PSU

  • Public sector still relevant to Indian economy: Hamid Ansari 1 week ago

    New Delhi: Although it has seen "tremendous denigration" over the years, the public sector continues to be relevant to the Indian economy, Vice President Hamid Ansari said on Tuesday. "Unfortunately, over the years the Public Sector has seen tremendous denigration... We consciously opted for mixed economy (private and public sector)...
  • Only 32 PSUs have complied with 20 pc procurement norm: Government September 23, 2014

    New Delhi: Only 32 out of 146 PSUs have complied with the mandatory 20 per cent procurement of products and services required by them from micro and small enterprises till now, the government on Tuesday said. The government is looking at amending public procurement policy to incorporate provisions against PSUs...
  • Jammu floods to have 'minimal' impact on LIC, says its Chairman September 21, 2014

    Mumbai: Life Insurance Corporation, which has nearly 13 lakh customers in floodravaged Jammu & Kashmir, has said the financial impact of the massive tragedy would be "very minimal" on the company. "Financial impact due to the massive floods in Kashmir this month will be very nominal for us. Even after the...
  • Jaitley to meet heads of PSU banks on Thursday July 28, 2014

    New Delhi: Finance Minister Arun Jaitley is scheduled to hold his first meeting with all the heads of the public sector banks on July 31 and is expected to impress upon them the need to lower interest rates for boosting growth. "The Finance Minister would be meeting heads of banks on...
  • Average CEO salary at top Sensex firms near Rs 10 crore July 27, 2014

    New Delhi: The average CEO pay at India's top listed companies has risen to Rs 10 crore a year, but still remains less than onetenth of over Rs 100 crore median remuneration paid to their peers in the US. The top executives of the country's biggest blue chip companies, forming...
  • Recapitalisation of PSU banks is on high priority: Arun Jaitley July 19, 2014

    New Delhi: Finance Minister Arun Jaitley on Saturday said recapitalisation to the tune of Rs 2.4 lakh crore in public sector banks to meet Basel III norms is a 'high priority' item for the government. "We suggested proposal for recapitalising of public sector banks over the next four years...the government is...
  • No official estimate on black money, says Jaitley July 11, 2014

    New Delhi: Finance Minister Arun Jaitley on Friday said there is no official estimate on black money and a study commissioned by the government to ascertain the amount are yet to be completed. Jaitley also informed the Lok Sabha that "sustained efforts" to obtain information about Indians having black money stashed...
  • Shares of PSU banks fall on Budget announcements July 10, 2014

    Mumbai: Shares of public sector banks declined as much as two per cent after Finance Minister Arun Jaitley on Thursday said the lenders would require Rs 2.40 lakh crore capital by 2018 to meet global Basel III norms. SBI ended 1.31 per cent lower, Allahabad Bank dropped 1.81 per cent and...
  • PSU banks stock down after Budget announcement July 10, 2014

    Mumbai: Shares of public sector banks declined by as much as 4.3 per cent after Finance Minister Arun Jaitley on Thursday said the lenders would require Rs 2.40 lakh crore capital by 2018 to meet global Basel III norms. SBI was trading 2 per cent lower, while Indian Bank dropped...
  • Need to infuse 2,40,000 crore in the banking sector by 2018: Jaitley July 10, 2014

    New Delhi: Finance Minister Arun Jaitley on Thursday asserted that banking needs in the country need to be strengthened. He proposed that Rs 2,40,000 crore need to be infused in the banking sector by 2018 to meet global Basel III norms. He proposed to provide greater autonomy to public sector...
  • PSU banks to raise Rs 2.40 lakh crore capital by 2018 July 10, 2014

    New Delhi: Proposing to provide greater autonomy to public sector banks, Finance Minister Arun Jaitley on Thursday said these lenders would require Rs 2.40 lakh crore capital by 2018 to meet global Basel III norms. "To be in line with the Basel III norms, there is requirement to infuse Rs 2.40...
  • PSU banks need to free themselves from government influence: Raghuram Rajan May 20, 2014

    New Delhi: Pitching for greater operational flexibility to public sector banks, Reserve Bank Governor Raghuram Rajan on Tuesday said that they can become more competitive by distancing themselves from government influence. "If public sector banks become competitive, and especially if they do so by distancing themselves from the influence of...
  • Asset quality of banks deteriorating at frightening pace: Study May 14, 2014

    New Delhi: The asset quality in banks has deteriorated at a "frightening pace" during 201314 fiscal with public sector banks bearing the maximum brunt of bad loans, a RBI panel report has said. At the quarter ended December 2013, banks collectively held loan provisions of Rs 98,593 crore, an increase...
  • FM to meet heads of PSU banks, financial institutions on Tuesday May 12, 2014

    Amidst rising bad loans, Finance Minister P Chidambaram will review financial performance of public sector banks (PSBs) on Tuesday. The review will cover overall credit growth, with particular reference to agricultural credit, MSME credit, housing loan, education loan and lending to minority communities among others, an official statement said. Chidambaram will also...
  • Change India: Setting up a sovereign wealth fund without spending government money April 26, 2014

    In the run up to the 2014 Lok Sabha polls, Network18's latest campaign is on 'Change India Agenda for the next PM'. In this special show, we bring to you the policy initiatives that will enable setting up wealth fund without spending the government money. In today's show, we...
  • Finance Ministry rejects RBI plan to split CMD's post in PSU banks April 8, 2014

    New Delhi: The Finance Ministry has turned down the Reserve Bank's proposal to bifurcate the post of Chairman and Managing Director in public sector banks saying this position doesn't enjoy absolute powers as is being claimed by some international experts. Rejecting the RBI's proposal to restructure the board of PSU banks,...
  • Five PSUs posted Rs 2,100 cr losses in Financial Year 2013: CAG February 28, 2014

    Five public sector undertakings in Chhattisgarh incurred losses of about Rs 2,100 crore in the 2012-13 fiscal, largely due to deficiencies in financial management and project execution, the Comptroller and Auditor General of India has said in a report. The report was tabled in the State Assembly on Friday. Of the...
  • SC notice to Centre on government employee plea to contest election February 28, 2014

    Government rules barring its PSU employees from contesting election were on Friday put under judicial scrutiny with the Supreme Court agreeing to examine its validity and issuing a notice to the Centre and the Election Commission on the matter. A bench, headed by Chief Justice P Sathasivam, sought a response from...
  • Interim Budget: Government plans to boost PSU banks, may provide Rs 11,200 crore February 17, 2014

    New Delhi: Finance Minister P Chidambaram on Monday proposed to infuse Rs 11,200 crore in public sector banks to enhance their capital in the next financial year. "In 201415, I propose to provide Rs 11,200 crore for capital infusion in public sector banks. They have opened 5,207 branches so far, against...
  • Public sector bank staffs on twoday strike from today, operations hit February 10, 2014

    Cheque clearances and cash withdrawals and deposits in public sector bank branches across the country were hit as employees started a twoday strike on Monday to press for a revision in wages. However, private sector banks such as ICICI Bank, HDFC Bank and Axis Bank were functioning normally because their staff...
  • PSU banks' twoday strike hit services in Punjab, Haryana February 10, 2014

    Customers faced inconvenience in Punjab and Haryana as public sector bank employees went on a twoday strike from Monday to press for various demands including wage revision. Agitating bank employees under the banner of United Forum of Bank Unions (UFBU) carried out protest rallies and held demonstrations at several places including...
  • Fraud cases of Rs 6,175 cr reported by PSU banks till January 2014 February 7, 2014

    New Delhi: Public sector banks have reported fraud cases of Rs 1 lakh and above amounting to Rs 6,174.83 crore till January during the 201314 financial year, Parliament was informed on Friday. For the entire 201213, such cases had amounted to Rs 8,232.67 crore; Rs 4,069.80 crore in 201112 and were...
  • Rajasthan to have world's largest 4,000 MW ultra mega solar power project January 29, 2014

    Three central ministries on Wednesday joined hands to launch the world's largest 4,000 MW ultra mega solar power project in Rajasthan, a statement said. Six public sector undertakings (PSUs) of the Ministry of New and Renewable Energy, the Ministry of Heavy Industries and Public Enterprises and the Ministry of Power signed...
  • Govt slaps notice,seeks explanation from NTPC for mine delays January 8, 2014

    The Coal Ministry has issued a showcause notice to NTPC for delay in production from Chatti Bariatu South coal block in Jharkhand and sought explanation from the power PSU for making slow progress in another mine in the state. Almost a year ago the government had withdrawn the deallocation of three...
  • Sick PSUs get budgetary support for dues, salary payments December 26, 2013

    The government on Thursday said it will provide Rs.116.86 crore financial aid to 11 loss making or sick central public sector enterprises to enable them pay salary and statutory dues. The Cabinet Committee on Economic Affairs chaired by Prime Minister Manmohan Singh gave green signal to the proposal. The aid will...
  • PSU banks' staff go on strike, operations hit December 18, 2013

    Normal banking operations like cheque clearances, withdrawing and depositing of money at branches were hit across the country as employees of public sector banks went on a oneday strike on Wednesday to press for wage revision and other demands. All the members affiliated to nine bank employees and officers unions have...
  • Bank in Andhra claims having footage of man resembling Bangalore ATM attacker November 25, 2013

    Officials of a PSU bank in Andhra Pradesh's Anantapur district on Monday said that they are in possession of CCTV footage of a man resembling the attacker of a woman bank officer at an ATM kiosk in Bangalore on November 19. The footage, captured on November 11 and 12, shows the...
  • PSUs need more autonomy, freedom from bureaucratic control:PM November 21, 2013

    New Delhi: Pitching for public sector enterprises being made more competitive, Prime Minister Manmohan Singh on Thursday said the staterun companies need to be given greater functional autonomy, be freed from bureaucratic control and not shielded from private sector competition. "Going forward, our governments will have to increasingly adopt competitionneutral policies....
  • Rupee will settle down: P Chidambaram November 11, 2013

    With the rupee declining to a twomonth low of 63 to a dollar, Finance Minister P Chidambaram on Monday assured the domestic currency will stabilise. "Rupee will settle down," he told reporters. In early trade on Monday, the rupee fell to 63.33 to a dollar, its weakest since September 18. The...
  • Coal Ministry panel agrees to allot 3 coal blocks to mining PSUs October 30, 2013

    A Coal Ministry panel has agreed to allocate three coal blocks to mining PSUs including Jharkhand State Mineral Development Corp and MP State Mining Corporation Ltd. The three coal blocks are part of 17 mines identified by the ministry for stateowned companies. It had earlier allocated 14 coal blocks to power...