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Budget 2020: Govt loses 23 paise on each Rupee of taxpayer money used in PSBs
Sat, Feb 01, 2020
Compared to this, every rupee of investor money invested in "New Private Banks" (NPBs) - banks licensed after India`s 1991 liberalisation - on average, gained 9.6 paise. This means PSBs are far more inefficient compared to private banks and hence they need to catch up fast.
Modi government takes this big step for assets attached by Public Sector Banks
Sun, Dec 29, 2019
In a key development, Finance Minister Nirmala Sitharaman here on Saturday launched a common e-auction platform for assets attached by the public sector banks (PSBs).
Nirmala Sitharaman holds review meeting with Public Sector Banks ahead of GST Council sitting
Thu, Sep 19, 2019
Union Finance Minister Nirmala Sitharaman and MoS Finance & Corporate Affairs Anurag Thakur on Thursday held a review meeting with Public Sector Banks (PSBs) at New Delhi. A number of issues relating to the sector were discussed.
Nirmala Sitharaman holds review meeting with Public Sector Banks ahead of GST Council sitting - TOP DEVELOPMENTS
Thu, Sep 19, 2019
Union Finance Minister Nirmala Sitharaman and MoS Finance & Corporate Affairs Anurag Thakur on Thursday held a review meeting with Public Sector Banks (PSBs) at New Delhi
FM Nirmala Sitharaman to meet heads of public sector
Thu, Sep 19, 2019
Finance minister Nirmala Sitharaman will meet heads of public sector banks. To know more about merger, watch the video
Banks will remain closed for 4 days in September, know these dates here
Fri, Sep 13, 2019
Protesting against the recent government decision to merge 10 public sector banks, a two-day national strike call has been given by the bank unions on September 26 and September 27.
FM Nirmala Sitharaman announces Mega PSB merger; Punjab National Bank to Allahabad Bank, 10 banks amalgamated into 4
Fri, Aug 30, 2019
The Canara Bank and Syndicate Bank will be merged into one entity. At the same time, Union Bank of India, Andhra Bank and Corporation Bank will be amalgamated into a single entity. Indian Bank and Allahabad Bank will become one entity too.
Banks need to raise own capital till June: Sources
Fri, Mar 15, 2019
In January, the government got Parliament nod for an additional Rs 41,000 crore to recapitalise public sector banks, over and above the already budgeted Rs 65,000 crore taking the total recapitalisation package for the current financial year to Rs 1,06,000 crore.
Do you own shares of these 7 PSBs? They may just have made you rich; shares surged up to 10%
Thu, Dec 27, 2018
Performance of these 7 PSBs can be attributed to a particular news. The buzz was that Union Finance Ministry is likely to go for capital infusion of about Rs 28,615 crore in these PSBs.
Public sector banks on strike today: Operations impacted across country
Wed, Dec 26, 2018
Operations at public sector banks across the country were impacted today due to a strike called by unions against the proposed merger of Vijaya Bank and Dena Bank with Bank of Baroda (BoB).
Alert! For SBI, HDFC Bank, ICICI, BoB, PNB, Canara, other lenders: This service gets tax-free, this not
Sun, Dec 23, 2018
The GST council on Friday turned santa ahead of the Christmas, reducing tax rates on 23 goods and services.
Bank fundraising: Market crisis puts onus on Modi government
Fri, Oct 19, 2018
Public sector banks have raised more than double the capital infused by the government through equity and bond markets and from the sale of non-core assets between the financial years 2008-2009 and 2017-18.
Make money, invest in PSU funds; here is key
Wed, Sep 19, 2018
If the Indian economy is doing well, shares of government companies should do well, right? Wrong. If you look at the returns of thematic Public Sector Undertaking (PSU) funds or PSU shares in the last year, you will be disappointed.
How 'symbolic possession' is causing huge losses to huge losses to public sector banks
Wed, Jul 11, 2018
You will not find word "symbolic possession" in the Indian law, but this self-invented term is causing huge losses to public sector banks. It is a tool rampantly used to push away prospective buyers of defaulters' properties and helping the defaulter get the same property for a lower price.
Heads of 11-PSBs to appear before parliamentary panel on Tuesday
Sun, Jun 24, 2018
Top officials of IDBI Bank, UCO Bank, Central Bank of India, Bank of India, Indian Overseas Bank, Dena Bank, Oriental Bank of Commerce, Bank of Maharashtra, United Bank of India, Corporation Bank and Allahabad Bank, will make presentations before the panel and respond to queries on June 26, said sources.
Will meet disinvestment targets by March 2018: Sanjeev Sanyal, Principal Economic Adviser
Tue, Jun 12, 2018
We will be able to meet the fiscal deficit target of 3.3 per cent by making certain adjustments on different fronts, Sanjeev Sanyal, Principal Economic Adviser, Ministry of Finance, told Anil Singhvi of Zee Business in an exclusive interview, adding that the public sector banks will be recapitalised after their cleansing process is completed under the prompt corrective action (PCA) framework.
Finmin not seeking relaxation of RBI's PCA framework, PSBs told to focus on core biz
Mon, May 21, 2018
Finance Minister Piyush Goyal last week met heads of 11 public sector banks (PSBs) which have been identified under the PCA to check their deteriorating financial health and promised all possible help to strengthen them.
After PNB scam, non-governmental Expert Agency to review PSBs' monthly performance
Wed, May 09, 2018
In January 2018, the government announced Rs 2.11 trillion recapitalisation plan for public sector banks, besides chalking out a comprehensive time-bound reforms agenda, EASE (Enhanced Access and Service Excellence). State-run banks were asked to seek approval from their respective boards for implementing the EASE plan.
Vinod Rai: Institutional changes depend upon the economy, model of governance
Tue, Apr 03, 2018
Constitution of BBB was recommended by the Dr PJ Nayak Committee. The Nayak committee in its recommendations asked the government to professionalise the banks. This can be achieved by keeping the Public Sector Banks at an arms distance from the government and by putting professional directors on them to run them. This thing cannot happen overnight, said Vinod Rai.
Zee Business exclusive! Uday Kotak says no privatisation of PSBs will happen till 2019 elections
Wed, Mar 21, 2018
Uday Kotak, Executive Vice-Chairman and Managing Director, Kotak Mahindra Bank, said that three issues are there that give me the confidence to talk like that and they are 1) industry structure between Private and Public sector banks, 2) financial savings of people and 3) digitisation of the process involved.