Page 10 - Public Sector Banks

PNB board approves fund raising of Rs 7,500 cr via share sale in FY25

State-owned Punjab National Bank (PNB) on Monday said the board of the bank has given green signal for raising Rs 7,500 crore through Qualified Institutions Placement (QIP)/Follow-on Public Offer (FPO) during 2024-25. The decision in this respect was taken in a meeting held on January 29. The board gave nod for raising of equity capital for an amount aggregating up to Rs 7,500 crore in one or more tranches during FY2024-25 through Qualified Institutions Placement (QIP)/Follow-on Public Offer (FPO) or any other permitted mode or a combination, PNB said in a regulatory filing. The fund raising should be done in such a manner that the shareholding of the Government of India does not fall below 52 per cent, it added.

Bank of Maharashtra's profit jumps 34% to Rs 1,036 cr, NPAs down to 0.22%

State-owned Bank of Maharashtra (BoM) on Tuesday posted a 34 per cent rise in its profit at Rs 1,036 crore in the third quarter ended December 2023. The Pune-based lender had posted a net profit of Rs 775 crore in the same quarter a year ago. Total income increased to Rs 5,851 crore during the quarter under review against Rs 4,770 crore in the same period last year, BoM said in a regulatory filing. The bank earned an interest income of Rs 5,171 crore during the quarter compared to Rs 4,129 crore in the same period a year ago. The bank was able to reduce gross Non-Performing Assets (NPAs) to 2.04 per cent of the gross loans by the end of December 2023 from 2.94 per cent a year ago. Similarly, net NPAs or bad loans came down to 0.22 per cent from 0.47 per cent at the end of the third quarter of the previous fiscal.

Nifty PSU Bank soars 3%; Bank of India, Union Bank, PNB, UCO rally up to 7%

At 02:35 PM; Nifty PSU Bank index, the top gainer among sectoral indices, was up 3 per cent as compared to a 1.2 per cent rise in the Nifty 50

NARCL, PSBs should work to expedite on-boarding of stressed accounts: FM

The Finance Minister, during the review meeting, also asked the banks to put more effort into recovery from accounts declared as fraud and wilful default while also monitoring early warning signals

SJVN secures Rs 10,000 cr construction finance facility from banks

State-owned SJVN Ltd has secured Rs 10,000 crore construction finance facility to fund its upcoming renewable energy projects from a group of leading domestic and international lenders. The construction finance facility is a unique and first-of-its-kind transaction undertaken by a PSU entity and Public Sector Banks, a company statement said on Friday. According to the statement, SJVN has secured Rs 10,000 crore (USD 1.2 billion) construction finance facility to fund its upcoming renewable power projects from a group of leading domestic and international lenders. SJVN Green Energy Limited (SGEL), a wholly-owned subsidiary of SJVN Ltd, undertook this initiative in association with SBI Capital Markets Ltd (SBI CAPS). SBI CAPS acted as the sole advisor and arranger for the transaction on behalf of SGEL. Construction finance attracted a tremendous response from lenders and was over-subscribed. After detailed discussions and deliberations, proposals from five banks -- Deutsche Bank, Sta

RBI imposed monetary penalties worth Rs 40 crore on 211 entities in 2022-23

Out of 211, 176 penalties worth Rs 14.04 crore were alone imposed on cooperative banks, Bhagwat Karad told Lok Sabha on Monday

Private sector banks increase fixed deposit market share: RBI data

The market share in the first quarter of FY24 stood at 33 per cent for private banks and 61 per cent for PSBs

PSBs get back Rs 15,183 cr following ED action under PMLA: Sitharaman

The Enforcement Directorate (ED) has confiscated assets worth Rs 15,186.64 crore under the stringent prevention of money laundering law and almost all of these have been restituted to public sector banks, Finance Minister Nirmala Sitharaman informed the Rajya Sabha on Tuesday. Replying to supplementary questions in the Rajya Sabha, the minister said specific actions through various legal provisions are being taken against defaulters and as a result, "huge monies" are going back to the banks. Sitharaman informed the House that as of March 31, 2023, legal suits were filed for recovery against 13,978 loan accounts, action under the SARFAESI Act has been initiated in 11,483 cases, FIRs have been filed in 5,674 cases, and an aggregate amount of Rs 33,801 crore has been recovered. "As of December 1, 2023, assets amounting to Rs 15,186.64 crores under the PMLA have been confiscated by the ED out of which Rs 15,183.77 crores have been restituted to the Public Sector Banks," she said. Chair

UCO fraud fallout: FinMin to meet PSB chiefs next week on cyber security

Sources said that such frauds occurred a couple of times before involving some other public sector banks but went largely unnoticed as the amount involved was small

State Bank of India, BoB target 1 million user base in retail CBDC

Separately, Balaji Rajagopalan, SBI's Chief Technology Officer, said that the target is to achieve 1,000,000 users by the end of December from the existing 400,000 users

UCO Bank recovers 79% of wrongly credited amount after IMPS glitch

UCO Bank on Thursday said that it has initiated requisite actions to recover the remaining Rs 171 crore

RBI's unpredictability on NDF market makes lenders wary, say bankers

Already banks are reducing the size of their books -- from about $25 billion last year to under $1 billion now, in the case of a large public sector bank

Governance reforms to ensure higher growth for longer, say PSB chiefs

At BS BFSI Summit, Ashwani Kumar, MD, UCO Bank said the high frequency indicators like GST collections, e-way bills and order book of companies signal that growth momentum is likely to continue

Swimming against the tide

In this age of AI, creating an employee-first culture may seem counter-intuitive. But not if you believe in the primacy of building human relationships at the workplace

BS BFSI Summit: From C S Setty to Ashwani Kumar, here're key PSB experts

Public-Sector Bank CEOs Panel's theme on October 31: Are the good days here to stay?

PNB Q2 results: Net profit surges 327% to Rs 1,756 cr, gross NPAs at 6.9%

PNB Q2 results: The bank's gross non-performing assets (NPAs) fell to 6.96% as of September 30, as compared to 7.73% in the previous quarter

Centre aiming to review list of public banks up for privatisation: Report

A panel may also decide the quantum of shareholding that the government would dilute in banks while deciding the weightage to be given to banks

Kisan Vikas Patra Yojana 2023: check eligibility, interest rates, and more

Kisan Vikas Patra is an Indian government scheme which was launched by the Indian government. It was initially started to help farmers but now anyone can leverage its advantages

Govt clears appointments of 12 executive directors for state-owned banks

The government has approved the appointments of 12 general managers as executive directors (EDs) of various public sector banks (PSBs). According to sources, the Appointments Committee of the Cabinet on Saturday approved the appointments of 12 EDs. As per the government order, Sanjay Rudra, general manager, Bank of Maharashtra, has been appointed ED, Union Bank of India. Another GM from the same bank, Vijaykumar N Kamble will take over as ED of UCO Bank. Besides, sources said, Bhavendra Kumar, currently Chief General Manager with Canara Bank, has been elevated to become ED of the same bank. Bibhu Prasad Mahapatra, Chief General Manager of Punjab National Bank, has been elevated as ED of the bank, while Ravi Mehra, general manager, has been promoted to become ED of Punjab & Sind Bank. Rajiv Mishra, Chief General Manager with Union Bank of India, will take over as ED of Bank of India, and Brajesh Kumar Singh, Chief General Manager of Bank of Baroda, will join Indian Bank as ED in ..

Healthy loan book growth likely to drive profitability of banks in FY24

Analysts at the agency maintained a positive outlook on the banking sector amid expectation that credit growth in the banking sector in the financial year 2023-24