Page 3 - Psu Banks

Four PSU banks present dividend cheques worth Rs 6,481 cr to govt

Four public sector banks, including Canara Bank and Indian Bank, on Wednesday presented dividend cheques worth Rs 6,481 crore to Finance Minister Nirmala Sitharaman for financial year 2023-24. "Smt @nsitharaman receives a dividend cheque of Rs 2,514.22 crore for FY 2023-24 from Shri Debadatta Chand, Managing Director & CEO -@bankofbaroda," the finance ministry said in a post on X. Similarly, a dividend cheque of Rs 1,838.15 crore was handed over by Canara Bank MD and CEO K Satyanarayana Raju. Chennai-based Indian Bank paid a dividend cheque of Rs 1,193.45 crore for 2023-24. Bank of India too paid a dividend of Rs 935.44 crore and the cheque was presented by its MD and CEO Rajneesh Karnatak. In addition, Mumbai-based financial institution EXIM Bank presented a dividend cheque of Rs 252 crore for 2023-24.

Bank holidays in July: Banks to remain closed for 12 days; details here

The RBI publishes a list of bank holidays each month, advising customers to check the list to avoid unnecessary trips to the bank on holidays

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

Fund managers pruned PSU exposure ahead of election result-day crash

Sold shares of 9 PSUs worth Rs 9,570 crore in May

Nifty PSU Bank index zooms 9%; SBI, Central Bank, BOB rally up to 12%

India's banking system continues to ride the good economic growth momentum, well supported by recent structural improvements in the system.

Nifty Bank hits 50,000 mark for the first time ever; Check key reason

Surpassing the 50,000-mark for the very first time, the index's ascent can also be attributed to robust Q4 GDP figures, and S&P recent upgradation of India's rating to positive

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

Indian Overseas Bank aims to open 88 new branches in FY2024-25, says CEO

Public sector Indian Overseas Bank has drawn up plans to set up 88 new branches across India this financial year, a top official has said. The city-headquartered bank under its expansion drive recently inaugurated a new branch in Nagapattinam and the 126th ATM in neighbouring Puducherry. Indian Overseas Bank Managing Director and CEO Ajay Kumar Srivastava after inaugurating the 3,240th branch of the bank at the Medical College in Nagapattinam highlighted the bank's aggressive plans, a press release said here on Friday. He stated that Indian Overseas Bank aims to open 88 new branches across India this year, with 8 branches targeted specifically in Puducherry, Cuddalore, Nagapattinam and Mayiladuthurai districts to serve the unbanked rural areas. Indian Overseas Bank is committed to introduce innovative banking products to suit customer needs. The bank's total business crossed Rs 5 lakh crore, showcasing substantial growth, the release added.

RBI provisioning norms singe PSU banks, infrastructure financers

Move will impact RoE, networth, say analysts

Froth remains in select PSU stocks; Q4, a test for sustainable financials

Among PSUs, Railway stocks such as Rites, IRFC and IRCTC dipped by 21.3 per cent, 8.1 per cent and over 2 per cent respectively in March, Ace Equity data shows

Finmin asks PSU banks for comprehensive review of their gold loan portfolio

The finance ministry has directed all state-owned banks to review their gold loan portfolio as instances of non-compliance with regulatory norms have been noticed by the government. The Department of Financial Services (DFS) in a communication addressed to heads of public sector banks has asked them to look at their system and processes related to gold loan. "We have asked banks to undertake comprehensive review of the gold loan business," Financial Services Secretary Vivek Joshi told PTI. A directive in this regard was issued last month advising them to fix anomalies relating to collection of fees and interest and closure of gold loan accounts. The letter flagged various concerns, including disbursement of gold loans without requisite gold collateral, anomalies regarding collection of fees and repayment in cash. The DFS urged banks to undertake a thorough review of the last two-year period from January 1, 2022 to January 31, 2024 so as to ensure that all gold loans were disburse

Strength in SBI stock going ahead will depend on earnings growth: Analysts

While analysts do not see a specific tailwind that can cause a re-rating in the short term, they see headroom for outperformance in long-term

$50 billion SBI Pension Funds may turn to corporate bonds: CIO Pandey

SBI Pension has been positioning for a rate cut by extending the 'modified duration' in its bond portfolio to around 6.8-to-6.9 years from 6 years over the past eighteen months, Pandey said

How long will the bull run continue for PSU banks?

In the past one year, the S&P BSE Bankex has been up 17.63 per cent and the Bank Nifty 17.04 per cent. But the Nifty PSU Bank index has risen close to 95 per cent!

Rate sensitive shares trade mixed post RBI policy; SBI surges 6%

The Reserve Bank of India's Monetary Policy Committee (RBI MPC) on Thursday decided to keep the repo rate unchanged at 6.5 per cent for the sixth consecutive time.

This Rekha Jhunjhunwala-owned share nears Rs 1 trn mcap; plans stock split

Shares of Canara Bank hit multi-year high at Rs 550.50, as they rallied 6 per cent after the lender said its board will meet on February 26 to consider stock split.

Kolkata banks to remain closed today: Check India-wise holidays this week

Bank holidays in January: The upcoming weekend is a long one for the bank employees due to Republic Day, a fourth Saturday on the following day, and January 28 being a Sunday

PSBs extend rally; Union, Canara, PNB hit 52-week highs; SBI crosses Rs 600

The Nifty PSU Bank index hit a record high of 5,418.70 in intraday trade on Tuesday, surpassing its previous high of 5,396.85 touched on October 3, 2023

SBI trades flat; underperforms in a firm market post mixed Q2 earnings

Thus far in the calendar year 2023, the stock has slipped 6 per cent, as against nearly 6 per cent rally in the Sensex.

Stocks to Watch today: SBI, IndiGo, Titan, Zomato, RIL, BoI, BoB, Delhivery

Stocks to watch on Monday, November 06, 2023: Shares of PSU Banks are likely to hog the limelight following Q2 results announced by major banks over the weekend.