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New Delhi, <keyword id="25455" type="General" weightage="80" keywordseo="finance" source="Orion">Finance</keyword> Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Saturday said the public sector banks' profit in the last nine years has tripled to Rs 1.04 lakh crore due to initiatives taken by the government and underlined the need for continuing the momentum to fuel the economy. The net profit of public sector banks (PSBs) has almost tripled to Rs 1.04 lakh crore in FY23 from Rs 36,270 crore in FY2014. Inaugurating the corporate office of <keyword id="172709" type="General" weightage="80" keywordseo="punjab-and-sind-bank" source="Orion">Punjab and Sind Bank</keyword> here, the minister said that banks need to "build on laurels" by following the best corporate governance principles. "Banks should not sit back and revel in success. They should follow best corporate governance practices, adhere to regulatory norms, ensure prudent liquidity management, and continue to focus on having robust asset-liability and risk management," she said, stressing that the Indian economy has moved away from the 'twin balance sheet problem' to 'twin balance sheet advantage'. The finance minister said that there was a time when the Indian economy faced the problem of twin balance sheets -- stress on the balance sheets of banks and corporate at the same time. Before the Modi government came to power in 2014, difficulty in the Indian banking system actually started because of irrational 'Phone Banking', which happened during the tenure of the UPA government, she said. Back then, Sitharaman said, the priority in lending was given to not-so-worthy customers in an unprofessional manner. As a result, they became NPAs (non-performing assets). "As a result (of various initiatives of the government), I am glad to say the problems of twin balance sheets have gone away," she said, adding that as per the Reserve Bank of India, it is a twin balance sheet advantage that is benefiting the Indian economy. Observing that combined profits of the public sector banks tripled to Rs 1.04 lakh crore in 2022-23 against Rs 36,270 crore in FY14, Sitharaman said the banks "need to build on laurels". "At this stage, it is our duty towards the people of India to ensure that the banks can build on the strength and not lose this momentum that we have achieved," the minister noted. She said that the performance of the public sector banks has improved on account of various initiatives taken by the Modi government since 2014. There was an improvement in all critical parameters like return on asset, net interest margin and provisioning coverage ratio, she added. The 4R strategy followed by the Modi government to revitalise the state-owned banks has yielded results, she said. The 4R strategy refers to recognising the problem of non-performing assets, recapitalising the banks, resolving their problems, and reforming them. Further, Sitharaman said the banks should endeavour to adopt a proactive approach in reaching out to people to achieve optimum utilisation of financial inclusion schemes. There should be a focus on credit outreach in states where the credit offtake is lower than the national average, particularly in the northeast and eastern parts of the country, she said, adding they must aim to increase brick-and-mortar banking presence in border areas, particularly in those covered in the Vibrant Village programme. The bank should also promote the Mahila Samman Bachat Patra announced in the Budget 2023-24 through special drives and campaigns, she said. They must ensure that the entire Priority Sector Lending (PSL) target is met and not transferred to RIDF (Rural Infrastructure Development Fund), she added. She urged banks to focus on improving digital infrastructure with a focus on artificial intelligence and use this to the maximum so that efficiency increases. However, she cautioned that banks should ensure digital safety and there should be enough firewalls. The minister also recalled the story of the Punjab and Sind Bank, which had suffered due to partition in 1947. Only two of the ten branches remained in India, while the rest went to Pakistan. Starting from just two branches in 1947, the Punjab and Sind Bank has 1,553 branches, and the 1,554th at Karimganj in Assam was inaugurated remotely by the minister on Saturday. Speaking on the occasion, Minister of State for Finance Bhagwat <keyword id="12139871" type="General" weightage="80" keywordseo="kishanrao-karad" source="Orion">Kishanrao Karad</keyword> also appreciated the bank for its various initiatives to transfer the bank to a future-ready <keyword id="17873797" type="General" weightage="50" keywordseo="techno-savvy-bank" source="Orion">Techno Savvy Bank</keyword> and how the bank over the years has transformed itself gradually with the latest products and services. He also expressed satisfaction with the role played by public sector banks in making the Indian Financial System reliant and robust. Additional Secretary in the Department of Financial Services MP Tangirala also highlighted how Punjab and Sind Bank as a PSB is contributing to the overall development of the Indian Economy through its network of branches, ATMs and business correspondents.

Public sector bank profits grew 3x in 9 years says Sitharaman

<table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Name of Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Location </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 17 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Dadumajra </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 30 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank of Baroda </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 22 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Punjab and Sind Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 34 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Oriental Bank of Commerce </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 8 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Central Bank of India </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Daria </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Canara Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 47 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Union Bank of India </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 40 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">UCO Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Dhanas </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Punjab National Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 27 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 37 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 35 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 9 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank of India </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 20 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #000000 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Industrial Area, Phase-2 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Allahabad Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Hallomajra </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Andhra Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Kishangarh </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank of Maharashtra </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 38 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Corporation Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Manimajra </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Indian Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 7 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Indian Overseas Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 28 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Syndicate Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 45 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Manimajra </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IDBI Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #000000 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Industrial Area, Phase-1 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Citi Bank </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 8 </td></tr><tr><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">United Bank of India </td><td style="border-left:solid #cccccc 0.7421872500000001pt;border-right:solid #cccccc 0.7421872500000001pt;border-bottom:solid #cccccc 0.7421872500000001pt;border-top:solid #cccccc 0.7421872500000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector 17 </td></tr></tbody></table>

Only 27 bank branches will remain open in Chandigarh as Coronavirus curfew restrictions ease

<ul><li><keyword id="857313" type="COMPANY" weightage="20" keywordseo="Reliance-Home-Finance">Reliance Home Finance</keyword> has defaulted on loan repayment of Rs 40.08 crore in February. </li><li>The disclosure was made on March 10 to the exchanges, Rs 40 crore is towards principal and Rs 0.08 crore as interest to its lender <keyword id="172709" type="DOMAIN" weightage="20" keywordseo="Punjab-and-Sind-Bank">Punjab and Sind Bank</keyword>. </li><li>Reliance Home Finance said it has total obligation of Rs 200 crore for the loan with seven-year tenure.</li></ul>The Anil Ambani-controlled Reliance Capital group firm Reliance Home Finance has defaulted on loan repayment of Rs 40.08 crore in February, it said in a regulatory filing on Tuesday. The company has cash on hand of approximately Rs 700 crore in the form of investment in liquid mutual fund, it said. "However the delay in debt servicing is due to prohibition on the company to dispose off, alienate, encumber either directly or indirectly or otherwise part with the possession of any assets, pursuant to order dated November 20, 2019 passed by the Delhi High Court," it said. As per an earlier agreement, the lenders of the company have entered into an Inter-Creditor Agreement for arriving at the debt resolution plan in accordance with the circular dated June 7, 2019 issued by the <keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> on Prudential Framework for Resolution of Stressed Assets. This has resulted in delay in debt servicing by the company, it added. Of the loan default dated February 8, 2020, the disclosure of which was made on March 10 to the exchanges, Rs 40 crore is towards principal and Rs 0.08 crore as interest to its lender Punjab and Sind Bank. Reliance Home Finance said it has total obligation of Rs 200 crore for the loan with seven-year tenure and the rate of interest is of 9.15 per cent per annum. It also said that the total borrowing from banks and financial institutions stands at Rs 3,921 crore (with interest). The total financial indebtedness of the company, both short term and long term borrowings, is Rs 12,036 crore including interest accrued.

Yet another Anil Ambani company Reliance Home Finance defaults on loans

When it comes to digital payments, UPI has become the most preferred option for consumers. According to NPCI, 9.96 billion transactions worth ₹15.34 lakh crore were processed through UPI in July 2023. Taking the popularity of UPI a step ahead, UPI Lite has taken over the country’s imagination for small-value transactions up to ₹200 in a single-click. Since its launch earlier this year, UPI Lite has seen massive adoption in the country with more than 10 million transactions being processed through it in a month. <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> was the first to introduce UPI Lite for small value transactions, emerging as the leading payments platforms for UPI Lite. In fact, over 63% of all UPI Lite payments through Paytm QR Codes are from <keyword id="1736801" type="General" weightage="20" keywordseo="paytm-app" source="Orion">Paytm app</keyword>. Paytm Payments Bank has recorded over 50 million UPI Lite transactions so far, with over 9 million users. Having been the first payments bank to go live with UPI Lite, <keyword id="16361842" type="General" weightage="100" keywordseo="paytm-upi-lite" source="Orion">Paytm UPI Lite</keyword> has recorded a total transaction GMV of ₹280 crore till date. Recognising the transformative impact of UPI Lite in everyday lives and its widespread popularity, the Reserve Bank of India recently announced an increase in its transaction limit from ₹200 to ₹500. To further boost the adoption of UPI Lite, the apex bank is also set to introduce offline payments through UPI Lite by leveraging Near Field Communication (NFC) technology. Paytm UPI Lite has been designed for superfast and secure transactions to empower users with lightning-fast payments that never fail. With Paytm UPI Lite, users can make single-click payments even when banks have success rate issues during peak transaction hours. This is because UPI Lite saves the core banking system from stress, as the transactions will happen directly between a device and NPCI, not using the core banking system. One of the major benefits of Paytm UPI Lite is that individual payments made through it are not reflected in the bank passbook, offering a clean bank statement. Only a single entry for adding UPI Lite balance is shown which is a maximum of ₹2,000 that can be added twice a day, making the cumulative daily usage up to ₹4,000. Additionally, Paytm UPI Lite incorporates robust security measures to protect user transactions, with 3-level bank-grade security. Paytm UPI Lite balance can be used to make superfast UPI payments to any UPI QR Code, send money to any mobile number, or even transfer to one’s own self bank accounts linked to Paytm App through the self-transfer option. Currently, 16 banks support Paytm UPI Lite — Paytm Payments Bank, State Bank of India, HDFC Bank, Kotak Mahindra Bank, ICICI Bank, Axis Bank, AU Small Finance Bank, Indian Bank, Punjab National Bank, Union Bank of India, UCO Bank, Canara Bank, Central Bank of India, Federal Bank, Punjab and Sind Bank, and Utkarsh Small Finance Bank. Pioneer of mobile payments in India, Paytm has been driving convenience for users with its innovative payments solutions. With UPI Lite, the company has added another dimension to its comprehensive payments offerings, enabling reliable and superior payments experience. The fintech giant has revolutionised the way Indians transact, making everyday payments hassle-free, quick and seamless. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

Paytm UPI Lite is leading small-value payments in India with single-click transactions that never fail

Indore, Feb 13 () A total of 8,926 cases of fraud involving Rs 1.17 lakh crore hit 18 public sector banks during the first three quarters (April-December) of the current fiscal, a reply to an RTI query has revealed. The country's largest lender State Bank of India (SBI) was the biggest hit by frauds, RTI activist Chandrasekhar Gaur told on Thursday quoting an official of the RBI who furnished replies to the RTI application. SBI reported 4,769 cases of banking frauds worth Rs 30,300 crore during the nine-month period ended December 2019. This is about 26 per cent of the Rs 1,17,463.73 crore, which is the total amount of reported cases of banking frauds in PSBs during this period, he said. In Punjab National Bank, 294 cases of banking fraud were reported during this period, with Rs 14,928.62 crore involved in it. During the period, 250 cases involving a total amount of Rs 11,166.19 crore were reported in Bank of Baroda. A total of 860 cases of fraud worth Rs 6,781.57 crore were reported in Allahabad Bank during this period, while 161 cases of fraud worth Rs 6,626.12 crore in Bank of India, it said. As many as 292 cases of fraud worth Rs 5,604.55 crore detected in Union Bank of India, 151 cases worth Rs 5,556.64 crore in Indian Overseas Bank and 282 cases worth Rs 4,899.27 crore in Oriental Bank of Commerce were reported. Besides, 1,867 cases involving total amount of Rs 31,600.76 crore were reported in Canara Bank, UCO Bank, Syndicate Bank, Corporation Bank, Bank of Maharashtra, Central Bank of India, Andhra Bank, United Bank of India, Indian Bank and Punjab and Sind Bank, it added. The RBI has not given specific details of the nature of banking fraud cases and the losses suffered by banks or their customers due to these frauds. HWP ADU MAS AP NP MRMR

PSBs hit by fraud cases of Rs 1.17 lakh cr in Apr-Dec: RTI

New Delhi, Mar 12 () The merged public sector banks will ensure that there is no disruption to credit flow and customer experience is enhanced, the finance ministry said on Thursday. Ten public sector banks are to be merged into four from April 1. The finance minister is holding meetings with the lenders to review their preparedness. Finance Minister Nirmala Sitharaman on Thursday held meetings with chief executives of these banks, including Andhra Bank, Corporation Bank and Union Bank of India. "Amalgamating PSBs made a presentation to Hon. FM @nsitharaman on their preparedness. Amalgamated PSBs to ensure no disruption to Credit &amp; enhanced customer experience," the Department of Financial Services said in a tweet. The Union Cabinet had last week approved the mega bank consolidation plan under which Oriental Bank of Commerce and United Bank of India will merge into Punjab National Bank; Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank. In August, the government had announced a merger plan for public sector banks, which will bring the number of PSU banks in the country to 12 from 27 in 2017. The merger would result in creation of seven large PSBs with scale and national reach, with each amalgamated entity having business of over Rs 8 lakh crore. This will be the third round of PSU bank consolidation. Earlier, the government had merged five associate banks and Bharatiya Mahila Bank into State Bank of India, followed by a three-way merger of Vijaya Bank and Dena Bank with Bank of Baroda. The bank consolidation programme is aimed at creating banks with scale comparable to global banks. Also, greater scale and synergy through consolidation would lead to cost benefits which should enable them to enhance their competitiveness. Further, with the adoption of technologies across the amalgamating banks, access to a wider talent pool and a larger database, PSBs would be in a position to gain competitive advantage by leveraging analytics in a rapidly digitalising banking landscape. Following the merger, Punjab National Bank will become the country's second largest bank, with business size of Rs 17.94 lakh crore, after SBI which has business of over Rs 52 lakh crore. Bank of Baroda will become the third largest bank, followed by Canara Bank, Union Bank of India, Bank of India, and Indian Bank. The other PSBs are Central Bank of India, Indian Overseas Bank, UCO Bank, Bank of Maharashtra, and Punjab and Sind Bank. JD ABMABM

Merged PSBs to ensure no disruption to credit flow, enhanced customer experience: FinMin

Andhra Bank, Punjab and <keyword id="149809" type="COMPANY" weightage="20" keywordseo="Sind-Bank">Sind Bank</keyword> and <keyword id="6361176" type="CITY" weightage="20" keywordseo="State-Bank">State Bank</keyword> of No matter whether the banks got a logo makeover or looks chic inside, not a single public service bank has secured a position in Top 10 chart of service standards, as shown by the <keyword id="414760" type="ORGANIZATION" weightage="20" keywordseo="Banking-Codes-and-Standards-Board-of-India">Banking Codes and Standards Board of India</keyword> (BCSBI). And the ones coming in the top 5 are RBL Bank, Standard Chartered Bank, Yes Bank, Citibank and HSBC. Punjab National Bank, State Bank of Bikaner and Jaipur, Andhra Bank, Punjab and Sind Bank and <keyword id="4376212" type="COMPANY" weightage="20" keywordseo="State-Bank-of-Patiala">State Bank of Patiala</keyword> have hit the lowest position. The BCSBI - a body set up by the Reserve Bank of India (RBI) - is a society of banks that prescribes minimum service standards for lenders. By promising adherence to the codes, banks spell out the minimum service standards customers can expect. According to <keyword id="6474066" type="COMPANY" weightage="20" keywordseo="economic-times">Economic Times</keyword> report, the survey was conducted using five parameters - information dissemination, transparency, grievance redressal, customer centricity and customer feedback. Banks have been ranked in each of the parameters and an overall rank has been provided. When compared to the last such survey in 2015, both public sector and private sector banks have seen their score drop across all parameters, except grievance redressal. Foreign banks have improved their performance on transparency, customer feedback and customer centricity. Andhra Bank, Punjab and Sind Bank and State Bank of No matter whether the banks got a logo makeover or looks chic inside, not a single public service bank has secured a position in Top 10 chart of service standards, as shown by the Banking Codes and Standards Board of India (BCSBI). And the ones coming in the top 5 are RBL Bank, Standard Chartered Bank, Yes Bank, Citibank and HSBC. Punjab National Bank, State Bank of Bikaner and Jaipur, Andhra Bank, Punjab and Sind Bank and State Bank of Patiala have hit the lowest position. The BCSBI - a body set up by the Reserve Bank of India (RBI) - is a society of banks that prescribes minimum service standards for lenders. By promising adherence to the codes, banks spell out the minimum service standards customers can expect. According to Economic Times report, the survey was conducted using five parameters - information dissemination, transparency, grievance redressal, customer centricity and customer feedback. Banks have been ranked in each of the parameters and an overall rank has been provided. When compared to the last such survey in 2015, both public sector and private sector banks have seen their score drop across all parameters, except grievance redressal. Foreign banks have improved their performance on transparency, customer feedback and customer centricity.

These government banks have the worst service record, according to RBI approved body

(Eds: Adding more details) New Delhi, Mar 4 () The Union Cabinet on Wednesday approved amalgamation of 10 public sector banks, including Allahabad Bank, Andhra Bank and OBC, to create large four state-owned lenders with effect from April 1, Finance Minister Nirmala Sitharaman said. These will be in addition to State Bank of India, Bank of Baroda, and Bank of India. Following the consolidation, there will be seven large public sector banks (PSBs), and five smaller ones. There were as many as 27 PSBs in 2017. As per the mega consolidation plan, Oriental Bank of Commerce and United Bank of India will merge into Punjab National Bank; Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank. "Sticking to the April 1, 2020 deadline, banks are fully on board. The Cabinet may have given the decision today, they were on course and doing everything that requires to be done so that this (amalgamation) will be effective from April 1," said Sitharaman, who had announced the largest consolidation in the banking space in August last year. The merger would result in creation of seven large PSBs with scale and national reach, with each amalgamated entity having business of over Rs 8 lakh crore. "The Mega consolidation would help create banks with scale comparable to global banks and capable of competing effectively in India and globally. "Greater scale and synergy through consolidation would lead to cost benefits which should enable the PSBs enhance their competitiveness and positively impact the Indian banking system," a release said. In addition, consolidation would also provide impetus to amalgamated entities by increasing their ability to support larger ticket-size lending and have competitive operations by virtue of greater financial capacity. The adoption of best practices across amalgamating entities would enable the banks improve their cost efficiency and risk management, and also boost the goal of financial inclusion through wider reach, it added. Further, with the adoption of technologies across the amalgamating banks, access to a wider talent pool and a larger database, PSBs would be in a position to gain competitive advantage by leveraging analytics in a rapidly digitalising banking landscape. Last year, Dena Bank and Vijaya Bank were merged with Bank of Baroda. Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with the State Bank of India. Citing an example of merger of Dena Bank and Vijaya Bank with Bank of Baroda, Sitharaman said the operating profit of the resulting lender has improved and retail loans are now sanctioned in 11 days (average) from 23 days earlier. Meanwhile, sources said the banks which are going to be amalgamated would soon be announcing their share-swap ratios on stock exchanges as the deadline is approaching fast. The anchor bank Punjab National Bank will become the country's second largest bank, with business size of Rs 17.94 lakh crore, after SBI which has business of over Rs 52 lakh crore. Bank of Baroda will become the third largest bank, followed by Canara Bank, Union Bank of India, Bank of India, and Indian Bank. The other PSBs are Central Bank of India, Indian Overseas Bank, UCO Bank, Bank of Maharashtra, and Punjab and Sind Bank. NKD CS ABMABM

Amalgamation of 10 PSBs into 4 from April 1: FM Sitharaman

New Delhi, Mar 5 () With the March-end deadline for the biggest-ever amalgamation scheme is approaching, eight state-owned banks on Thursday announced swap ratios for the proposed mergers. Punjab National Bank (PNB) in a regulatory filing announced the share exchange ratio in accordance with the scheme of amalgamation, as it is set to merge Oriental Bank of Commerce (OBC) and United Bank of India (UBI) into itself with effect from April 1. PNB's board in its meeting on Thursday has approved for amalgamation of OBC and UBI, Punjab National Bank said in a BSE filing. According to the swap ratio, 1,150 equity shares of PNB are to be exchanged for every 1,000 equity shares of Oriental Bank of Commerce, while 121 equity shares of PNB are to be swapped for every 1,000 equity shares of UBI. A Grievance Redressal Committee headed by Vijay Kumar Vyas, retired judge of Rajasthan High Court, has been set up to address the grievances of shareholders. The committee is intended to address those shareholders who either individually or collectively hold at least 1 per cent of the equity capital of any of PNB, OBC or UBI; or 100 shareholders acting collectively, of any of PNB, OBC or UBI. "The board of directors of the bank...have fixed Wednesday, March 25, 2020, as record date for issuing and allotting equity shares of the PNB to the shareholders of OBC and UBI as per the share exchange ratio," PNB said in the filing. Meanwhile, Andhra Bank on Thursday also announced the swap ratio for its merger, it said in a filing. Andhra Bank and Corporation Bank are to be amalgamated into Union Bank of India with effect from April 1, 2020. Andhra Bank said, "Further, the board of directors of the bank at its meeting held on March 5, 2020, has approved the equity share exchange ratio for amalgamation of Andhra Bank into Union Bank of India for 325 equity shares in Union Bank of India for every 1,000 equity shares in Andhra Bank." Union Bank in a separate exchange filing said its board at its meeting on Thursday has also approved the equity share exchange ratio. It includes 325 equity shares of Union Bank of India for every 1,000 shares in Andhra Bank and 330 shares in Union Bank for every 1,000 equity shares in Corporation Bank. Also, for Syndicate Bank's merger into Canara Bank, the share swap is 158 equity shares of Canara Bank for every 1,000 equity shares of Syndicate Bank. The lenders in their respective filings to the exchange said their boards have approved the amalgamation of Syndicate Bank into Canara Bank. For these two banks, an expert committee (Grievance Redressal Committee ) is to be headed by K N Keshavanarayana, former judge of the High Court of Karnataka, to address the grievances of minority shareholders. The Union Cabinet on Wednesday had okayed the amalgamation of 10 public sector banks to create four large state-owned lenders with effect from April 1, 2020. According to the mega consolidation plan, OBC and UBI will merge into PNB; Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank. After the mergers, there will be seven large public sector banks (PSBs) and five smaller ones. Last year, Dena Bank and Vijaya Bank were merged with Bank of Baroda. Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with the State Bank of India. The anchor bank Punjab National Bank will become the country's second largest bank, with business size of Rs 17.94 lakh crore, after SBI which has business of over Rs 52 lakh crore. Bank of Baroda will become the third largest bank, followed by Canara Bank, Union Bank of India, Bank of India, and Indian Bank. The other PSBs are Central Bank of India, Indian Overseas Bank, UCO Bank, Bank of Maharashtra, and Punjab and Sind Bank. Stock of PNB on Thursday closed at Rs 44.90 on the BSE, up 1.01 per cent from the previous close, while Union Bank of India's shares jumped 8.25 per cent to Rs 39.35 apiece. Canara Bank rose marginally by 0.40 per cent to close at 139.45 apiece. KPM CS HRS

8 state-owned banks announce share swap ratios for mergers

(Eds: Adding more inputs) New Delhi, Mar 5 () With the March-end deadline for the biggest-ever amalgamation scheme is approaching, ten state-owned banks on Thursday announced swap ratios for the proposed mergers.Punjab National Bank (PNB) in a regulatory filing announced the share exchange ratio in accordance with the scheme of amalgamation, as it is set to merge Oriental Bank of Commerce (OBC) and United Bank of India (UBI) into itself with effect from April 1.PNB's board in its meeting on Thursday has approved for amalgamation of OBC and UBI, Punjab National Bank said in a BSE filing.According to the swap ratio, 1,150 equity shares of PNB are to be exchanged for every 1,000 equity shares of Oriental Bank of Commerce, while 121 equity shares of PNB are to be swapped for every 1,000 equity shares of UBI.A Grievance Redressal Committee headed by Vijay Kumar Vyas, retired judge of Rajasthan High Court, has been set up to address the grievances of shareholders. The committee is intended to address those shareholders who either individually or collectively hold at least 1 per cent of the equity capital of any of PNB, OBC or UBI; or 100 shareholders acting collectively, of any of PNB, OBC or UBI."The board of directors of the bank...have fixed Wednesday, March 25, 2020, as record date for issuing and allotting equity shares of the PNB to the shareholders of OBC and UBI as per the share exchange ratio," PNB said in the filing.Meanwhile, Andhra Bank on Thursday also announced the swap ratio for its merger, it said in a filing. Andhra Bank and Corporation Bank are to be amalgamated into Union Bank of India with effect from April 1, 2020.Andhra Bank said, "Further, the board of directors of the bank at its meeting held on March 5, 2020, has approved the equity share exchange ratio for amalgamation of Andhra Bank into Union Bank of India for 325 equity shares in Union Bank of India for every 1,000 equity shares in Andhra Bank."Union Bank in a separate exchange filing said its board at its meeting on Thursday has also approved the equity share exchange ratio. It includes 325 equity shares of Union Bank of India for every 1,000 shares in Andhra Bank and 330 shares in Union Bank for every 1,000 equity shares in Corporation Bank.Also, for Syndicate Bank's merger into Canara Bank, the share swap is 158 equity shares of Canara Bank for every 1,000 equity shares of Syndicate Bank.The lenders in their respective filings to the exchange said their boards have approved the amalgamation of Syndicate Bank into Canara Bank.For these two banks, an expert committee (Grievance Redressal Committee ) is to be headed by K N Keshavanarayana, former judge of the High Court of Karnataka, to address the grievances of minority shareholders.Meanwhile, Allahabad Bank on Thursday also said that as per the its amalgamation into Indian Bank, its board of directors approved the swap ratio.It said, "115 equity shares of Rs 10.00 each of Indian Bank (transferee bank) for every 1,000 (one thousand) equity shares of Rs 10.00 each of Allahabad Bank (transferor bank)." The Union Cabinet on Wednesday had okayed the amalgamation of 10 public sector banks to create four large state-owned lenders with effect from April 1, 2020.According to the mega consolidation plan, OBC and UBI will merge into PNB; Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank.After the mergers, there will be seven large public sector banks (PSBs) and five smaller ones.Last year, Dena Bank and Vijaya Bank were merged with Bank of Baroda. Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with the State Bank of India.The anchor bank Punjab National Bank will become the country's second largest bank, with business size of Rs 17.94 lakh crore, after SBI which has business of over Rs 52 lakh crore.Bank of Baroda will become the third largest bank, followed by Canara Bank, Union Bank of India, Bank of India, and Indian Bank.The other PSBs are Central Bank of India, Indian Overseas Bank, UCO Bank, Bank of Maharashtra, and Punjab and Sind Bank.Stock of PNB on Thursday closed at Rs 44.90 on the BSE, up 1.01 per cent from the previous close, while Union Bank of India's shares jumped 8.25 per cent to Rs 39.35 apiece. Canara Bank rose marginally by 0.40 per cent to close at 139.45 apiece. KPM CS KRH KRH BALBAL

10 state-owned banks announce share swap ratios for mergers

<ul><li>In June, the interim Finance Minister Piyush Goyal said that preparations were underway to fill 30 high-level roles at state-owned banks. </li><li>On 19 September, the government named the heads of 10 public-sector banks. Five of these people served as deputy MDs of State Bank of India. </li><li>Meanwhile, the RBI decided to limit the tenure of <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword>, the CEO of private sector lender Yes Bank, to 31 January 2019. </li></ul>Not only have India’s public-sector banks had to contend with the lion’s share of the banking sector’s bad loans and a run of quarterly losses, but they have also faced a crisis of leadership as the CEO position at most of them have been lying vacant for the past few months. This has translated into consistent lapses in governance and delays in strategic decisions on issues like restructuring. While <keyword id="6358006" type="COMPANY" weightage="20" keywordseo="andhra-bank">Andhra Bank</keyword>, Punjab &amp; Sind Bank and Dena Bank have been “head-less” for nearly a year, the CEOs of Bank of Maharashtra and <keyword id="6358005" type="COMPANY" weightage="20" keywordseo="allahabad-bank">Allahabad Bank</keyword> were removed from their positions earlier this year owing to allegations of corruption. The Indian government has made a conscious effort to correct this. In June, the interim Finance Minister Piyush Goyal said that preparations were underway to fill <a href="https://timesofindia.indiatimes.com/india/govt-aims-to-fill-30-vacant-posts-at-psbs-in-a-month-piyush-goyal/articleshow/64512914.cms">30 high-level roles</a> at state-owned banks. At the time, Goyal said the appointments would be finalised within a month. Now, two and a half months later, the appointments committee of <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>’s Cabinet has finally named the heads of 10 public-sector banks. And it looks they’ve played a game of musical chairs, choosing from the top ranks of these banks and switching people around. Five of these people served deputy managing directors at State Bank of India, the country’s largest bank. Padmaja Chundru will take over the reins of <keyword id="66841" type="COMPANY" weightage="20" keywordseo="Indian-Bank">Indian Bank</keyword>, Pallav Mohapatra will lead Central Bank of India while Mrutyunjay Mahapatra and J Packirisamy will head Andhra Bank and <keyword id="6368628" type="COMPANY" weightage="20" keywordseo="syndicate-bank">Syndicate Bank</keyword>, respectively. The government has also appointed Karnam Shekhar as the CEO of Dena Bank, which is slated to merge with Bank of Baroda and Vijaya Bank within a year. In addition to the aforementioned appointments, Ashok Kumar Pradhan has been promoted from executive director (ED) of Andhra Bank to its CEO while the ED of Syndicate Bank, S S Mallikarjuna Rao, has been made the CEO of Allahabad Bank. Finally, A S Rajeev, the ED of Indian Bank, has been appointed the CEO of Bank of Maharashtra and Atul Kumar Goel, the ED of Union Bank of India, and S Harisankar, the ED of Allahabad Bank, will take over <keyword id="49007" type="COMPANY" weightage="20" keywordseo="Uco-Bank">UCO Bank</keyword> and Punjab and Sind Bank, respectively. Meanwhile, as the government fills up vacancies at public sector banks, it is also opening them up at private sector ones. On 19 September, the Reserve Bank of India (RBI) gave Rana Kapoor, the CEO of Yes Bank, until 31 January to hang up his boots. Earlier this year, the RBI also refused to greenlight the re-appointment of Shikha Sharma as the CEO of Axis Bank.

The Indian government has finally appointed the CEOs of 10 “head-less” public-sector banks

Over 13 banks including the <a href="http://www.businessinsider.in/searchresult.cms?query=State+Bank+of+India">State Bank of India</a> approached the <a href="http://www.businessinsider.in/searchresult.cms?query=Supreme+Court">Supreme Court</a> on Tuesday to prevent <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Vijay Mallya</a>, once called India’s <a href="http://www.businessinsider.in/searchresult.cms?query=Richard+Branson">Richard Branson</a>, from fleeing the country. 
 
However, <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Mallya</a> seems to have left a few days ago. Oops, too little too late. Catch him if you can! 
 This is a day after the <keyword id="44647" type="ORGANIZATION" weightage="100" keywordseo="debt">Debt</keyword> Recovery Tribunal (DRT) restrained <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Mallya</a> from blowing the Rs. 515 Crores <a href="http://www.businessinsider.in/searchresult.cms?query=Diageo">Diageo</a> paid him. This was in the hope he’ll pay that money to the banks. The banks wanted DRT to freeze <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Mallya</a>'s passport and issuance an arrest warrant to hold him back. The banks didn’t want him to leave as they claim he still owns them over Rs. 9,000 Crores. 
 
This is after <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Mallya</a> recently said he wanted to settle in London. So where did he leave for? No one knows. <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Mallya</a>'s spokesperson claims she has no information about his whereabouts. He was apparently only communicating through e-mail. A man vanished, like fart in the wind. Cue gif! 
 
The petitioner banks approached the Karnataka High Court but didn’t get any interim order. They grudgingly say the HC failed to protect their interest. The list includes <a href="http://www.businessinsider.in/searchresult.cms?query=State+Bank+of+India">SBI</a>, Bank of Baroda, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India, Indian Overseas Bank, Punjab and Sind Bank, Axis Bank, Bank of Baroda, Corporation Bank, Federal Bank and IDBI Bank. 
 
Now they're trying to get him to return. #GharWapsi with a twist, eh? 
 
<a href="http://media.indiatimes.in/media/content/2015/Dec/mal1_1450344577.jpg">Image Source</a>

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