Public Sector Banks

The government should go ahead with disinvestment of public sector banks (PSBs) as they are in good condition, SBI said in its research report on Monday.

The Bombay High Court today ruled that public sector banks do not have the power in law to issue Look Out Circulars (LOCs) against default borrowers.

Public sector banks in India are doing better in comparison to their private sector counterparts in terms of non-performing assets, a survey conducted by industry body FICCI and banking association Indian Banks' Association (IBA) found.

Public sector lender Punjab National Bank (PNB) today reported a 327 per cent jump in net profit to Rs 1,756.13 crore in the September quarter - the highest in the previous 14 quarters - on the back of higher interest income and improved credit quality.

Prime Minister Narendra Modi today hit out at the previous UPA government, saying while it destroyed the banking sector with "scams" his dispensation has restored its good financial health, with India now known for the sector's strength.

Finance Minister Nirmala Sitharaman on Saturday said the public sector banks' profit in the last nine years has tripled to Rs 1.04 lakh crore due to initiatives taken by the government and underlined the need for continuing the momentum to fuel economy.

Public sector banks' cumulative profit crossed the Rs 1 lakh crore-mark in the financial year ended March 2023, with market leader State Bank of India (SBI) accounting for nearly half of the total earnings.

About Rs 35,000 crore unclaimed deposits as of February 2023 were transferred to the Reserve Bank by public sector banks (PSBs) in respect of deposits which have not been operated for 10 years or more, Parliament was informed today.

Nainital Bank, a subsidiary of public sector lender Bank of Baroda (BoB), today said it has raised around Rs 100 crore through a rights issue to meet future capital requirement.

Bank stocks dropped 2.1%, while public sector banks fell 2.3%. Auto companies lost 2.2%.

Two large public sector banks bought dollars near the 81.80 levels, likely for the RBI, traders said

The government expects 17 per cent higher dividend at Rs 48,000 crore from the Reserve Bank of India (RBI), public sector banks and financial institutions in 2023-24.

Last week, Dr. Vivek Joshi met heads of public sector banks and urged them to achieve targets under various schemes for current financial year.

In the Union Budget for the financial year (FY) 2021-22, Union Minister Bhagwat Karad said, the government's intent to take up privatisation of two PSBs and approval of a policy of strategic disinvestment of Public Sector Enterprises (PSEs) was announced.

Public sector banks have put up a healthy performance in the past few months. But can this trend continue?

The government should go ahead with disinvestment of public sector banks (PSBs) as they are in good condition, SBI said in its research report on Monday.

The Bombay High Court today ruled that public sector banks do not have the power in law to issue Look Out Circulars (LOCs) against default borrowers.

Public sector banks in India are doing better in comparison to their private sector counterparts in terms of non-performing assets, a survey conducted by industry body FICCI and banking association Indian Banks' Association (IBA) found.

Public sector lender Punjab National Bank (PNB) today reported a 327 per cent jump in net profit to Rs 1,756.13 crore in the September quarter - the highest in the previous 14 quarters - on the back of higher interest income and improved credit quality.

Prime Minister Narendra Modi today hit out at the previous UPA government, saying while it destroyed the banking sector with "scams" his dispensation has restored its good financial health, with India now known for the sector's strength.

Finance Minister Nirmala Sitharaman on Saturday said the public sector banks' profit in the last nine years has tripled to Rs 1.04 lakh crore due to initiatives taken by the government and underlined the need for continuing the momentum to fuel economy.

Public sector banks' cumulative profit crossed the Rs 1 lakh crore-mark in the financial year ended March 2023, with market leader State Bank of India (SBI) accounting for nearly half of the total earnings.

About Rs 35,000 crore unclaimed deposits as of February 2023 were transferred to the Reserve Bank by public sector banks (PSBs) in respect of deposits which have not been operated for 10 years or more, Parliament was informed today.

Nainital Bank, a subsidiary of public sector lender Bank of Baroda (BoB), today said it has raised around Rs 100 crore through a rights issue to meet future capital requirement.

Bank stocks dropped 2.1%, while public sector banks fell 2.3%. Auto companies lost 2.2%.

Two large public sector banks bought dollars near the 81.80 levels, likely for the RBI, traders said

The government expects 17 per cent higher dividend at Rs 48,000 crore from the Reserve Bank of India (RBI), public sector banks and financial institutions in 2023-24.

Last week, Dr. Vivek Joshi met heads of public sector banks and urged them to achieve targets under various schemes for current financial year.

In the Union Budget for the financial year (FY) 2021-22, Union Minister Bhagwat Karad said, the government's intent to take up privatisation of two PSBs and approval of a policy of strategic disinvestment of Public Sector Enterprises (PSEs) was announced.

Public sector banks have put up a healthy performance in the past few months. But can this trend continue?