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Public sector banks News

09 Mar 2025

Lower GST Rates Coming Soon? FM Nirmala Sitharaman Hints At Changes

FM Nirmala Sitharaman added that while some refinements are needed, the Council is very close to finalising key changes such as rate reductions, rationalisation, and slab adjustments.

15 Dec 2024

PSBs In India Clock Record Rs 1.41 Lakh Crore In Net Profit In FY24

In addition to their stellar performance, PSBs have contributed significantly to shareholder returns, paying a total dividend of Rs 61,964 crore over the past three years.

public sector banks

24 Mar 2024

Public Sector Banks May Exceed Rs 15,000 Crore In Dividend Payout For FY24

The central bank has proposed that the new guidelines should come into effect from FY25 onwards.

Indian Banks Association

09 Mar 2024

Bank Employees To Receive 17% Annual Wage Hike; IBA, Unions Sign Joint Note

Indian Banks Association and bank unions sign the 9th joint note on Friday. They signed a pact to increase wages by 17% annually. Up to 8 lakh bank employees are expected to gain from the pay increase.

FM Nirmala Sitharaman

25 Mar 2023

FM Reviews PSBs Performance Amid Stress In US Fin Systems; Details Inside

During the two hours meeting with MDs and CEOs of PSBs, an open discussion was held on the global scenario amid the failure of the SVB and Signature Bank.

06 Jan 2023

FACT CHECK: Is Niti Aayog planning to privatise some public sector banks?

Press Information Bureau called those media reports fake that claimed NITI Aayog released the list of public banks going to privatisation. PIB in its press release on Friday said that no such list as mentioned in the media reports has been shared by NITI Aayog in any form. Some media reports were circulating in the past claiming that NITI Aayog had released the list of public banks that are going to become private.

Scheduled Caste

28 Sep 2022

FM Sitharaman directs banks to enhance coverage of SCs in all schemes

FM directs banks to enhance coverage of SCs in all schemes. FM advised looking into their needs for capacity building. The community constitute about 18 per cent of the total workforce.

15 May 2022

PNB, SBI account for most valuable bank frauds among PSBs: RBI

PNB reported the highest amount of frauds at Rs 9,528.95 crore. SBI reported frauds worth Rs 6,932.37 crore.

finance minister Nirmala Sitharaman

07 Jan 2022

Finance Minister asks banks to support COVID-affected sectors

The minister asked lenders to support sectors that face interruption due to COVID. She also reviewed various steps taken by PSBs in implementing pandemic-related measures.

12 Dec 2021

Bank strike for 2 days next week: SBI services may be affected

The United Forum of Bank Unions (UFBU) has declared a strike in protest of the government's decision to privatise public banks. Public sector banks hold 70% of the country's total deposits, and handing them over to private capital will jeopardise the ordinary man's money deposited with these banks,

public sector banks

12 Dec 2021

Centre unlikely to announce capital infusion for PSU banks in Budget: Report

Banks reportedly would be encouraged to raise funds from the market and also by selling their non-core assets. The government has earmarked Rs 20,000 crore for the recapitalisation of PSBs in FY22. Finance Minister is expected to present the fourth budget of the Modi 2.0 government on February 1.

public sector banks

25 Aug 2021

Family pension of PSB bankers hiked to 30% of last salary!

The Indian Banks’ Association (IBA) had urged the government to increase the family pension of deceased employees. The Central government has also increased the contribution limit for PSB employees under the National Pension Scheme (NPS). Employees of the public sector banks can now invest up to 14% of their salary, up from the previous limit of 10%.

public sector banks

10 May 2021

2,118 branches of 10 state-run banks closed or merged in last fiscal

2,118 branches of 10 PSU banks. 1,283 branches of Bank of Baroda were either closed or merged. No branch of Bank of India and UCO bank was closed in the last fiscal.

public sector banks

10 Apr 2021

Centre may redraw bank recapitalisation plan in wake of new challenges

The Budget allocated Rs 20,000 crore towards recapitalisation of PSBs to help them consolidate their financial capacity. Moreover, PSBs have proactively built buffers during the financial year 2020-21 (FY21) to improve their resilience in the face of the shock from the pandemic. The problem has been accentuated with the Reserve Bank of India now writing to the bank to meet their obligation towards interest on interest for all borrowers where exposure is over Rs 2 crore as well.

United Forum of Bank Unions

14 Mar 2021

Bank operations may be hit due to nationwide unions' strike

Services such as deposits and withdrawal at branches, cheque clearance and loan approvals would be affected due to the strike. UFBU, an umbrella body of nine unions, in a statement claimed that about 10 lakh bank employees and officers of the banks will participate in the strike. Banks have also informed that they are taking necessary steps for the smooth functioning of bank branches and offices.

United Forum of Bank Unions

12 Mar 2021

United Forum of Bank Union hold protest against privatisation of banks

10 lakh bank employees have been protesting in the country for the last one month United-Forum made every effort before the Additional Chief Labour Commissioner to prevent the strike Banks will remain closed for four days from Saturday

Finance Ministry

04 Nov 2020

No increase in service charges by any public sector bank, says FinMin

As per RBI guidelines, all banks are permitted to levy service charges. RBI allows this in a fair, transparent, non-discriminatory manner. Number of free cash deposits and withdrawals reduced.

public sector banks

21 Aug 2020

PSBs to need capital up to Rs 2.1 trillion over next 2 years: Moody's

According to Moody's, Indian economy will contract sharply in fiscal year ending March 2021. It will return to growth, though modestly, in fiscal 2021. Moody's said to maintain financial stability, government will continue to provide capital support for PSBs.

19 May 2020

PSBs sanction Rs 6.45 lakh crore loan during March-May

Public Sector Banks sanctioned over Rs 1.03 lakh crore as emergency credit lines & working capital enhancements in the period March 20 to May 15.

Yes Bank crisis

06 Mar 2020

After Yes Bank crisis, Maharashtra shuns private banks

Instructions to the effect have been issued by Chief Minister Uddhav Thackeray to the concerned departments.

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