Page 15 - Public Sector Banks

Identify sensitive posts, rotate officers in prescribed time limit: CVC

The Central Vigilance Commission has asked public sector banks, undertakings and central government departments to regularly identify sensitive posts and ensure the rotation of officers manning them within the prescribed time limit. The move came after the CVC noticed that many of the organisations are not following its guidelines about the identification of sensitive posts in letter and spirit. In an order, the commission said the Chief Vigilance Officers (CVOs) -- who act as distant arm of the panel to check corruption -- in consultation with the chief executive/management of the respective organisations, should immediately undertake an exercise to identify sensitive posts in their organisations. "In future, an exercise to review and identify sensitive posts may be conducted after an interval of every three years," said the order dated October 25. Further, it may also be ensured that the officials holding sensitive posts are transferred/posted out from such posts as per the time

PSBs to soon have a helpline for customer grievance redressal: Report

This comes against the backdrop of a large number of complaints by customers over non-operating helpline numbers of several branches of PSBs in India

Indian Banks' Association meeting on Friday to elect its new chairman

The Indian Banks' Association (IBA), an industry body consisting of all the banks including foreign lenders with branches in India, will meet on Friday to elect its new chairman. As per convention, sources said, the senior most managing director of a public sector bank is elected as chairman for a period of one year. Currently, Punjab National Bank (PNB) Managing Director A K Goel is the chairman of the lobby group. Usually, the chairman does not get a second term. Considering the ensuing wage revision talks and other crucial issues in the banking industry, it is being keenly watched who will take over the mantle from Goel. Formed in 1946 with 22 members, IBA now has 237 members and associates, according to its website.

Banks offer over 3-year high interest rate to raise funds through CDs

Call mkt rates at higher end of rate corridor as liquidity shrinks rapidly

NARCL makes offers to acquire Jaypee Infratech debt held by Public Banks

NARCL's Rs 3,570-crore offer for the Rs 9,234 crore debt held by nine public sector lenders has triggered a Swiss challenge auction where it will have the right to match the winning bid and take over

Public sector banks plan to establish verticals for big data, analytics

PSBs will also launch digital-only goods, services in the upcoming year with minimal data entry requirements, automated checks, and underwriting for consumers

Amid falling staff strength, PSBs may soon start hiring on a monthly basis

From a peak of 886,490 in 2012-13, staff strength in state-owned banks fell to 770,800 in 2020-21

Enhance coverage of scheduled castes in all schemes: FM Nirmala Sitharaman

The FM was chairing the performance review of PSBs on credit and other welfare schemes for scheduled castes

FM Sitharaman to review credit, welfare schemes for SCs on Tuesday

The review of measures undertaken for the welfare of SCs in the banks would be one of the agendas of the meeting

High NPAs in education loan segment turn banks cautious, says PSB official

High defaults of about 8 per cent in the education loan portfolio have made banks cautious and go slow on the sanction of such credit. Non-performing assets (NPAs) in the education loan category including public sector banks' (PSBs) were 7.82 per cent at the end of June quarter of the current financial year. Outstanding education loans were about Rs 80,000 crore at June-end. Cautious approach is adopted at the end of branches while sanctioning education loans due to high NPAs, a senior public sector bank official said. As a result some genuine cases are overlooked and there are delays, the official said. Recently, the finance ministry had called a meeting of PSBs to take stock of the education loan portfolio and cut down on delay. The ministry exhorted banks to spread awareness about the Central Sector Interest Subsidy Scheme among field formations. The sharp increase in non-performing assets (NPA) in education loans extended by commercial banks in India in recent years is a matte

FinMin calls meeting of PSB chiefs on Sep 21 to take stock of vacancies

The finance ministry would review vacant positions and monthly recruitment plan of public sector banks (PSBs) and financial institutions in a meeting on Wednesday, sources said. The meeting would also review the procurement of banks and financial institutions through the Government e-Marketplace (GeM) portal. The meeting, to be chaired by Financial Services Secretary Sanjay Malhotra, will be attended by top management of banks and financial institutions through virtual mode, the sources said. Besides, there would be discussion on preparedness on 'Special Campaign 2.0'. The campaign during the period October 2-31, 2022 would focus on cleanliness (swachhata) and other issues. During the period, various pendency cases like MPs' references and state government references etc will be reduced.

India Ratings revises FY23 bank credit growth estimates to 13% from 10%

The pressure on hiking interest rates on deposits is likely to intensify. However, the decline in credit could offset an increase in deposit costs

Public sector banks to open 316 branches in financial inclusion drive

Brick and mortar branches to be opened by December 2022; progress was shared in PSB review

Adani Group says not overleaveraged, loans from public sector banks halved

Richest Indian Gautam Adani's conglomerate has cited an improved net debt to operating profit ratio and more than halving of loans from public sector banks to allay concerns about it being overleveraged. In a 15-page note in response to CreditSights report calling the group overleveraged, it said companies in the group have consistently de-levered, with the net debt to Ebitda ratio declining to 3.2 times from 7.6 times in the last nine years. "The businesses operate on a simple yet robust and repeatable business model focused on development and origination, operations and management and capital management plan," the note, reviewed by PTI, said. The group had a gross debt of Rs 1.88 lakh crore in March 2022 and net debt of Rs 1.61 lakh crore after considering the cash balance. While loans from public sector banks in 2015-16 accounted for 55 per cent of all debt of the group firms, in 2021-22, borrowing from PSBs made up for 21 per cent of all debt, it said. In FY2016, private banks

Existing players will join once penetration crosses single digits: ONDC CEO

In a Q&A, T Koshy, dwells on the network's national road map, challenges in onboarding small retailers, and the value proposition for customers

Maharashtra state bank employees union protests govt loan melas

The federation's secretary, said in a statement the Congress government before "distributed hundreds of crores" by organising loan melas and now the present government is on the same lines

Why are public sector companies unable to attract talent for higher posts

It is not just that state-owned company leadership are paid much less than what their smaller competitors are paid but their performance is not linked to rewards

Ministry of Finance reviews performance of PSBs, pushes for credit growth

The govt reportedly said that it was keen on National Asset Reconstruction Company of India Ltd (NARCL) starting its operation

Centre may revamp framework for setting state-owned banks' targets

New framework could be on lines of earlier 'Statement of Intent' used to fix annual targets, will monitor performance on parameters such as return on assets, NPA, financial inclusion initiatives

Public versus private banks: The case made for both in an RBI paper

Far from arguing against privatisation, the RBI paper attracting Opposition ire presents the pros and cons of both ownership structures