Under pressure from govt, SBI to cut minimum balance requirement

UNDER pressure from the government, State Bank of India is understood to be reviewing its minimum balance requirement which is currently Rs 3,000 in urban centers.
The bank is also changing the requirement from monthly average balance to quarterly average balance. The move follows reports that the bank made Rs 1,772 crore in fees+ by imposing penalties for nonmaintenance of minimum balance between April and November 2017.
According to sources, the bank is looking at...

Finance Minister Arun Jaitley to meet chiefs of PSU banks on Nov 23

FM Arun Jaitley

IN A bid to take stock of the financial conditions of the PSU banks, finance minister Arun Jaitley will meet heads of PSU banks on November 23. He will discuss issues including bad loans and credit flow to productive sectors of the economy.
The performance review meeting of public sector banks will also take stock of the credit flow to productive sectors to spur economy and review of 'Indradhanush' plan. The 'Indradhanush' plan is a seven-point agenda to revive the fortunes of PSBs, an...

Thanks to PMJDY, salary windfall for PSU bank employees soon

GOOD news for public sector bank employees. Soon, they may be rewarded out of the turn promotions, incentives, and transfer policies for their role in turning the Pradhan Mantri Jan Dhan Yojna (PMJDY) a success, says a media report. Under the scheme that aims at financial inclusion, 115 million...

Jan Dhan Yojna: Public sector lenders outshine private banks

Prime Minister Narendra Modi 

WHEN Prime Minister Narendra Modi launched the ambitious Jan Dhan Yojna, the financial inclusion scheme on August 28, 2014, the focus was on the public sector lenders and now after about four months, the private sector banks are way behind their PSU peers in so far as opening financial inclusion accounts.

The public sector banks have...