Public Sector Banks

  • 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...
  • P Chidambaram to meet bank chiefs on Tuesday October 21, 2013

    Finance Minister P Chidambaram will meet chairmen and managing directors of public sector banks on Tuesday to review their performance, especially the situation of non-performing assets and credit growth. The meeting will take place at the State Bank of India (SBI) main branch office in the national capital. Chiefs of financial institutions...
  • Increasing diesel prices one way to control fiscal deficit: Rajan October 8, 2013

    In a no-holds-barred interview, which is also the first since he assumed office as governor of Reserve Bank of India, Raghuram Rajan spoke about subjects ranging from inflation to rupee to credit growth to foreign investments to the contentious Diwali Bonanza scheme of the government. He dismissed metaphors such as...
  • Finance Ministry asks PSU banks to limit loan write-offs March 31, 2013

    New Delhi: The Finance Ministry has asked public sector banks to limit the amount of loan write-offs and sought details of recoveries made by them in the six years ending 2011-12 with an aim to improve the finances of PSU lenders. It has also asked the banks to ensure that the...
  • Chidambaram to meet heads of PSU banks on Monday March 17, 2013

    New Delhi: Finance Minister P Chidambaram will meet heads of public sector banks on Monday to take stock of their concern amid moderating growth and slowdown in investment. The broad agenda of the meeting include direct benefit transfer, deteriorating asset quality and credit growth. The Finance Minister is likely to ask...
  • Private, public sector banks on strike on Tuesday December 17, 2012

    Mumbai: Around 700,000 employees and officers of the public sector, private sector and foreign banks will strike work all over India on Thursday, an official said in Mumbai on Monday. Work in 27 public sector banks, 12 old generation private sector banks and eight foreign banks shall come to a...
  • Bank ops remain disrupted on 2nd day of strike August 23, 2012

    New Delhi: Normal operations in public sector banks, including cheque clearances and fund transfers, were on Thursday hampered for the second day because of the strike called by unions to protest against reforms in the sector and outsourcing of non-core services to private sector. "The strike is total success all over...
  • Govt to infuse Rs 15,888 crore in PSU banks March 16, 2012

    New Delhi: The government on Friday said it will provide capital support of Rs 15,888 crore to public sector banks and financial institutions during the next fiscal to strengthen their capital base. "The government is committed to protect the financial health of Public Sector Banks (PSB) and financial institutions," Finance Minister...
  • Bank employees to go on pan-India strike on Aug 5 August 3, 2011

    New Delhi: Bank employees and officers unions will go on nation-wide strike on August 5 to protest against proposed banking sector reforms and wage related issues as conciliatory talks with the management has failed. "The United Forum of Bank Unions (UFBU) met the financial services secretary as well as the IBA...
  • 2G scam may spill over into banking sector October 8, 2010

    New Delhi: The great Indian telecom scam is threatening to spill over into the banking sector. And at stake is the tax payers' money that public sector banks have given as loan to Unitech Wireless. The telecom giant, now called Uninor, is being probed by the CBI, the CVC and...
  • Govt seeks to cut stake in State Bank to 51 pct March 8, 2010

    New Delhi: The government is seeking legislative approval to sell down its stake in top lender State Bank of India to 51 percent, which could raise about $2.5 billion, a quarter of what the bank needs to grow over the next five years. On Monday, Finance Minister Pranab Mukherjee introduced a...
  • Bank employees across India go on strike December 16, 2009

    Kolkata: Around 4,50,000 bank employees of both public sector and private sector banks across the country went on a strike on Wednesday, paralysing banking services. They were opposing the merger and consolidation of public sector banks. "We are striking keeping the merger issue of the State Bank of Indore with the...
  • Tata ties up with public sector banks to promote Nano March 14, 2009

    New Delhi: Tata Motors’ aggressive push to tie up with public sector banks in the last few weeks is a clear strategy to strengthen its rural presence as these banks have significant market penetration in rural areas. Tata Motors wants to pave the way for Nano's entry into tier 1...
  • Rate cut war: Should I shift my home loan? February 6, 2009

    In a dramatic move earlier this week, the country’s largest public sector bank, State bank of India (SBI ) cut the interest rates on new home loans to 8 per cent. LIC Housing Finance followed suit with a rate of 8.75 per cent. With most other banks, especially leading private...
  • SBI hints at further cut in lending rates February 3, 2009

    New Delhi: There is still room for a cut, says State Bank of India (SBI). On Saturday, India's largest public sector bank capped floating home loan rates at eight per cent for a year. Chairman O P Bhatt says it can fall further and has extended the scheme. “It is...
  • Banks cut home loan rates, old borrowers feel pinch December 17, 2008

    New Delhi: As public sector banks cut home loan rates significantly for new borrowers, it's the old borrowers that are feeling the pinch. The high EMIs continue and transfer of loans to cheaper rates looks tough. 8.5 per cent interest on loans below Rs 5 lakh and 9.25 per cent interest...
  • UPA ensures minorities can bank on PSU banks November 19, 2008

    New Delhi: Both foreign and domestic markets are in the grip of a strangulating recession and Government has been in an overdrive to infuse credit flow in the system. One sector it has been successful is in providing credit to the minorities. Government-controlled public sector banks are now more confident...
  • Loans get cheaper, PSU banks cut interest rates November 7, 2008

    New Delhi: In a meeting with the country's top bankers, Finance Minister P Chidambaram on Tuesday said that Government banks must reduce interest rates for loans. Chidambaram during the meeting said that the Government had done its bit in bringing more liquidity into the system and now the banks must bring...
  • Public sector bank strike hits operations September 24, 2008

    Chennai/Agartala: Banking operations were hit across Tamil Nadu on Wednesday with officers and employees of 26 public sector banks (PSBs) commencing a two-day nation-wide strike on September 24. All the nationalised banks in northeastern state of Tripura too were closed in response to the call given by the United Forum...
  • Markets limp due to day-long-strike of PS banks August 20, 2008

    Mumbai Public Sector banks, barring State Bank of India, observed a day-long strike against consolidation in banking space. Various employee unions gathered at the local Azad Maidan in Mumbai to register their protest against the merger of State Bank of Saurashtra with State Bank of India and over other issues. The strike...