Page 7 - Public Sector Banks

PSBs get green flag to raise Rs 25,200 cr through equity dilution in FY25

So far, the PSBs have raised Rs 8,500 crore through Qualified Institutional Placement (QIP) in FY25, according to data from Prime Database

PSBs to launch new products in 3-4 months to ramp up credit growth

Financial Services Secretary M Nagaraju on Tuesday said public sector banks will unveil new products in the next few months to improve credit growth. "We are actually committed to enhancing, and we want to push as much credit as possible because we have a huge number of young people," he said while addressing the Financial Inclusion and Fintech Summit organised by CII here. Public sector banks are going to launch new products in the next 3-4 months to push credit for all sectors, including MSME, he said. Over the last few years, the government has already taken multiple steps to improve credit availability to small borrowers, including announcing a new credit model in the Budget to lend to borrowers with no previous financial records. Though the banking sector is robust, Nagaraju said rising digital frauds are posing a risk to financial sector stability, and banks should focus on addressing this challenge. Both digital innovations and financial literacy will help mitigate this, he

Public sector banks prepare to open AT-1, Tier-2 bond floodgates

They target raising Rs 54,800 cr in FY25

FSIB recommends Binod Kumar for the post of MD and CEO of Indian Bank

The Financial Services Institutions Bureau (FSIB) on Saturday recommended Binod Kumar for the post of Managing Director of Chennai-based Indian Bank. Kumar, who is serving as Executive Director of Punjab National Bank, will replace S L Jain on his superannuation next month. Declaring the result of the selection process, the FSIB -- the headhunter for directors of state-owned banks and financial institutions -- in a statement said the bureau interviewed 15 candidates on Sunday. "Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau recommends Binod Kumar for the position of MD & CEO in Indian Bank," it said. Earlier in April, the bureau had selected Asheesh Pandey for the position but the Reserve Bank of India (RBI) had raised some reservation over his name. Therefore, the bureau held a fresh interview to choose a new person in place of Pandey. The final decision on the FSIB recommendation would be taken by the ...

Revised PLI scheme undermines autonomy of boards of PSBs, says AIBOC

Banks' officers union AIBOC on Friday said the recently announced revised Performance Linked Incentives (PLI) for Whole Time Directors and senior executives infringes upon autonomy of boards of public sector banks. Earlier this week, the Department of Financial Services announced a revised PLI scheme for Whole Time Directors. The revised scheme also included officers from Scale IV to Scale VIII of public sector banks. However, the PLI for officers up to Scale VII has already been determined through bilateral agreements between the Indian Banks' Association (IBA) and officers' associations at the industry level. These agreements, based on mandates provided by member banks' boards, also encompass officers in Scale VIII, All India Bank Officers' Confederation (AIBOC) said in a letter written to the Financial Services Secretary. The Department of Financial Services (DFS) directive undermines this well-established framework, violating the sanctity of collective bargaining and the essenc

Finance ministry directs major PSBs to fast-track re-KYC verification

Out of 53.9 crore Pradhan Mantri Jan-Dhan Yojana accounts, 11.2 crore are inoperative and 10.5 crore accounts are pending for re-KYC

PSBs set to launch MSME credit model this month, reveals document

Initially, nine PSBs such as Bank of Baroda, Canara Bank, Bank of Maharashtra and others will allow loans only up to Rs 25 lakh. Bank of India will offer loans up to Rs 1 crore

PSBs register strong business growth of 11% in H1 FY25, says FinMin

There are currently 12 public sector banks in India, including State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BoB), Indian Overseas Bank (IOB), and UCO Bank, among others

Public sector bank heads at BS BFSI Summit: The best is still to come

Heads of public sector banks discuss the present and future of the banking sector in conversation with consulting editor Tamal Bandyopadhyay at the Business Standard BFSI Insight Summit

Finmin asks banks to focus on cybersecurity to ensure customer protection

Concerned over the growing instances of cyber frauds, the finance ministry on Tuesday asked public sector banks (PSBs) to align their digital and cybersecurity frameworks with industry best practices and ensure customer protection and operational continuity as top priorities. During a review meeting chaired by the Department of Financial Services (DFS) Secretary M Nagaraju, discussions were held on enhancing the robustness of PSBs, building on recent financial achievements, and addressing strategic challenges with key focus on financial performance indicators, assets and liabilities management, cyber resilience, and digital payments infrastructure. The secretary exhorted the public sector banks (PSBs) to accelerate the pace of lending to agriculture and MSMEs as well as deepen financial inclusion. PSBs were asked to continue strengthening their financial and operational frameworks, particularly in light of the evolving market dynamics and cyber security needs, the finance ministry .

PSBs, financial institutions monetise Rs 4.5 crore through scrap disposal

Public sector banks (PSBs) and financial institutions have realised Rs 4.5 crore through scrap disposal during one month-long special campaign with a special focus on minimising pendency and institutionalising Swachhata from October 2-31, 2024. The Department of Financial Services (DFS) launched Special Campaign 4.0 with special impetus on better space management, customer-centric initiatives, making the environment clean and green, record management and disposal of scrap, an official statement from the finance ministry said. All the organisations of DFS, PSBs, Public Sector Insurance Companies and other Public Sector Financial Institutions like NABARD, SIDBI, EXIM Bank, NHB, IIFCL etc. actively participated in the Special Campaign 4.0. The DFS achieved 100 per cent disposal of all identified Public Grievances, Public Appeals, PMO references and MP references, it said. As much as 11.79 lakh square feet of space has been freed and revenue of Rs 4.50 crore has been earned through scr

State Bank of India talent emerges high-yield asset for pvt sector banks

Regulatory comfort drives bank boards to appoint SBI officials for stability

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 plans to recruit around 10,000 new employees during FY25 for efficiency

The country's biggest lender State Bank of India (SBI) intends to recruit about 10,000 new employees during the current financial year to meet its general banking requirement and foster its technical prowess. The bank has invested significantly in technology to provide seamless customer service as well as to strengthen the resilience of its digital channels. "We are strengthening our workforce, both on the technology side as well as on the general banking side. We have recently announced around 1,500 technology people recruitment both at the entry level and slightly at the higher level," SBI Chairman C S Setty told PTI in an interview. "Our technology recruitment is also on specialized jobs like data scientists, data architects, network operators etc. We are recruiting them for a variety of jobs in the technology side...So, in all, our current year requirement will be around 8,000 to 10,000 people. Head count will be added to both specialized and general sides," he said. The total

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

Jan-Dhan accounts: A new option for state-owned banks to mobilise deposits

Following this, many banks are exploring previously untapped areas to mobilise deposits while choosing not to engage in an interest rate war

NPCI reports Rs 1,134.31 crore surplus in FY24, up 37% on payment services

NPCI, which operates UPI platform, earned Rs 2,693.42 crore in FY24, up 36 per cent from Rs 1,971.69 crore

PSBs trim branch network but private sector spreads its net, shows data

Das asked banks to use their branches effectively to mobilise deposits, highlighting the importance of brick-and-mortar structures

Results review: PSBs' net profit grows 16% to Rs 39,974 crore in Q1

NII under pressure; asset quality continues to improve

PSBs' Rs 8,500 crore penalties a burden on common man: Rahul Gandhi

Congress leader Rahul Gandhi criticised the Centre after data showed that 12 PSBs collected Rs 8,500 crore (approx) in penalties from customers for not maintaining average monthly balances in 5 years