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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

Explained: With markets volatile, should senior citizens invest in PSU bank FDs?

<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

New Delhi, Apr 18 () State-owned Punjab &amp; Sind Bank on Saturday said it has declared the non-performing account of Golden Jubilee Hotels, involving an outstanding amount of over Rs 86 crore, as "fraud". "It is informed that an NPA account viz Golden Jubilee Hotels Pvt Ltd with book outstanding of Rs 86.40 crore and 100 per cent provisioning has been declared as fraud and reported to the RBI as per regulatory requirement," it said in a filing to exchanges. Golden Jubilee Hotels Pvt Ltd is a public-private partnership (PPP) with the Department of Tourism and Youth Advancement, Tourism &amp; Culture, Government of Telangana, according to the hotel's website. The hotel group was admitted for Corporate Resolution Insolvency Process (CRIP) on February 27, 2018, at the Hyderabad bench of the National Company Law Tribunal (NCLT), by a consortium of eight public sector lenders led by Bank of Baroda. KPM HRS

Punjab & Sind Bank declares Golden Jubilee Hotels as fraud account

New Delhi, Jun 30 () Punjab &amp; Sind Bank on Tuesday reported widening of loss to Rs 236.30 crore for the fourth quarter of 2019-20 as provisions for bad loans rose. The public sector bank had posted a loss of Rs 58.57 crore in January-March, 2018-19. Total income declined to Rs 2,289.43 crore in the three months to March against Rs 2,304.37 crore in the year-ago period, Punjab &amp; Sind Bank said in a regulatory filing. During the quarter, the bank earned an operating profit of Rs 429.75 crore as against Rs 404.13 crore in the same period of the previous fiscal. On the assets quality front, gross non-performing assets (NPAs) rose to 14.18 per cent of gross advances at the end of March 2020, as against 11.83 per cent by the same period last year. Net NPAs also increased to 8.03 per cent as against 7.22 per cent in the year-ago period. As a result of this, provisions for bad loans during the March quarter more than doubled to Rs 683.80 crore, compared to Rs 312.09 crore in the year-ago period. Provision other than tax and contingencies too declined to Rs 817.83 crore from Rs 433.76 crore in the same period a year ago. In the full fiscal, the bank's loss increased Rs 990.80 crore, as against Rs 543.48 crore in 2018-19. Total income during the year declined to Rs 8,826.92 crore from Rs 9,386.95 crore a year earlier. Interest Income of the bank too came down to Rs 7,929.53 crore in 2019-20 from Rs 8,558.67 crore in the preceding financial year. DP ANS ANS

Punjab & Sind Bank Q4 loss widens to Rs 236 crore

New Delhi, Feb 10 () Punjab &amp; Sind Bank on Monday reported a net loss of Rs 255.49 crore for the quarter ending December due to a spike in bad loans. The state-owned lender had made a net profit of Rs 22.34 crore during the same quarter of the previous fiscal year. Total income during the third quarter of 2019-20 declined to Rs 2,077.01 crore from Rs 2,337.13 crore for the year ago same period, the bank said in a regulatory filing.Bad loans or non-performing assets (NPAs) of the bank showed deterioration as gross NPAs jumped to 13.58 per cent of gross advances by the end of December 2019 as against 11.19 per cent by the same period of 2018.In value-terms, gross NPAs were Rs 8,923.49 crore by end-December, higher than Rs 7,990.67 crore at end-December 2018.Net NPAs too increased to 8.71 per cent (Rs 5,417.79 crore) from 6.90 per cent (Rs 4,696.47 crore).Provisions for bad loans during the quarter increased to Rs 464.01 crore as against Rs 453.88 crore the bank had parked aside in the year ago quarter.The bank is carrying a provision of Rs 11.52 crore as against the outstanding balance of Rs 230.40 crore as at December 31, 2019 being 5 per cent of outstanding food credit availed by Punjab as per the RBI letter issued to SBI, the lead bank. PSB shares closed at Rs 18.45 on BSE, down 1.60 per cent from previous close. KPM MRMR

Punjab & Sind Bank posts Rs 255cr loss for Q3 as bad loans soar

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.

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Yet another Anil Ambani company Reliance Home Finance defaults on loans

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Punjab & Sind Bank declares Golden Jubilee Hotels as fraud account

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Punjab & Sind Bank Q4 loss widens to Rs 236 crore

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Punjab & Sind Bank posts Rs 255cr loss for Q3 as bad loans soar

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

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