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Public sector banks to hire about 50,000 manpower in current financial year

Public sector banks will recruit about 50,000 manpower during the ongoing financial year to meet their growing business requirement and expansion. Of the total fresh recruitment, about 21,000 would be officers and remaining would be staff including clerks, as per data collated from various banks. Of the 12 public sector banks, the biggest player State Bank of India (SBI) is going to employ close to 20,000 including specialised officers in the financial year. Initiating the process, SBI has already hired 505 Probationary Officers (POs) and 13,455 junior associates to enhance customer experience at its branches across the country. The recruitment of 13,455 junior associates is aimed to fill vacancies across 35 states and Union Territories. The total staff strength of SBI stood at 2,36,226 as of March 2025. Of this, 1,15,066 officers were on the rolls of the bank at the end of last fiscal. Average hiring cost per full-time employee for 2024-25 was Rs 40,440.59. SBI has a consistent

Public sector banks to hire about 50,000 manpower in current financial year
Updated On : 06 Jul 2025 | 12:34 PM IST

FinMin pushes PSBs to expand branches amid private sector competition

Amid rising competition from private and small finance banks, PSBs have been asked to scale up physical infrastructure and cover over 200 unbanked population clusters

FinMin pushes PSBs to expand branches amid private sector competition
Updated On : 03 Jul 2025 | 11:40 PM IST

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

Finmin asks PSBs to monetise subsidiary stakes via listing on bourses
Updated On : 29 Jun 2025 | 10:57 AM IST

State-owned banks' credit share continues downward trend, albeit slower

PSBs' credit share fell by 4 per cent from FY21 to FY25, a slower rate of decline than the approximately 20 per cent between FY11 and FY21

State-owned banks' credit share continues downward trend, albeit slower
Updated On : 02 May 2025 | 2:58 PM IST
Updated On : 17 Apr 2025 | 11:32 PM IST

State Bank of India withdraws special fixed deposit scheme Amrit Kalash

Other banks, including HDFC Bank and Yes Bank, have also trimmed interest rates on fixed deposits for select tenures

State Bank of India withdraws special fixed deposit scheme Amrit Kalash
Updated On : 03 Apr 2025 | 8:11 PM IST

Lenders to Go First to auction land parcels in March for recovery

About 94.7 acres on block; reserve price set at Rs 1,782 crore

Lenders to Go First to auction land parcels in March for recovery
Updated On : 21 Feb 2025 | 5:28 PM IST

GNPA of PSBs declines to 3.12% in Sep from 14.58% in March 2018: FinMin

Gross non-performing assets (NPAs) of public sector banks (PSBs) have declined to a decade low of 3.12 per cent at the end of September 2024 from a peak of 14.98 per cent in March 2018 on the back of measures like the 4Rs -- recognition, recapitalisation, resolution, and reform -- taken by the government, the finance ministry said on Thursday. Since 2015, the government implemented a comprehensive 4Rs strategy of recognising NPAs transparently, resolution and recovery, recapitalising PSBs, and reforms in the financial system to address the challenges faced by PSBs, it said. Capital adequacy ratio of PSBs improved 393 bps to reach 15.43 per cent in September 2024 from 11.45 per cent in March 2015, it said. During 2023-24, PSBs recorded the highest-ever aggregate net profit of Rs 1.41 lakh crore against Rs 1.05 lakh crore in 2022-23, it said, adding that the figure was Rs 0.86 lakh crore in the first half of 2024-25. In the last three years, PSBs have paid total dividend of Rs 61,964

GNPA of PSBs declines to 3.12% in Sep from 14.58% in March 2018: FinMin
Updated On : 12 Dec 2024 | 6:44 PM IST

SBI is Nomura's top pick, says PSB well set to deliver on asset quality

Nomura has reaffirmed its 'Buy' rating for SBI, maintaining a target price of Rs 980. This target suggests a potential upside of approximately 25per cent from the previous closing price of Rs 781.

SBI is Nomura's top pick, says PSB well set to deliver on asset quality
Updated On : 09 Oct 2024 | 8:57 AM IST

State-owned banks on apprenticeship spree to strengthen customer services

Banks are hiring apprentices for the first time amid gradual decline in number of employees

State-owned banks on apprenticeship spree to strengthen customer services
Updated On : 29 Sep 2024 | 10:30 PM IST

FM Sitharaman meets heads of PSBs, exhorts banks to improve deposit growth

Finance Minister Nirmala Sitharman on Monday held a performance review meeting with heads of public sector banks and urged them to improve their deposit growth. Deposits have been growing 300-400 basis points lower than the credit growth in the last few months, creating an asset-liability mismatch for banks. According to sources, the finance minister reviewed the financial performance of banks and progress made in the implementation of various flagship schemes of the government, including PM Awas Yojana, PM Surya Ghar and PM Vishwakarma Yojana. Sitharman also took stock of deposit growth, credit-to-deposit ratio (CD ratio) and asset quality, sources said. The minister asked the banks' chief to focus on core banking business and increase the pace of deposit growth by introducing innovative products. Earlier this month, the finance minister had said there is a mismatch between deposit and lending growth. "Growth in lending is higher...I will be meeting banks (on August 19) for vari

FM Sitharaman meets heads of PSBs, exhorts banks to improve deposit growth
Updated On : 19 Aug 2024 | 5:36 PM IST

PSU banks' compensation against fraud rises over three-fold to Rs 140 cr

Public sector banks have reported over three-fold jump in compensation towards frauds or e-frauds reported by their customers to Rs 140 crore during 2023-24, Parliament was informed on Tuesday. The amount of compensation paid by these banks stood at Rs 42.70 crore in the previous fiscal, Finance Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha. Union Bank of India paid the highest compensation of Rs 74.96 crore followed by Bank of India at Rs 20.38 crore and Indian Bank at Rs 16.16 crore during FY24, she said. In FY23, Union Bank of India was again the highest compensation payer at Rs 12.18 crore followed by Central Bank of India at Rs 11.68 crore. Sitharaman further said that RBI, in July 2017, issued instructions on limiting the liability of customers in cases of unauthorised electronic banking transactions. As per these instructions, a customer has zero liability if the unauthorised transaction occurs on account of contributory fraud or negligence/deficien

PSU banks' compensation against fraud rises over three-fold to Rs 140 cr
Updated On : 06 Aug 2024 | 5:10 PM IST

Move to reduce govt stake in PSB to less than 51% will be resisted: Cong

The Congress on Friday said any move to bring down the Union government's stake in 12 public sector banks to less than 51 per cent would continue to be resisted forcefully both in Parliament and outside. The party asserted that the mergers in the public sector banking industry in the last seven years have been broadly accepted only because the Union government's share was not to be reduced to below 51 per cent. Congress general secretary in-charge communications Jairam Ramesh recalled that on this day 55 years ago, then prime minister Indira Gandhi had moved decisively to nationalise 14 banks and opened a whole new chapter in India's economic history. "I have described the background to this momentous event based on archival material in my 'Intertwined Lives: PN Haksar and Indira Gandhi'. DN Ghosh who played a key role along with Haksar has also left a detailed account of it in his very valuable memoir 'No Regrets'," he said. IG Patel was the special secretary in the finance minist

Move to reduce govt stake in PSB to less than 51% will be resisted: Cong
Updated On : 19 Jul 2024 | 12:18 PM IST

Interest rate spreads hit new 10-year low of 2.25% for PSBs in April 2024

The spread between the outstanding lending and deposit rates has narrowed compared to the spread between fresh lending and deposit rates

Interest rate spreads hit new 10-year low of 2.25% for PSBs in April 2024
Updated On : 06 Jun 2024 | 8:37 PM IST

Net worth of CPSEs increased by 82% in 9 years, says finance minister

Sitharaman said the market capitalisation of 12 listed public sector banks (PSBs) has surged by 2.95 times in the past three years to Rs 16.12 trillion as of March 31, 2024

Net worth of CPSEs increased by 82% in 9 years, says finance minister
Updated On : 08 May 2024 | 11:00 PM IST

PSBs don't have power to issue 'Look Out Circulars' against defaulters: HC

The Bombay High Court on Tuesday ruled that public sector banks do not have the power in law to issue Look Out Circulars (LOCs) against default borrowers. The HC's verdict would render all LOCs issued by such banks against defaulters as quashed. A division bench of Justices Gautam Patel and Madhav Jamdar held as unconstitutional the clause of an office memorandum issued by the central government empowering the chairpersons of public sector banks to issue LOCs against default borrowers. Advocate Aditya Thakker, appearing for the Union government, sought the HC to stay its order but the bench refused. The court passed its verdict on a bunch of petitions challenging validity of the said clause. The bench said the Bureau of Immigration shall not act upon such LOCs (issued by banks against defaulters). The court also said its judgment would not affect the orders issued against any defaulter by a tribunal or a criminal court restraining them from travelling abroad. While the office ..

PSBs don't have power to issue 'Look Out Circulars' against defaulters: HC
Updated On : 24 Apr 2024 | 12:10 AM IST

Public-sector banks asked to submit three-year business plans by March-end

According to the finance ministry's order, the business plans should cover strategies related to increasing low-cost deposits, raising capital, and resolving bad loans, among other things

Public-sector banks asked to submit three-year business plans by March-end
Updated On : 18 Mar 2024 | 11:36 AM IST

Four state-owned banks may be approved to raise funds in H1 of FY25

Punjab National Bank eyes FPO, Central Bank of India seeks approval for OFS; move aimed at accelerating lending business and improving public participation

Four state-owned banks may be approved to raise funds in H1 of FY25
Updated On : 06 Feb 2024 | 10:16 AM IST

Private sector banks' Casa deposits ratio see sharper drop than PSBs

The overall Casa ratio of the Indian banking system declined to 40.1 per cent from 42.8 per cent during the same period

Private sector banks' Casa deposits ratio see sharper drop than PSBs
Updated On : 31 Jan 2024 | 11:31 PM IST

Sitharaman meets heads of public sector banks, reviews performance

Finance Minister Nirmala Sitharman on Saturday held a meeting with heads of public sector banks and reviewed their financial performance. During the meeting, concerns related to cyber security and the risks on the financial sector were discussed, sources said. Issues related to fraud and wilful defaulters and progress on the National Asset Reconstruction Company Ltd (NARCL) also came up for discussion, they said. This is the probably last full review meeting before the presentation of Budget 2024-25 and general elections later next year. On the performance front, PSU banks have earned a net profit of about Rs 68,500 crore during the first six months of the current financial year. During 2022-23, it said banks' balance sheets grew at a healthy pace, with both deposits and credit growth accelerating. The Gross Non-Performing Assets (GNPA) ratio of Scheduled Commercial Banks (SCBs) fell to a decade low of 3.9 per cent at the end of March 2023 and further to 3.2 per cent in September

Sitharaman meets heads of public sector banks, reviews performance
Updated On : 30 Dec 2023 | 10:10 PM IST