities continuing, there is a need to have control on capital which can be done only through expansion of PSBs and not by handing over these precious assets to "crony capitalists", Das said on the occasion of 55th year of bank nationalisation in the country. The PSBs promoted financial inclusion, mobilised savings and channeled funds to vital sectors of the economy like agriculture, SMEs, education and infrastructure, he said. "The purpose of social control was to accomplish widest possible distribution of bank

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

HDFC merger poses increased competition in deposits segment for PSBs: Govt

PSBs told to take swift action on fraud and willful defaulters cases

FM Sitharaman's meet with PSBs on July 6 to focus on performance review

Sitharaman on Saturday at an event said the performance of PSBs had improved on account of various initiatives taken by the Modi government since 2014

PSBs profit tripled to Rs 1.04 trn in 9 yrs; need to continue momentum: FM

Finance Minister Nirmala Sitharaman on Saturday said the public sector banks' profit in the last nine years has tripled to Rs 1.04 lakh crore due to initiatives taken by the government and underlined the need for continuing the momentum to fuel economy. The net profit of public sector banks (PSBs) has almost tripled to Rs 1.04 lakh crore in FY23 from Rs 36,270 crore in FY2014. Inaugurating the corporate office of Punjab and Sind Bank here, the minister said that banks need to "build on laurels" by following the best corporate governance principles. "Banks should not sit back and revel in success. They should follow best corporate governance practices, adhere to regulatory norms, ensure prudent liquidity management and continue to focus on having robust asset-liability and risk management," she said, stressing that the Indian economy has moved away from the 'twin balance sheet problem' to 'twin balance sheet advantage'. The finance minister said that there was a time when the Indian

Mahila Samman Savings Certificate open to PSBs and some pvt sector banks

In case remittances are delayed beyond the specified period, the bank shall pay a penalty equal to the rate of interest payable to the depositor plus 0.5% or 1%, depending on period of delay

Top headlines: Monsoon on track, India to start FTA talks with SACU

Business Standard brings you the latest headlines at this hour

PSBs have a human capital problem: Do their top execs need a pay overhaul?

Nearly two decades after the Nayak committee's report, the competitive landscape in the financial world has completely changed

Stellar show by banks, but will it continue?

There are challenges ahead. It won't be easy for the banking sector to put up a better performance every quarter

NCSC to hold review meeting with 12 PSBs next week: Senior officials

The National Commission for Scheduled Castes will hold a review meeting next week with the twelve public sector banks that have come under its lens for non-implementation of central schemes, according to senior officials. The NCSC chief will chair the meeting and raise the issues of not filling vacant posts reserved for persons belonging to the SC category and difficulty for SCs in getting loans, a senior official said. A senior official said that in banks, especially at higher positions, there are less number of people from the community and this issue will also be discussed at the meeting.

FinMin urges PSBs to settle small debt defaults by taking haircuts

Says this would enable in reduction of pending cases at DRTs and enhance recovery for banks

Govt to earn record dividend of Rs 13,800 crore from PSBs for FY23

12 PSBs paying equity dividend of Rs 21,000 crore, up 53% from Rs 13,710 crore for FY22

Indian banks' profitability to stablise, asset quality to improve: S&P

Several large public sector banks saddled with high volume of weak assets, says agency

PSU banks set target for selling flagship govt insurance schemes in FY24

Public sector banks (PSBs) have set a target for the sale of flagship government insurance schemes Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) in FY24. Besides, they have also set goals for other financial inclusion schemes like Mudra Yojana and StandUp India Scheme. There are about 8.3 crore beneficiaries under PMJJBY and 23.9 crore under PMSBY, as of now. Since the launch of the schemes in 2015, 15.99 crore enrolment has taken place under PMJJBY, while 33.78 crore under PMSBY as of March 31, 2023. Last year, the finance ministry revised rates from Rs 330 to Rs 436 under PMJJBY and from Rs 12 to Rs 20 for PMSBY, effective June 1, 2022. The revision was being undertaken because of the long-standing adverse claims experience by the schemes and to make them economically viable. According to sources, the ministry has asked banks to encourage customers to buy these policies for multi-years rather than renewing every year. PMJJBY off