Nirmala Sitharaman praises PSBs, says 'profit tripled to Rs 1.04 lakh in nine years'
Business | July 01, 2023 21:04 ISTPublic sector banks (PSBs) net profit nearly tripled from Rs 36,270 crore in FY2014 to Rs 1.04 lakh crore in FY23.
Public sector banks (PSBs) net profit nearly tripled from Rs 36,270 crore in FY2014 to Rs 1.04 lakh crore in FY23.
The review meeting of Finance Minister Nirmala Sitharaman with CEOs of public sector banks (PSBs) scheduled for Monday has been postponed.
The government on Thursday said the mega bank consolidation plan is very much on track and will take effect from April 1 despite the onslaught of coronavirus pandemic throwing the country out of gear.
In a bid to address weaknesses in cooperative banking sector, the Parliament is likely to clear a Bill to amend Banking Regulation Act to bring multi-state cooperative banks under effective regulation of RBI during the Budget session.
Each rupee of taxpayers' money invested by the government in NPA-heavy public sector banks as equity are resulting in a loss of 23 paise. "Over Rs 4,30,000 crore of taxpayer money is invested as Government's equity in PSBs. In 2019, every rupee of taxpayer money invested in PSBs, on average, lost 23 paise," the Economic Survey 2020 said.
In a written reply in the Lok Sabha, Finance Minister Arun Jaitley said that stringent action including dismissal, compulsory retirement and demotion, was taken against these officials in connection with the bad loans.
However, operations in private banks, such as ICICI Bank, HDFC Bank, Axis Bank, were almost normal, barring few activities including cheque clearance.
The CII President said such instances of collusion between corrupt bank officials and scamsters should not lead to a situation of choking of credit to industry.
Finance Minister Arun Jaitley is expected to unveil provisions to make things move fast in positive direction and to continue the momentum to energise the lenders.
The infusion into PSBs will be based on twin parameters of 'performance and potential', the Finance Ministry said.
The Union Cabinet on Tuesday announced an aggressive Rs 2.11 lakh crore capital infusion for the NPA-hit public sector banks (PSBs) over a period of two years.
Reports said a group of ministers (GoM) will be formed for the merger of state-run banks, and the names of the banks for the merger will be submitted to the GoM
In its report tabled in Parliament, said that so far, PSBs could only raise Rs 7,726 crore from the market which "raises doubts on the possibility of raising the balance, amounting to over a lakh crore from the market by 2019'
Earlier banks were mandated to report fraud of above Rs 10,000 and below Rs one lakh to police.
According to a report issued by Moody’s, capital infusion from the government will be the only viable source of external equity capital for state-owned banks, given their low equity valuations
The PMO is learnt to be drawing up plans for public sector lenders that could see some consolidation on the lines of the SBI merger recently
As many as 156 senior officials of various state-owned banks have been suspended and 41 transferred after they were found involved in irregularities related to demonetisation, Parliament was informed today.
The government has now directed all government-owned banks to immediately invoke personal guarantees of promoter directors and reco
New Delhi: A government-appointed selection panel would start interviews of 35 candidates tomorrow to fill vacancies of 14 Executive Directors in various public sector banks.The interviews would start tomorrow, sources said, adding that each candidate
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