Page 5 - Public Sector Banks

Union Bank Q4 net profit up 50.57% to Rs 4,984 cr on strong fee income

Union Bank of India posted a 50.57 per cent rise in Q4FY25 net profit to Rs 4,984 crore, aided by an 18.1 per cent growth in non-interest income and improved asset quality

Govt steps up vigil as cyberattacks rise since Pahalgam terror attack

Tells Cert-in, banks, power stations to be on high alert

Banca channel for PSB-led life insurers slows in FY25 as incentives dry up

A renewed focus on core business, discontinuation of incentives for employees, and customer movement to digital purchases of insurance are the key reasons for the decline

Indian Bank lowers home loan rate to 7.90%, vehicle loan to 8.25%

Public sector Indian Bank has slashed the interest rates on home and vehicle loans to 7.90 per cent and 8.25 per cent, respectively, the bank said on Friday. The decision by the city-headquartered bank to cut rates comes in the backdrop of the Reserve Bank of India's Monetary Policy Committee reducing the short-term lending rate by 25 basis points to 6 per cent on April 9. A similar reduction was made in February. In a press release on Friday, Indian Bank said, "In light of the recent policy move by the Monetary Policy Committee of the Reserve Bank of India, Indian Bank has lowered its home loan interest rates from the existing 8.15 per cent per annum to 7.90 per cent per annum and vehicle loan interest rates from the existing 8.50 per cent to 8.25 per cent per annum." This reduction aims to provide relief to borrowers by lowering EMIs and promoting affordable access to credit. "In addition to the reduced interest rates, Indian Bank is also offering benefits such as discounted ...

Banks reduce savings account interest rates to protect profitability

Recently, HDFC Bank, ICICI Bank, Axis Bank and Federal Bank announced nearly 25 basis points revision in their savings account interest rates

Indian Bank to disburse Rs 20,000 crore to self-help groups in FY26

Public sector Indian Bank has set a target to disburse Rs 20,000 crore to Self Help Groups nationwide during the current financial year, an official said. The city-headquartered bank conducted a 'Mega SHG Credit Outreach Programme' in Bhubaneswar towards this vision. Government of India, Department of Financial Services, Secretary M Nagaraju, the bank's MD and CEO Binod Kumar and executive director Mahesh Kumar Bajaj were present on the occasion, a press release said on Sunday. As part of a pan-India initiative by the Department of Financial Services, the programme in Odisha marks Indian Bank's contribution to the national mission of empowering one crore SHG Women with 'Credit Access,' the release said. A total of 9,961 Self Help Groups received sanction letters amounting to Rs 509.91 crore providing financial support to grassroots women entrepreneurs on the occasion. The event also aligns with the government's focus on 'Viksit Bharat 2047', aiming for an inclusive growth and ...

MTNL defaults on Rs 8,346 crore loans from seven public sector banks

State-run telecom firm MTNL has defaulted on bank loans worth Rs 8,346.24 crore from seven public sector banks, the company said in a regulatory filing. The loss-making public sector telecom firm's total debt obligations reached Rs 33,568 crore as on March 31, 2025, according to the filing dated April 19. The total loan default includes Rs 3,633.42 crore of debt raised from Union Bank of India, Rs 2,374.49 crore of Indian Overseas Bank, Rs 1,077.34 crore of Bank of India, Rs 464.26 crore Punjab National Bank, Rs 350.05 crore from State Bank of India, Rs 266.30 crore from UCO Bank and Rs 180.3 crore along with principal and interest payment. The defaults in loan payment have occurred between August 2024 to February 2025. The total debt on the company comprises Rs 8,346 crore bank loan, Rs 24,071 crore sovereign guarantee (SG) bond, and loan of Rs 1,151 crore from Department of Telecom (DoT) for paying SG bond interest, according to the filing.

PSBs red flag technical glitches in implementing PM Vidyalaxmi scheme

Among the key issues highlighted are persistent technical glitches, including repeated login failures due to server-level errors and frequent auto logouts from the portal

TJSB Sahakari Bank plans to acquire two more UCBs and expand its business

Sharad Gangal, chairman, TJSB Sahakari Bank, told Business Standard that the bank will continue to look for inorganic growth opportunities

Banker's Trust: An 8-minute video and a general manager's promotion

Follow the rule book, don't take any initiative, don't try to be innovative. With such vigilance shackles, will public sector banks ever be able to compete with private sector banks?

PSBs share in loans rises sharply in FY25: Monetary Policy Report

State-owned lenders use SLR surplus for disbursements

Banks may write off stressed loans worth Rs 1.5 trillion in FY26: Icra

Credit growth to expand at 10.8-10.9% on regulatory easing

Bank of Maharashtra stock rallies 5% as Q4 gross loans rise 18% YoY

Bank of Maharashtra shares advanced after the public sector bank reported double-digit growth in loans and deposits in its March 2025 quarter (Q4FY25) business update

Indian banks recovered over Rs 14k cr, twice he owed, claims Vijay Mallya

Fugitive liquor baron Vijay Mallya has claimed that Indian banks have got access to his properties worth Rs 14,131.6 crore, more than twice the amount that he owed to public sector banks. Mallya cited purported reference to the details of restoration done by the Enforcement Directorate against wilful defaulters in the Finance Ministry's annual report 2024-25 to say that banks have already recovered Rs 14,131.8 crore against Rs 6,203 crore awarded by the Debt Recovery Tribunal. "Finally, against aT judgment debt of Rs 6,203 crore, admitted recovery of Rs 14,131.8 crore, which will be evidence in my UK bankruptcy annulment application. Wonder what banks will say in an English Court," Mallya said in a post on X. Sharing details of fugitive economic offenders, including Mallya and 10 others, the report said a total of 44 extradition requests have been sent to various countries in respect of 36 individuals. As per the annual report of the ministry, a complete amount of attached properti

Finance ministry asks banks to work on deposit mobilisation strategies

The meeting was chaired by the Department of Financial Services (DFS) Secretary M Nagaraju with the PSB chiefs and select private sector banks

Public sector banks must plan timely capital raise, says M Nagaraju

Each bank has its own unique set of challenges, manpower, systems, capabilities, and infrastructure

FM launches digital footprint-based credit assessment model for MSMEs

The Finance Ministry statement further noted that the benefits to MSMEs by use of this model includes submission of application from anywhere through online mode, reduced paperwork and branch visit

FinMin defers performance review meeting with heads of PSU banks to Mar 5

The finance ministry has deferred performance review meeting with heads of public sector banks (PSBs) by a day to March 5. The meeting, to be chaired by Financial Services Secretary M Nagaraju, would review financial performance and progress of financial inclusion schemes, among others, sources said. Earlier, Department of Financial Services had fixed March 4 for the meeting. This is going to be the first meeting after presentation of Union Budget 2025-26 in Parliament. The 12 PSBs have posted highest-ever net profit of Rs 1.29 lakh crore in the April-December period of the current fiscal year, marking an annual increase of 31.3 per cent. The performance of PSBs has shown significant improvement on key financial parameters, like record net profit growth, improved asset quality, and build-up of adequate capital buffers, during the period under review. Further, improved asset quality is also visible from significantly low net NPA ratio at 0.59 per cent (aggregate net NPA outstandin

FinMin to discuss hiking deposit insurance limit with PSBs on March 4

This is the first review meeting of the finance ministry with PSBs after the Union Budget 2025-26

PSBs strongly capitalised and ready to fuel economic growth: FinMin

PSBs have significantly improved asset quality, with a low net non-performing asset (NPA) ratio of 0.59 per cent, and an aggregate net NPA outstanding of Rs 61,252 crore