Finance Ministry tells PSBs to look for acquisition of smaller banks

FOLLOWING the robust success of merger of SBI's subordinate banks with it, the finance ministry has asked four large PSU lenders to explore opportunities for acquisition of small and mid-sized banks with a goal to create global sized lenders, PTI reported quoting sources.
One of the possibilities is that large public sector banks (PSBs) like Punjab National Bank (PNB), Bank of Baroda (BoB), Canara Bank and Bank of India could try...

Post SBI merger, PNB and BoB may take over smaller banks: Report

THE NDA government is finetuning details for the overhaul of PSU banks that involves the next round of consolidation, public offers in the next few months by banks to raise fresh capital, and changes in the hiring policy, including increased lateral entry. Punjab National Bank (PNB) and Bank of Baroda (BoB) may take over smaller lenders, a senior finance ministry official was quoted as telling a national daily. The government is looking at...

Rate war: Bank of Baroda beats SBI, offers home loans cheaper at 8.35%

LEADING public sector lender Bank of Baroda (BoB) has beat Indian largest lender State Bank of India (SBI) in reducing rates on home loans. BoB now offers at 8.35 percent as against SBI's 8.6 percent. Normally, SBI has been the cheapest in the home loan business and other banks offer loans around 5 basis points (bps) higher than SBI.
This is for the first time that another...

State-run banks install nearly 14,000 ATMs in FY16; miss target

PUBLIC sector banks installed close to 14,000 automated teller machines (ATMs) in different parts of the country in 2015-16. However, the banks missed the target of 15,249 for the financial year.
A total of 13,935 ATMs were installed by banks in the year ending March 31, 2016 against the target of 15,249 ATMs, according to the data on progress of installation of...

BoB posts highest-ever Rs 3,342 cr loss in industry; Govt to reduce stake in PSU banks to 51%

THE state-owned banks are facing tough time. Bank of Baroda (BoB) posted highest-ever quarterly loss by an Indian bank of Rs 3, 342 crore in the quarter ended December 2015. This was due to an almost five times increase in provisions for bad loans. It had posted net profit of Rs 333 crore in the same period last year.
In the quarter to December 2015 alone, nine state-owned banks...

PSU bank CEO posts: Interviews begin today

FOR the first time, candidates from private sector banks have been shortlisted for interviews, for the post of CEO and MD at five large banks, beginning today (June 15).

As many as 26 candidates, including executives from private sector banks, are to appear for the interviews on June 15 and 16, a news agensy said quoting sources.

Among them, seven are existing...

PSU banks may lose out to their private peers

FOR the first time in the banking history of the country, the profits of 13 private sector banks for FY15 could edge past the combined profits of 25 public sector banks.

While the private lenders have reported a total profit after tax (standalone) of Rs 37,361 crore, the the state-owned banks managed to earn Rs 34,640 crore, data from Capitaline, a leading databse of financial sector, show.

In the FY14, the PSU...

Five PSU banks are headless but SBI gets fourth MD

AT A time, when as many as five public sector banks headless but the government has appointed Rajnish Kumar as the fourth managing director of the State Bank of India.

Bank of Baroda, Canara Bank, Punjab National Bank, Bank of India and IDBI Bank are without any MD or CEO.

Close to 50 candidates are in the race for the MD & CEO posts in five banks.

The BoB, Canara Bank and PNB have been functioning without a chairman for some months now. Bank of India CMD VR Iyer will retire by the...

Good news for PSU bank employees: 15% salary hike soon

PUBLIC sector lenders and employee unions have finalised at the 10th bipartite settlement for a 15- percent hike compared to a 17.5 percent increase agreed upon in the last negotiation in 2010, says amedia report.

A 15-percent salary hike is on expected lines with most banks providing for a 12-17 percent increase. The largest public sector...