Psu Bank

Bank of Baroda aims to double balance sheet in 5 years: CEO Debadatta Chand

Meanwhile, deposit growth should accelerate to 13% in 2025-26 from an expected 9%-11% this year, with a focus on low-cost current and savings inflows, the CEO said

Low NPAs, credit growth to help PSU banks cross Rs 1.5 trn profit in FY25

Low NPAs and double-digit credit growth are expected to drive profits of public sector banks past the Rs 1.5 lakh crore milestone in 2024-25. PSBs reported a 25 per cent jump in their total net profit to Rs 85,520 crore in the first half of 2024-25 compared to Rs 68,500 crore in H1'FY23 and the trajectory is likely to continue in the second half as well. Public lenders recorded their highest-ever aggregate net profit of Rs 1.41 lakh crore in 2023-24 on the back of significant improvement in asset quality, credit growth, healthy capital adequacy ratio and rising return on assets. The Gross NPA ratio of PSBs has witnessed a remarkable improvement, declining to 3.12 per cent in September 2024 from a peak of 14.58 per cent in March 2018. This significant reduction reflects the success of targeted interventions aimed at addressing stress within the banking system. Another indicator of the improved resilience of PSBs is their Capital to Risk (Weighted) Assets Ratio (CRAR), which rose by

Here's why this PSU bank share was up 3% on November 27; details inside

The up move in Indian Overseas Bank scrip came after the company announced that it has received tax refunds of Rs 1,238.31 crore from the Income Tax Department (I-T Department)

Work towards reaching last mile: DFS Secretary asks CEOs of PSU banks

Financial Services Secretary Vivek Joshi on Tuesday asked CEOs of public sector banks (PSBs) to industriously work towards reaching the last mile to further strengthen financial inclusion initiatives taken by the government. While reviewing progress of various flagship financial inclusion schemes of the government here, Joshi requested banks to give more thrust on improving customer experience across banking services. During the meeting, he reviewed the progress under various financial inclusion schemes, including Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana, an official statement said. He took stock of schemes like Stand Up India, PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi), PM Vishwakarma, PM Surya Ghar Yojana, ethanol blending in petrol (EBP) and compressed bio gas (CBG) financing, etc. He also reviewed the progress of opening of brick and mortar branches of .

FSIB suggests 5 chief general managers for position of EDs in PSU banks

The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, on Monday recommended the elevation of five chief general managers for the post of executive directors in various banks. The FSIB interviewed 57 candidates between June 13-17 for recommending suitable names for executive directors (EDs) in public sector banks (PSBs). Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau recommends five names for the panel of EDs for year 2024-25, FSIB said in a statement. These successful Chief General Managers (CGMs) are Beena Vaheed (Union Bank of India), Rajeeva (Punjab National Bank), S K Majumdar (Canara Bank), D Surendran (Canara Bank) and Amit Kumar Srivastava (Punjab National Bank). "The names are in the order of merit. This panel will be operated in the financial year 2024-25, subject to availability of vacancies in the panel Year 2024-25," it said. Th

CLSA thinks pvt banks may outperform PSBs ahead; check reasons, top picks

CLSA expects private sector banks, which have been stock market laggards over the past few months, to give better returns ahead, given a good business outlook and inexpensive valuations

PSBs extend rally on RBI's bonanza to central Govt; IOB, PSB rally upto 10%

PSU bank stocks news: The Indian banking industry has been on an upward trajectory aided by strong economic growth, rising disposable incomes, increasing consumerism and easier access to credit

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

Culture Ministry, Canara Bank sign MoU for financial assistance to artists

A Memorandum of Understanding was signed between the Ministry of Culture and a PSU bank on Wednesday for the disbursal of financial assistance to veteran artists, officials said. The ministry administers a 'Financial Assistance for Veteran Artists' scheme under which financial assistance of Rs 6,000 per month is provided to artists and scholars above the age of 60, who have contributed significantly in their specialised fields of performing arts and culture in their active age or are still contributing, but due to old age, they are facing difficulty and are in penury condition. Currently, under the scheme, disbursal of financial assistance in respect of artists selected before 2017 is made through the LIC while for the artists approved post-2017, it is made directly by the ministry, according to an official statement issued by the ministry. It has been noted that the receipt of documents from the beneficiaries often gets delayed resulting in disbursal of the amount as a lump sum ...

RBI to meet board members of PSU banks to address ethics issues on May 22

Reserve Bank Governor Shaktikanta Das is scheduled to meet the board of directors of all public sector banks next month to discuss issues related to governance and ethics. The one-day meeting organised by the Department of Supervision of the Reserve Bank of India is to be held on May 22 in Delhi, sources said. Das will address the directors -- both whole time and independent -- on issues related to governance, ethics, and the role of the boards in assurance functionalities of the banks, besides highlighting the supervisory expectations, sources said. Besides the governor, the RBI communication sent to all public sector banks said, deputy governors, executive directors from its Department of Regulation as well as Supervision will be attending the meeting. The one-day event is designed to be an interactive one where directors, including the bank chairman, and nominee directors both from the central bank and the government, will be invited to interact with the entire RBI top brass. T

PSU banks' gross NPA declines from 14.6% in Mar 2018 to 5.53% in Dec 2022

The government has taken various reforms following which asset quality of public sector banks has improved significantly with gross NPA ratio declining from the peak of 14.6 per cent in March 2018 to 5.53 per cent in December 2022, Parliament was informed on Monday. All PSBs are in profit with aggregate profit being Rs 66,543 crore in 2021-22, and that further increased to Rs 70,167 crore in first nine months of current financial year, Minister of State for Finance Bhagwat K Karad said in a written reply to Lok Sabha. At the same time, resilience has increased with provision coverage ratio of PSBs rising from 46 per cent to 89.9 per cent in December 2022, he said, adding capital adequacy ratio of PSBs improved significantly from 11.5 per cent in March 2015 to 14.5 per cent in December 2022. Total market cap of PSBs (excluding IDBI Bank, which was categorised as private sector bank in January 2019) increased from Rs 4.52 lakh crore in March 2018 to Rs 10.63 lakh crore in December ..

Bank credit profiles not at much risk from Adani exposure, says Fitch

State-owned lenders could see pressure to refinance group's debt if global market shun it

Brokerages pick banks, infra and telecom for 2023 play; IT, metals may drag

The banking sector was a standout performer in 2022 with the Nifty PSU Bank rallying almost 70 per cent

All charged up: 5 bidders in fray for India's largest electric bus tender

18 bids received for electric buses in eight slots based on bus size, specifications and state transport undertakings

Nifty PSU Bank index m-cap crosses Rs 10 trillion in intra-day trade

The index hit an intra-day high of 4,145.45 before ending at 4,049, up 0.05%; m-cap at close was Rs 9.9 trillion

Investors pull out big money from debt funds despite attractive yields

Fund managers and MF distributors expect net inflows to turn positive after completion of rate hike cycle

What's behind the optimism in India's banking sector?

Commercial banks have clocked a combined profit of almost Rs 60,000 cr in Q2FY23. It was a 59 per cent jump from the year-ago period. What are the reasons for this? Are there headwinds ahead?

Is the tide turning for PSU banks?

Earnings of public sector banks was better-than-expected due to broad-based credit growth. But they are trading 25% higher than historical average. Does this make them investment-worthy at this level?

SBI soars 5%, hits new high on strong Q2; brokerages retain 'Buy' on stock

SBI with its humongous size has reported consistently upbeat performance with this quarter seeing above par growth in earnings and return ratios, said analysts.

Strong rebound in BFSI funds makes a good case for taking an exposure

Since these funds can be volatile, limit your exposure to 5 per cent