Page 2 - Psbs

Bank of India hits 17-month high on positive outlook; zooms 80% in 6 weeks

Rating agency Acuite Ratings & Research reaffirmed its rating of AA, revising the outlook to positive from stable for the bank's additional tier-1 bonds

Banking on tenure

Longer terms for PSB chiefs address the talent gap partly

Govt appoints 10 executive directors to public sector banks for 3 years

The union government decided to increase the term of wholetime directors in public sector banks, including MD & CEOs, to 10 years, from five years

Govt raises PSB CEO term to 10 years, seeks younger talent at the top

A candidate can be appointed for 5 years initially, extendable for another five years; this is also applicable for executive directors who are also wholetime directors

Polarisation in performance of Indian banks to persist: S&P Global Ratings

Polarisation in the performance of Indian banks will persist as many large public sector banks are still saddled with weak assets, high credit costs, and poor earnings, S&P Global Ratings said on Thursday. It said State Bank of India and leading private sector banks have largely addressed their asset quality challenges, and their profitability is improving more sharply than the banking system. In its Global Banking Outlook-2023 report, S&P said economic recovery is driving credit costs to cyclical low levels and stronger balance sheets and higher demand should boost bank loan growth, but deposit growth will lag. "Polarisation in the performance of banks to persist," S&P said, adding the return on average assets would be 'adequate' at 1 per cent. "Many large public sector banks are still saddled with weak assets, high credit costs, and poor earnings. Similarly, we expect a mixed-bag performance for finance companies (fincos). The asset quality of these fincos is often ...

PSBs' asset quality challenges to pull down FY23 banking outlook

State Bank of India and leading private-sector banks have largely addressed their asset quality challenges, and their profitability is improving more sharply than the system's, S&P added

12 PSBs report 50% jump in combined Q2 net profit at Rs 25,685 crore: FM

Finance Minister Nirmala Sitharaman on Monday said the government's efforts to reduce bad loans are yielding result with 12 public sector banks reporting a 50 per cent jump in combined net profit at Rs 25,685 crore in the second quarter ended September. In the first half of FY23, the cumulative net profit of all public sector banks (PSBs) increased by 32 per cent to Rs 40,991 crore. During the second quarter, the SBI reported the highest-ever profit of Rs 13,265 crore. On year-on-year basis, this was 74 per cent higher than the same quarter a year ago. "The continuous efforts of our govt for reducing the NPAs and further strengthening the health of PSBs are now showing tangible results. All 12 PSBs declared net profit of Rs 25,685 cr in Q2FY23 & total Rs 40,991 cr in H1FY23, up by 50% & 31.6%, respectively (y-o-y)," Sitharaman said in a tweet. She further said Canara Bank reports an 89 per cent jump in profit to Rs 2,525 crore as compared to second quarter of the previous ...

PSBs' Q2 net profits zoom 50% YoY on steady rise in interest income

Strong loan growth, rising lending rates give the boost

Nifty PSU Bank index hits record high; Indian Bank surges 22% in one week

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

PSBs asked to expedite recruitment, fill vacancies in time-bound manner

The finance ministry has asked public sector banks (PSBs) to expedite the process of filling pending vacancies, sources said. The ministry had reviewed the vacancies in PSBs earlier this month and advised them to take action to fill them. Finance Minister Nirmala Sitharaman on Tuesday had directed PSBs to fill the backlog vacancies of Scheduled Castes (SCs) in a time-bound manner. The total employees strength of PSBs peaked at 8.86 lakh during 2012-13. It declined to 7.80 lakh during 2020-21. Banks have started issuing advertisements for recruitment. The country's biggest lender State Bank of India (SBI) has issued advertisements for recruitment of 1,673 probationary officers. Of this, 1,600 are regular vacancies while 73 are backlog cases. Due to COVID-19, the recruitment process got impacted and as a result there are some backlogs which will be filled in due course of time, a senior PSB official said. Besides, Central Bank of India has issued advertisements seeking applications

Top Headlines: PSBs to hire on monthly basis, Sebi goes to SC, and more

The Securities and Exchange Board of India (SEBI) has moved the Supreme Court against New Delhi Television (NDTV), the media company said

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

Despite 22% jump in 3 months, analysts see more upside in Nifty PSB index

Among individual shares, Bank of Baroda, Canara Bank, State Bank of India, Indian Bank, and Union Bank of India soared between 21 per cent and 34 per cent during the period

PSBs recover Rs 6.42 trn NPAs, written off loans since from FY15 to FY22

From FY16 to FY21, the central government has infused Rs 3.36 trillion of capital in PSBs, while banks have raised an additional Rs 2.99 trillion from the markets

All 12 public sector banks go live on account aggregator network

Around 0.97 million accounts have been linked to the ecosystem so far; around 0.93 million consents have been given during the same period

Eight PSBs join the account aggregator ecosystem ahead of deadline

The remaining four, which are in the testing phase, could be inducted soon

Govt draws up plan to bolster PSU bank boards, hold directors accountable

With amendments to banking Act, it seeks to notify tenure for chairman

Nationalisation, consolidation and privatisation

Merely bringing down the government stake below 51 per cent may not find any taker for the PSBs. Is the government ready to give up its powers?

Centre should privatise all PSBs, except State Bank of India: NCAER

First 2 banks for privatisation should be those with good asset quality and low NPA, says the report

Top Headlines: PSBs shareholding cap, growth of top firms, and more

The central government is seeking to remove the 10 per cent shareholding cap for individuals in public sector banks (PSBs). Read more in our top headlines