Public Sector Bank

Public sector banks to scale up IT spend amid Anthropic Mythos cyber threat

Public sector banks are bracing up to increase IT spending in order to secure their systems, safeguard customer data, and protect monetary resources amid global concerns over Anthropic's Claude Mythos AI tool and its potential implications for financial data security. Mythos' advanced coding capabilities give it an unprecedented potential to detect cybersecurity weaknesses and develop methods to exploit them, sparking concerns that it could be used to disrupt banking systems. In view of this new challenge, banks have to definitely increase their investments in IT to make their system more robust and reduce vulnerabilities with regard to cyber attacks, Punjab & Sind Bank MD and CEO Swarup Kumar Saha told PTI. He said the bank is going to increase its IT spending this financial year to meet the challenges posed by new technology. Besides, UCO Bank MD and CEO Ashwani Kumar said the bank's IT spending is going to be higher than last financial year, and a major part would go towards ...

FinMin asks PSBs to complete wage revision process in next 12 months

The government has asked public sector banks to initiate the process of negotiations for the 13th Bi-partite settlement in a time-bound manner and finalise it in the next 12 months. The wage revision for employees and officers of public sector banks would be due from November 1, 2027. Public sector banks (PSBs) and financial institutions, including insurance companies revise wages of their employees every five years. As part of the settlement, the Indian Banks' Association (IBA) is expected to engage in dialogues with the employees' unions/associations and arrive at a mutually agreeable wage settlement. As the timely conclusion of the settlements is essential for maintaining industrial harmony, the Department of Financial Services advised Public Sector Banks (PSBs) in a communication to their heads to initiate the necessary measures to commence negotiations for the impending wage revision. PSBs are advised to complete the negotiation process within a maximum period of 12 months, th

The story behind promotions in PSBs and the growing need for reform

The challenge is to transform the promotion process from a source of distrust to a catalyst for developing genuine leaders

Vishwakarma allocation cut in FY27 despite steady loan processing by banks

Budgetary support for PM Vishwakarma has been cut in FY27 even as banks process lakhs of artisan loan applications, raising questions on credit absorption and scheme scale-up

Union Budget 2026-27: Govt borrowing challenge passed on to RBI

Budget FY27 signals deeper banking reforms, possible PSB consolidation and higher borrowing, shifting the onus to RBI to manage yields and liquidity

Our biz evenly split; 50% each from J&K and rest of India: J&K Bank CEO

J&K Bank expects gross NPAs to fall below 2% in two years as recoveries stay strong, even as margins face pressure from cumulative repo rate hikes

Bank of India rallies 4%, at 8-yr high in weak market; what's driving PSB?

The stock price of Bank of India hit an intra-day high of ₹163.25 on the BSE, and has rallied 37 per cent in the past four months.

PFC withdraws planned bond issuance for third time in FY26 as bids spike

PFC had earlier withdrawn a ₹3,000-crore, three-year bond issuance, and ₹3500 crore, 15-year bond issuance on November 25 and December 10 respectively due to elevated corporate bond yields

Active banking funds fail to capitalise on PSU rally: Value Research data

Experts expect performance to catch up, see private lenders outperforming

Public sector banks take up tech upgrade to streamline operations

Banks complete data migration for branches and ATMs; new tech to enhance mapping, oversight and financial inclusion efforts

Indian Bank profit rises 11% to Rs 3,108 cr in Q2, asset quality improves

Indian Bank's Q2FY26 net profit climbs 11% to Rs 3,107.9 crore on higher income and better asset quality, with gross NPAs dipping to 2.6% and strong deposit growth

Govt keen to retain its say on picking PSB independent directors

During the PSB Manthan earlier this month, some experts and bankers had suggested that the power to appoint independent directors should rest with the boards of PSBs to enhance accountability

Finance ministry flags low PSB credit to labour-intensive sectors

The official further added that the advances to agriculture and retail sectors touched 92 per cent and 98 per cent respectively for below the Rs. 10 crore loans category

Kisan Credit Card accounts in PSBs down 1.8% to 22.5 million in FY25

Union Finance Minister Nirmala Sitharaman in her budget for FY26 increased the loan limit for farmers holding KCC to Rs 5 lakh from Rs 3 lakh earlier

Following repo cut, PSBs reduce rates more than private counterparts

The Reserve Bank of India has already cut its key repo rate by 100 basis points in an effort to jumpstart growth in the economy

Banks must boost cyber resilience amid rising threats: DFS Secretary

Financial Services Secretary M Nagaraju on Saturday cautioned banks to bolster their defences against the growing menace of cyber threats. Speaking at a prize distribution ceremony of the 'Code Against Malware' hackathon at PNB headquarters here, Nagaruaju highlighted the growing importance of cybersecurity in the banking sector. Such initiatives align with the national goal of building resilience against emerging digital threats, he said. Launched in December 2024, the 'Code Against Malware' hackathon invited student teams from IIT Kanpur and other premier institutions to develop endpoint security solutions to detect ransomware, using behavioural analysis, artificial intelligence, and heuristic techniques. The hackathon was conducted in collaboration with the IIT Kanpur, under the guidance of the Department of Financial Services (DFS) and the Indian Banks' Association (IBA), with the objective of fostering innovation in cybersecurity and engaging India's young technical talent. P

Central Bank of India Q1 results: PAT jumps 33% to ₹1,169 cr on lower NPAs

State-owned Central Bank of India on Saturday posted a 33 per cent growth in net profit at Rs 1,169 crore during the first quarter of this financial year, aided by improvement in core income and decline in bad debts. The Mumbai-based bank had earned a net profit of Rs 880 crore in the same quarter of the previous fiscal year. The total income rose to Rs 10,374 crore during the June quarter of 2025-26, from Rs 9,500 crore in the same quarter of FY25, Central Bank of India said in a regulatory filing. Interest earned by the bank improved to Rs 8,589 crore, as compared to Rs 8,335 crore in the June quarter FY25. During the period under review, operating profit of the bank increased to Rs 2,304 crore, as compared to Rs 1,933 crore in the same quarter a year ago. The bank's asset quality showed improvement as gross non-performing assets (NPAs) declined to 3.13 per cent of gross advances at the end of the June quarter, from 4.54 per cent a year ago. Gross advance increased by 9.97 per

Finmin asks PSBs to monetise subsidiary stakes via listing on bourses

The finance ministry has asked public sector banks (PSBs) to look at monetising their investment in subsidiaries by listing them at bourses after further scaling up operations so that they realise good return. There are about 15 subsidiaries or joint ventures of PSBs lined up for initial public offering or divestment in medium to long term, sources said. Wherever required banks should invest funds to scale up operations of their subsidiaries or joint ventures, sources said, adding, banks can look at unlocking value at an opportune time. As a precursor to monetisation, sources said, banks should improve governance, professional decision-making and bring in greater operational efficiency in their subsidiaries. For example, the country's biggest lender State Bank of India may look at listing SBI General Insurance and SBI Payment Services in the future after they scale up their operations. SBI General Insurance Company Ltd, incorporated on February 24, 2009, earned a profit of Rs 509

PNB to sell entire stake in Isarc for ₹34 crore to streamline portfolio

Punjab National Bank has agreed to sell its entire stake in India SME Asset Reconstruction Company for ₹34 crore, aligning with its plan to exit non-core investments and focus on core banking

DFS tells public sector banks to speed up CIRP filings, cut delays at NCLT

The Department of Financial Services has urged public sector banks to reduce procedural delays in insolvency filings and improve resolution timelines under the IBC