Page 11 - Public Sector Banks

As credit growth outpaces deposits, banks may increase interest on FD

Bank deposits have gone up by 6.6 per cent to reach Rs 149.2 trillion during the April-August 2023 period, whereas the credit growth for the same period was 9.1 per cent

PSB Alliance to provide door-step banking services in 6,800 centres

At present, pure-play supply chain finance from banks is only around Rs 1 trillion

PSBs have to be very fast with public dealing: Parliamentary committee

Citing increased workload, a parliamentary committee has said public sector banks have to be very fast with public dealing besides being absolutely updated on the latest technology. In its latest report, the panel also said the pattern of recruitment examination needs to be changed from time to time taking into account the nature of the work of the bankers so that accuracy and speed of the prospective candidates are properly evaluated. "The philosophy of speed and accuracy required by bankers are changing from time to time. Around 10 years back, the workload and the nature of work perhaps did not need any speed or accuracy. "But today, speed and accuracy play a very important role owing to the hundreds of central and state schemes being executed by the bankers and the nature of pro-poor schemes launched by the government," the Department-Related Parliamentary Standing Committee on Personnel, Public Grievances, Law and Justice has said. The Committee emphasised that because of the .

DFS secretary expects general insurers to post record profit like PSBs

Bima Vahak, Bima Vistar, Bima Sugam will be game changer, says Irdai chairman

Indian banks to witness record profitability in FY24: SBICAPS report

It added that the repo rate is expected to remain at current levels until late in FY24

'Diversify credit portfolio': FinMin flags concentration risk at 5 PSBs

BoI, PNB, UCO, Canara, and Punjab & Sind Bank told to trim exposure to any particular group or industry

Public sector banks' lending to state govt units down 20% in FY23

The moderation in lending follows the Reserve Bank of India's missive to lenders for not doing enough due diligence and monitoring the end use of funds

Canara Bank Q1FY24 net up 74.81% to Rs 3,534.8 crore, NII up 27.7% YoY

The asset quality profile improved, with gross NPAs declining to 5.15 per cent in June 2023 from 6.94 per cent in June 2022

Canara Bank reports profit surge of 75% to Rs 3,535 cr in June quarter

State-owned Canara Bank on Monday reported a 75 per cent rise in net profit at Rs 3,535 crore in the June quarter, helped by decline in bad loans and growth in interest income. The Bengaluru-based lender had posted a net profit of Rs 2,022 crore in the year-ago period. Total income in the first quarter of the current fiscal rose to Rs 29,828 crore, from Rs 23,352 crore in the same period a year ago, Canara Bank said in a regulatory filing. Interest earned by the bank improved to Rs 25,004 crore over Rs 18,177 crore in June 2022. The bank's asset quality showed improvement as gross non-performing assets (NPAs) declined to 5.15 per cent of gross advances at the end of the June quarter, from 6.98 per cent a year ago. Similarly, net NPAs or bad loans declined to 1.57 per cent, as against 2.48 per cent in the year-ago period. As a result, provision for bad loans came down to Rs 2,418 crore, as against Rs 2,673 crore allocated in the same quarter a year ago. Capital Adequacy Ratio of

RBI to banks: Report all digital frauds not just those above Rs 1 lakh

The rising volumes of UPI transactions and related frauds have emerged as a major challenge for the banks

IndusInd Bank Q1FY24 results: Net profit up 30%, gross bad loans at 1.94%

The net NPAs fell to 0.58 per cent from 0.67 per cent during the period

RBI governor asks banks to remain extra careful, focus on governance

The governor held meetings with the MD and CEOs of public sector banks and select private sector banks

FinMin tells PSBs to explore AI-powered collab in tech, HR training

The ministry cautioned PSBs on customer protection when critical services, including technology services, were outsourced

PSBs should follow transparent NPA recognition norms, pursue risk mgmt: FM

Finance Minister Nirmala Sitharaman on Thursday asked heads of public sector banks (PSBs) to ensure fair and transparent recognition of bad loans and pursue robust risk management practices so as to maintain the momentum of growth and profitability. PSBs earned a record aggregate net profit of around Rs 1.05 lakh crore in FY2022-23, almost triple from net profits earned in 2013-14. In the review meeting with the top management of PSBs, discussions were held on the positive macro trends, improved business sentiments, Twin balance sheet advantage' and performance of the state-run banks. All the major financial parameters viz., credit deployment, profitability, asset quality, capital adequacy etc. indicate that the performance of PSBs has significantly improved. They're adequately capitalised, resilient, and have sound financial health. It was noted that the asset quality of PSBs has improved significantly with gross NPAs at 4.97 per cent and net NPAs at 1.24 per cent in March 2023, t

LIVE: HC to give judgement in Rahul Gandhi defamation case on Friday

Catch all the latest LIVE updates from across the globe

Finance ministry asks PSBs to be wary of competition in deposits segment

Directive comes after the recent merger of HDFC Ltd with HDFC Bank

State-run banks confident of withstanding macro shocks: Finance Ministry

India's state-run banks are confident of withstanding any macroeconomic shocks and expect their outlook to improve, despite headwinds in the global banking sector, the finance ministry said

Private banks more aggressive in writing off bad loans than public banks

The ratio of write-offs to gross non-performing assets (GNPAs) in private banks was 47.9 per cent, much higher than 22.2 per cent in public banks

FM to meet chiefs of PSB banks to review financial performance on Thursday

Finance Minister Nirmala Sitharaman is scheduled to meet chiefs of public sector banks (PSBs) on Thursday and review their financial performance. This is going to be the first review meeting after the 2022-23 financial results. In the last fiscal, PSBs together posted a record profit of Rs 1.04 lakh crore, with market leader State Bank of India (SBI) accounting for nearly half of the total earnings. From posting a total net loss of Rs 85,390 crore in 2017-18, the PSBs have come a long way as their profit touched Rs 1,04,649 crore in 2022-23. Besides the review of financial performance, sources said, the meeting is going to take stock of the progress made by banks in achieving targets set for the various government schemes, including Kisan Credit Card (KCC), Stand-Up India, Pradhan Mantri Mudra Yojana (PMMY) and emergency credit line guarantee scheme (ECLGS) to help businesses affected by Covid-19. Heads of the banks would also apprise the finance minister about the performance duri

FinMin requests FSIB to fill up non-executive chairman posts in PSBs

Positions vacant in six of 11 state-owned lenders, some for two years