PSU Banks

SBI, Indian Bank, UCO Bank, Bank of Maharashtra, Punjab & Sind Bank, Canara Bank and Punjab National Bank from the PSU banks were up in the range of 1 - 3 per cent.

The entire sector has beaten the Nifty (up 6 per cent in the same period) comfortably - the Bank Nifty, which includes both private and PSU banks, is up 16.6 per cent

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. In current financial year ending March, it aims to garner Rs 40,953 crore from RBI and public sector financial institutions. This is much lower compared to Budget Estimate of Rs 73,948 crore for FY23. It is to be noted that RBI approved a dividend payment of Rs 30,307 crore to the government post its board meeting in May 2022. As per the Budget document, dividends from public sector enterprises and other investments have been pegged at Rs 43,000 crore for FY24 as well. As per the Revised Estimate for FY23, the dividend from public sector enterprises and other investments was higher at Rs 43,000 crore from the Budget Estimate of Rs 40,000 crore. Total dividend collection of the next financial year would be Rs 1,15,820 crore as against the RE of Rs 1,08,592 crore, as per the RE of 2022-23.

A Bloomberg report said that Credit Suisse Group AG has stopped accepting bonds of Gautam Adani's group of companies as collateral for margin loans

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With today's fall, the Nifty PSU Bank index has corrected 15 per cent from its 52-week high level of 4,617.40 touched on December 15

The rupee was quoting at 82.8375 per dollar by 10:20 am IST, compared with 82.76 in the previous session

Brokerage raises price targets for non-SBI state-owned banks

Recently, SBI raised Rs 10,000 crore through its maiden issue of infrastructure bonds, for funding infrastructure and affordable housing segment.

There's been credit expansion and credit costs have remained low, due to general economic growth and low non-performing assets (NPAs)

The Congress on Tuesday alleged that NPAs have risen by 365 percent under the Modi government and questioned why "unbridled powers" were being given to PSU banks to "sell off assets at throwaway prices". Congress spokesperson Supriya Shrinate said 38 wilful defaulters have fled the country after swindling banks and asked the government on its plans to bring them back. She claimed that the BJP does not contest elections on issues or its report card but on the face of the prime minister, and said it must answer questions on the rise in non performing assets (NPAs) and loans being written off. "The BJP or the prime minister never contests polls on issues and seeks votes on its report card as they never work. Every election is being contested on the personal background of the prime minister. But, who will answer as to why big haircuts are being given by banks," she told reporters at a press conference. The Congress leader said 61 percent of the fiscal deficit can be funded by this writ

In the past one month, the Nifty PSU Bank index has rallied 31 per cent as compared to a 2.8 per cent rise in the Nifty 50 index

As per a government notification dated November 17, 2022, the term for the appointment has been extended to 10 years, from the earlier 5 years, subject to superannuation age of 60 years

Fund managers and MF distributors expect net inflows to turn positive after completion of rate hike cycle

Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in terms of loan growth in percentage terms during second quarter of 2022-23. The Pune-headquartered lender recorded 28.62 per cent increase in gross advances at Rs 1,48,216 crore at the end of September 2022, according to published quarterly numbers of public sector banks (PSBs). It was followed by Union Bank of India with 21.54 per cent growth to Rs 7,52,469 crore. The country's largest lender State Bank of India stood at third spot with 18.15 per cent jump in gross advances. However, SBI's total loans were about 17 times higher at Rs 25,47,390 crore as compared to Rs 1,48,216 crore of BoM in absolute terms. With regard to Retail-Agriculture-MSME (RAM) loans, BoM recorded the highest growth of 22.31 per cent followed by Bank of Baroda with 19.53 per cent and SBI at 16.51 per cent during the period under review. As far as low-cost Current Account Savings Account (CASA) deposits are concerned, B

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Analysts see up to 31 per cent and 17.6 per cent upside in SBI and BoB's stock, respectively, from a one-year perspective

The Nifty PSU Bank index hit a fresh 52-week high on Friday and has gained 15 per cent so far this month. The index can rally another 4 per cent.

In the past one week, Nifty PSU Bank index has rallied 12 per cent as compared to 3 per cent rise in Nifty50

With asset quality improving, analysts see more growth