Page 6 - Psbs

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

Achieve targets under financial inclusion plans: Finance ministry to PSBs

"Banks were advised to leverage their banking correspondents network for outreach and enrolling potential beneficiaries," the finance ministry said in a statement

Finance Ministry to meet chiefs of PSBs, key schemes' progress in focus

DFS secretary to review progress of financial inclusion and social security schemes

Expected loss model: PSBs may seek pause on paying govt dividends

Sitaraman said banks' provisioning cover ratio was close to 75 per cent - the highest in about the last 25 years

India asks state-run banks to monitor top loan accounts strictly: Reports

Indian banks, in the past, have had to take deep haircuts on their exposure to debt-laden companies admitted under bankruptcy legislation

Govt tells PSBs to monitor, make provision for companies' pledged shares

Directs banks to double down on comprehensive stress testing of portfolios at micro-cluster level

Finance ministry asks public sector banks to share bond portfolio data

About 60 per cent of banks' investment book is in the HTM portfolio, analysts at Macquarie Research wrote

FM Sitharaman to review PSBs performance Sat amid financial crisis in West

Regularly scheduled meeting could discuss banking troubles in the US and Europe

FM Nirmala Sitharaman likely to meet CEOs of PSU Banks on Saturday

Finance minister Niramala Sitharaman is scheduled to meet managing directors of public sector banks (PSBs) on March 25 for performance review in the backdrop of failure of few banks in the US and liquidity crisis faced by Credit Suisse. The meeting is going to take stock of the progress made by banks in achieving targets set for the various government schemes, including Kisan Credit Card (KCC), Stand-Up India, Pradhan Mantri Mudra Yojana (PMMY), and emergency credit line guarantee scheme (ECLGS) to help businesses affected by Covid-19, according to sources. This is the first full review meeting after the presentation of Budget 2023-24 and banks would be asked to focus on the areas highlighted by the Budget including credit flow to productive sectors. The finance minister would review credit growth, asset quality, and capital raising and business growth plan of banks for next financial year, the sources said, adding non-performing assets (NPAs) of Rs 100 crore and the recovery status

FinMin pushes PSBs to enhance procurement via GeM to Rs 10,000 cr in FY24

GeM Sahay to provide short-term loans to all sellers

RBI possibly buying dollars in spot, paying forwards via PSBs: Traders

The Reserve Bank of India (RBI) was possibly buying dollars in spot and paying in forwards via public sector banks on Thursday to mop up foreign currency inflows, three traders told Reuters

Deposits by public sector banks up 8.8% in December quarter: RBI data

However, they still lag the pace of private banks

PSBs write off Rs 29,000 cr in Q3FY23 as part of a clean-up exercise

According to estimates by rating agency CARE Ratings, the write-offs by PSBs in April-December 2022, at Rs 81,000 crore, were lower than the Rs 90,000 crore in April-December 2021

Q3 results: PSBs' net profit jumps 66% on healthy interest margins

Other income rises in Q3 against contraction in Q2

Achieve financial inclusion targets, finance ministry tells PSBs

The progress in digitisation of the process for getting the KCC was also discussed to improve the transparency