Finance ministry invites applications for CVOs in PSU banks, insurers
NEW DELHI: The finance ministry has invited applications from eligible candidates for the position of Chief Vigilance Officers (CVOs) in various public sector banks and insurance companies. Applications have been called for CVO positions in five lenders, including Canara Bank, Indian Bank and Bank of India. Besides, CVO position would also fall vacant in New […]
Supreme Court order on interest waiver: PSU Banks may have to take Rs 2,000 crore hit
NEW DELHI: Public sector banks may have to bear a burden of Rs 1,800-2,000 crore arising due to a recent Supreme Court judgement on the waiver of compound interest on all loan accounts which opted for moratorium during March-August 2020, sources said. The judgement covers loans above Rs 2 crore as loans below this got […]
Merger of 10 PSU banks into 4 effective from today; 6 banks cease to exist
NEW DELHI: The biggest ever consolidation exercise in the public sector banking space is slated to take shape on Wednesday when six PSU lender will be merged into four in a bid to make them globally competitive. The exercise assumes significance as it is taking place at a time when the entire country is under […]
India likely to provide Rs 30,000 crore to PSU banks in Budget 2019
NEW DELHI: India’s Finance Ministry is evaluating capital needs of state-owned banks, and likely to provide about Rs 30,000 crore in the upcoming Budget to help them meet minimum regulatory capital requirement in the current fiscal, sources said. The first budget of Modi 2.0 government is scheduled to be presented on July 5 by Finance Minister […]
RBI governor meets PSU banks’ CEOs, conveys regulator’s expectations
NEW DELHI: Ahead of the monetary policy review, Reserve Bank of India Governor Shaktikanta Das on Monday met heads of public sector banks and conveyed to them the regulator’s expectation from the banking sector. RBI is scheduled to announce its sixth bi-monthly monetary policy for 2018-19 on February 7. It would be the first monetary […]
India empowers PSU banks to seek lookout circulars against wilful defaulters
NEW DELHI: In a bid to prevent big economic offenders like Vijay Mallya and Nirav Modi from fleeing the country, the government has empowered PSU banks to request lookout circulars (LOCs) against wilful defaulters and fraudsters, officials said on Sunday. The Home Ministry has also authorised the Serious Fraud Investigation Office (SFIO), a statutory corporate […]
PSU banks set to get Rs 28,615 crore capital infusion
NEW DELHI: The government of India is likely to infuse Rs 28,615 crore into seven public sector banks (PSBs) through recapitalisation bonds by the end of this month, sources said on Thursday. This will help banks meet regulatory capital requirement. The disbursement is likely to take place before December 31, sources added. Out of the […]
India likely to stick to capital infusion programme for PSU banks
NEW DELHI: The India’s Finance Ministry would not curtail its capital infusion plan for this financial year even as state-owned banks would be needing fewer funds following the RBI’s decision to defer the deadline to meet Basel III norms by a year, according to sources. Under the new dispensation, the capital infusion by the government […]
Arun Jaitley asks PSU banks to take effective action against frauds, wilful defaults
NEW DELHI: India’s Finance Minister Arun Jaitley on Tuesday asked public sector banks to take “effective action” in cases of fraud and wilful loan defaults. Reviewing the performance of state-owned lenders, he exuded confidence that formalisation of the economy would help India achieve sustainable growth of 8 per cent. “FM, Shri @arunjaitley exhorted the banks […]