Non-performing assets (NPAs) of public sector banks fell by over Rs 1 lakh crore during the first nine months of the current fiscal to Rs 5,77,137 crore from Rs 6,78,317 crore. Responding to a Parliament query, the government said that the reduction was due to its strategy of “recognition, resolution, recapitalisation and reforms”.

PSU lenders back Piramal’s DHFL bid

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Public sector banks, led by SBI, are understood to be in favour of the resolution plan submitted by Piramal Group for troubled housing finance company DHFL. PSU lenders hold a significant portion of the debt and are likely to determine the direction of voting by financial creditors, which concludes on January 15.

Last week, a branch manager of a leading state-run bank in Madhya Pradesh wrote to the municipal commissioner seeking “cooperation” as several of the 160 street vendors, who were given loans under the PM SVANidhi scheme, had not paid a single instalment, turning them into non-performing assets (NPAs).

The department of investment and public asset management (Dipam) is ready to push ahead with the strategic sale of several public sector companies with bids and expressions of interest (EoIs) for oil marketing company BPCL, Shipping Corporation, Concor and BEML planned next month.

The Comptroller and Auditor General (CAG) has red flagged the government’s “disinvestment” programme involving the “strategic sale” of one public sector undertaking to another state-run entity, as well as flow of the proceeds from sale of shares held by the Specified Undertaking of UTI (SUUTI) into the kitty.

The finance ministry on Friday said that public sector banks (PSBs) have on-boarded about one crore customers on digital payment modes in just one month of the launch of ‘Digital Apnayen’ campaign. The campaign, aimed at encouraging customers to use digital banking channels, was launched on August 15 under the aegis of the government’s Digital … Continue reading PSU banks on-board 1cr a/c holders in a month

Union finance and corporate affairs minister Nirmala Sitharaman on Wednesday launched the doorstep banking service of state-run banks, which is expected to benefit a large number of customers of these entities, including senior citizens and persons with disabilities.

The Public Enterprises Selection Board (PESB) has proposed to hold interviews for all jobs of chairman and managing directors of a group of PSUs or directors for human resources and finance at the start of the year, instead of looking for candidates for individual companies.

Prime Minister Narendra Modi’s office has asked officials to speed up the process of trimming government stakes in at least four primarily state-owned banks within the current fiscal year, according to two officials familiar with the discussions.

The mega merger of ten public sector undertaking (PSU) banks into four large entities, announced by finance minister Nirmala Sitharaman in August 2019, came into effect from Wednesday. Customers, including depositors of the merging banks, will now be treated as customers of the banks in which they have merged.

Besides amending the Life Insurance Corporation (LIC) Act, the government will need to infuse capital into the PSU giant ahead of its initial public offering (IPO). This is because the corporation’s paid-up capital is only Rs 100 crore, which is not enough for a public flotation.

“Modi’s ‘most extensive’ budget consultation ever, is reserved for crony capitalist friends and the super rich. He has no interest in the views or voices of our farmers, students, youth, women, Govt and PSU employees, small businessmen or middle class tax payers. #SuitBootBudget,” Congress leader Rahul Gandhi tweeted.