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<ul><li>Five years on, their combined market value increased by ₹2.2 trillion, which is significantly lower than the invested value </li><li>Nine of 19 PSBs reported current value of investment higher than the investment amount. </li><li>This year, the central bank has cut interest rates thrice by a net 100 basis points or 1% (before this week’s rate cut), but banks passed on only 29 basis points of this benefit to customers. </li></ul> The Government of India and the country’s largest insurer LIC made a losing bet on Indian public sector banks (PSBs). In the last five years, both of them invested a massive ₹3 trillion into 19 such banks. Five years on, their combined market value increased by ₹2.2 trillion, which is significantly lower than the invested value, said a report by India Ratings and Research. “Nine of 19 PSBs reported current value of investment higher than the investment amount. The key banks among them are Indian Bank, State Bank of India, Bank of Baroda,) and Canara Bank,” said the report. A large chunk of the market value contribution, by around 53% came from the country’s largest bank, SBI. When the government kicked off its ‘Indradhanush’ (meaning Rainbow) plan to recapitalise banks, they were not looking out only for a return on their investment. They also wanted banks to push credit growth in a country where growth has been slowing down. The Quicksand Unfortunately, loss-ridden banks with toxic loans dragging them down, could neither help themselves nor consumers, and definitely not the country’s economy. “In reality, the capital infused was largely consumed to tide over losses resulting from provisions required on non-performing assets,” the report said, calling it a quicksand. This has been the case with Reserve Bank of India’s (RBI) interest rate cuts as well. In the last one year, the central bank has cut interest rates thrice by a net 100 basis points or 1%, but banks passed on only 29 basis points of this benefit to customers, swallowing most of it to fill their own money pit. This month, the central bank cut interest rates by another 35 basis points and promised to take “<a href="https://www.businessinsider.in/business/rbi-policy-update-asks-banks-to-cut-lending-rates/articleshow/70567837.cms">whatever steps necessary </a>to make banks pass them on”. Kickstarting the economy Like the government, RBI also wants to push for growth, as it predicts that it will fall top 6.9% this year, below their earlier estimates. Yet, helping banks to ensure <a href="https://www.businessinsider.in/business/india-gdp-growth-may-fall-below-7-says-crisil/articleshow/70481459.cms">growth is </a>not a strategy that is working. Whatever little credit growth that India saw came from private and foreign banks, shadow banks and mutual funds. In fact, the share of state-owned banks in total loans fell from around 61% to 46.5%, in the last five years in spite of government support. India Ratings suggests that PSBs should look at management overhaul, lengthen the tenure of top management, bringing in private sector leaders and link their pay with stock performance. “Without structural reforms in place, the government will have to continue to inject capital into banks in times of stress, which will strain its own finances and hinder efforts for fiscal consolidation,” the rating agency said.

Indian government’s ₹3 trillion gift to banks ended in a money pit

Mumbai, May 5 () State-owned banks' non-performing loans are likely to rise by 2-4 percentage points, which will put up to USD 15 billion recapitalisation pressure on the government in FY21, a foreign brokerage firm said on Tuesday.The consolidated fiscal deficit target is likely to overrun by 2 percentage points due to stimulus spends, lower tax receipts and dip in divestments, and will have to look for different ways of raising resources for recapitalisation, analysts at Bank of America said.The government can issue recapitalisation bonds, or the RBI's huge reserves of over USD 127 can also be dipped into to help the state-owned bank's recapitalisation needs, it said.There is a near-unanimity among analysts that the ongoing COVID-19 pandemic will lead to an increase in bank's gross non performing assets with some reports pegging the stock to double as well.The brokerage said the increase in non-performing assets by 2-4 percentage points will need a government recapitalisation requirement by USD 7-15 billion.It said the recap bonds is a tried and tested instrument which has helped the banks in the past."The government will infuse capital into PSU banks and fund it by issuing recapitalisation bonds to them. PSU banks will invest the capital received in recapitalisation bonds," Bank of America said.Asserting that such a move does not entail a moral hazard, it elaborated saying PSU banks can heal their broken balance sheets and meet adequate capital requirements through the bonds and once growth recovers, the government can gradually convert these recap bonds into normal G-secs and sell them to the market.The interest cost on the bonds will impact the Center's fiscal deficit, although that will also be partly moderated by profit transfers from PSU banks holding recap bonds, it said.Recapitalisation bonds enter the fiscal deficit in the year of their maturity and it is because of this this that the bonds were issued without any fixed maturity in the past instances, it added.Apart from the bonds, the RBI's revaluation reserves of USD 127 billion can also be deployed, it suggested, adding that such a move will be neutral from a fiscal deficit perspective. AA BALBAL

PSB NPAs likely to rise 2-4 pc points; may push govt to recapitalise via RBI reserves, bonds: Report

Mumbai, May 5 () Non-performing loans of state-owned banks are expected to rise by 2-4 percentage points resulting in an up to USD 15 billion of recapitalisation burden on the government in 2020-21, a foreign brokerage said on Tuesday. The consolidated fiscal deficit target is likely to overrun by 2 percentage points due to stimulus spends, lower tax receipts and dip in divestments, and will have to look for various ways of raising the resources for recapitalisation, analysts at Bank of America said. The government can issue recapitalisation bonds, or the Reserve Bank of India's (RBI) huge reserves of over USD 127 can also be dipped into to help the state-run banks' recapitalisation needs, it said. There is a near-unanimity among analysts that the ongoing COVID-19 pandemic will lead to an increase in bank's gross non-performing assets with some reports pegging the stock to double as well. The brokerage said the increase in non-performing assets by 2-4 per cent of the assets will need a government recapitalisation requirement by USD 7-15 billion. It said the recap bonds is a tried and tested instrument which has helped the banks in the past. "The government will infuse capital into PSU banks and fund it by issuing recapitalisation bonds to them. PSU banks will invest the capital received in recapitalisation bonds," it said. Asserting that such a move does not entail a moral hazard, it elaborated saying that public sector banks (PSBs) can heal their broken balance sheets and meet adequate capital requirements through the bonds and once growth recovers, the government can gradually convert these recap bonds into normal g-secs and sell them to the market. The interest cost on the bonds will impact the Center's fiscal deficit, although that will also be partly moderated by profit transfers from PSU banks holding recap bonds, it said. Recapitalisation bonds enter the fiscal deficit in the year of their maturity and it is because of this that the bonds were issued without any fixed maturity in the past instances, it said. Apart from the bonds, the RBI's revaluation reserves of USD 127 billion can also be deployed, it suggested adding that such a move will be neutral from a fiscal deficit front perspective. AA HRS

State-owned bank NPAs may rise in FY21, govt's fiscal deficit to widen: Bank of America

The Narendra Modi-led government has scrapped the appointment of six public sector bank CMDs selected by the United Progressive Alliance (UPA) government. The extreme step has been taken as some irregularities were found in the process of selection. 
 The <keyword id="26374" type="ORGANIZATION" weightage="60" keywordseo="UPA-government">UPA government</keyword> had shortlisted chairman and managing directors for Bank of Baroda, Canara Bank, Indian Overseas Bank, Oriental Bank of Commerce, United Bank and Vijaya Bank. The names were forwarded to the Finance Ministry for ratification by the Appointments Committee of the Cabinet. 
 "After receipt of the report of the committee, the government has decided to cancel the current selection process of CMDs/EDs of public sector banks (PSBs). The government constituted a committee consisting of secretary, secretary and governor, <keyword id="30067" type="ORGANIZATION" weightage="80" keywordseo="RBI">RBI</keyword> to examine the selection process adopted for the selections to the posts of CMDs/EDs for 2014-15," a Finance Ministry statement said. "...Eight posts of CMDs and 14 posts of EDs would require to be filled-up de novo," it added. 
 
A high-level committee comprising of expenditure secretary, RBI governor and secretary, school education was set up to examine the selections. The posts will now be filled through a fresh selection process. 
 
Images: indiatimes

Modi Govt Overturns UPA's Selection Of Six PSU Bank CMDs

MUMBAI: For the first time in their 30-year existence, Visa and MasterCard, the world's largest payment companies, are facing the heat in India. Lending its weight behind the local card scheme, RuPay, the government has asked state-owned banks to issue RuPay debit cards to customers. 
 
In a communique to banks last week, Gurdial Singh Sandhu, secretary at the finance ministry's department of financial services, "urged" CEOs of public sector banks to issue RuPay cards to all existing customers who do not have debit cards as well as to new clients. Banks have also been told to "encourage" merchant establishments to install point of sale terminals for RuPay cards, two banking sources told ET. 
 
While banks have not been instructed to refrain from issuing cards where transactions are processed by Visa or MasterCard, there is a clear direction to promote RuPay. Customers are typically issued a single debit card per account and banks will have to pursue the unconventional practice and possibly tweak systems to issue two debit cards to a client who insists on a Visa or MasterCard that currently have greater acceptance than RuPay. 
 
RuPay was launched by National Payments Corp of India (NPCI), set up to function as a cost-effective payment services entity. Responding to ET's query on whether PSU banks could lose rich and more brand-conscious customers to private banks (which have not received a similar direction from the finance ministry), AP Hota, MD &amp; CEO of NPCI, said, "Such fears are unfounded. RuPay is a fully functional card payment system. We are also launching Platinum cards for HNI customers." 
 
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"I'm not aware of the ministry's communication to banks. But as I understand, the government's focus is to promote financial inclusion," said Hota of NPCI. 
 
For banks, it's a mandate they will have to fulfil. Within the next six months they will have to offer the new debit card to existing customers, inform thousands of branches and submit progress report to the ministry every quarter. 
 
It's not unusual for countries and governments to support local retail payment networks that offer the software backbone and process card transactions. Countries such as Singapore and Brazil have their local payment companies while China disallows foreign payment firms to process domestic card transactions. But industry sources said an absence of a level playing field may worry global players such as Visa and MasterCard. 
 
For MNC payment firms, the stakes are high. Every year around Rs 80,000 crore worth of debit card spends happen in India, of which 5% are cross-border transactions. It's a market that's growing at close to 35% annually. Credit card transactions, growing at over 25%, are more than two times debit card spends. 
 Asked whether RuPay would be accepted for transactions such as buying books and music on international e-commerce sites, Hota said NPCI was tying up with the US firm <keyword id="981469" type="UNKNOWN" weightage="40" keywordseo="Discover-Financial">Discover Financial</keyword> Services to promote co-branded cards to facilitate international transactions. 
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	The fledging card scheme is trying to spread its footprint. So far,A 20 million cards have been issued. "It has full acceptance in ATMs, and of the 10.35 lakh POS (point of sale) terminals in the country, RuPay can be accepted in 9.87 lakh terminals. About 95% of debit card transactions are domestic in nature," said SK Gupta, chief project officer, RuPay. But not all merchant establishments are familiar with RuPay and few display RuPay stickers (along with Visa and MasterCard) on their counters. Till now, POS transactions worth Rs 40 crore have happened through RuPay.

Government Asks PSU Banks To Issue RuPay Debit Cards To Customers, Install POS Terminals

New Delhi, Jun 3 () Over 300 retailers received little or no financial support from banks to recover from the impact of the COVID-19 crisis when they needed it, according to a survey by Retailers Association of India (RAI). As per the Bank Benefits Survey by RAI "PSU banks have been comparatively more helpful than private banks" towards retailers. The survey, which took response from 311 retailers across India said 56 per cent had outstanding term loan facilities and 52 per cent did not get moratorium announced by the RBI on March 27. It further said 65 per cent of respondents already had a working capital loan and 54 per cent asked for additional working capital limit (COVID limit) from respective banks. However, only 15 per cent of retailers were provided with additional working capital loans as mandated by the RBI. While around 52 per cent of respondents are satisfied with the financial support and services extended by PSU banks during COVID-19, almost an equal percentage are dissatisfied with private banks, the RAI survey added. "Private banks have been much more reluctant than PSU banks to extend additional working capital loans to retailers despite directions issued by the Reserve Bank of India (RBI) and the government of India," RAI said. Commenting on the findings, RAI CEO Kumar Rajagopalan said retailers selling both essential and non-essential items have reported a 40 per cent and 100 per cent drop in sales, respectively, due to the COVID-19 situation. The closure of business over the past couple of months has resulted in the loss of revenue, which has rendered some of the retailers unable to pay salaries to their staff, he added. "The reluctance of banks, especially private banks, to come to their aid is unfortunate and could hurt not only retailers but the banks themselves. Banks have made huge investments in the retail sector, and if the sector struggles to get back on its feet, a significant portion of that investment could turn into non-performing assets," Rajagopalan said. RKL SHW SHW

Retailers received 'little support' from banks to tide over COVID crisis: RAI Survey

<ul><li>Yesterday, India’s finance ministry approved a plan to pump ₹482.4 billion into 12 public sector (PSU) banks. </li><li>Rather than dipping into its own pockets, the government will raise funds for the initiative from the markets through “recapitalisation bonds”. </li><li>The move is linked to helping these state-owned banks, which comprise a lion’s share of the banking sector’s non-performing loans, avoid or exit the Reserve Bank of India’s <keyword id="6417074" type="ORGANIZATION" weightage="20" keywordseo="prompt-corrective-action">Prompt Corrective Action</keyword> (PCA) framework. </li></ul> The great bank <keyword id="6572576" type="UNKNOWN" weightage="20" keywordseo="recapitalisation">recapitalisation</keyword> continues. Yesterday, India’s finance ministry approved a plan to pump <a href="https://twitter.com/rajeevkumr/status/1098171729686511616">₹482.4 billion</a> into 12 public sector (PSU) banks. The Nifty PSU Bank index opened up over a percent in trade, defying an otherwise flat market. The move brings the government within a hair’s length of it’s ₹1.06 trillion recapitalisation target for the financial year - which exceeds budget estimates by ₹400 billion. The balance ₹50 billion will go to Bank of Baroda, which is the process of <a href="https://www.businessinsider.in/indias-central-government-approves-the-merger-of-three-state-owned-banks/articleshow/67358889.cms">a three-way merger</a> with two smaller banks. Rather than dipping into its own pockets, the government will raise funds for the initiative from the markets through “recapitalisation bonds”. This will likely be facilitated through a holding company so the debt doesn’t add to the government’s fiscal deficit. The capital is squarely linked to helping these state-owned banks, which comprise <a href="https://economictimes.indiatimes.com/markets/stocks/news/total-net-loss-of-public-sector-banks-topped-rs-87000-crore-in-fy18/articleshow/64527973.cms">a lion’s share of the banking sector’s non-performing loans</a>, avoid or exit the Reserve Bank of India’s Prompt Corrective Action (PCA) framework, which imposes lending limits and curbs on hiring and expansion. If they aren’t on this watchlist, they can lend freely to small businesses and stimulate economic activity in a crucial election year. Two struggling lenders - Allahabad Bank and Corporation Bank - will receive nearly ₹160 billion, or a third of the funds. This will help them exit the PCA framework, enabling them to restart lending operations. The lenders will join fellow state-owned banks Bank of Maharashtra, Oriental Bank of Commerce and Bank of India - all of which were taken off the PCA watchlist on January 31st at the behest of the government. This was largely done with the government’s <a href="https://www.thehindubusinessline.com/economy/budget/a-rocky-ride-for-banks-over-the-past-five-years/article26154513.ece">assurance</a> that it would pump in funds when required, like an ATM. Over 40% of the funding amount, or ₹197 billion, will go towards preventing four banks - <keyword id="62034" type="COMPANY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword>, Union Bank, Syndicate Bank and Andhra Bank - from entering the PCA framework by ensuring their capital buffers and risk ratios don’t fall below a minimum threshold and enable two lenders who just exited the PCA - Bank of India and Bank of Maharashtra - to stay out of it. Finally, four <keyword id="6355548" type="UNKNOWN" weightage="20" keywordseo="Public-sector-banks">public sector banks</keyword> on the watchlist - Central Bank, United Bank, UCO Bank and Indian Overseas Bank – have been given the remaining ₹125 billion to help them meet minimum regulatory norms. However, if the bad loans at these banks continue to mount, they will only require further rounds of recapitalisation, something that the finance ministry is aware of. In addition to the recapitalisation announcement, the finance ministry said that it expected <a href="https://www.moneycontrol.com/news/business/finmin-expects-npa-recovery-of-rs-1-80-lakh-crore-in-fy19-3565411.html">recoveries of ₹800 billion</a> for the country’s banks before the end of the current financial year in March. The ministry explained that some resolutions under the insolvency code were in their final stage, especially that of Essar Steel, which would result in a recovery of ₹520 billion. However, the prediction seems overly optimistic. For example, the resolution of Essar, the bidding for which commenced more than a year, ago <a href="https://economictimes.indiatimes.com/industry/indl-goods/svs/steel/after-steel-war-at-ibc-ruias-and-mittals-may-make-peace/articleshow/68072243.cms">has been mired in judicial proceedings </a>as ArcelorMittal butts heads with the former owners of the steelmaker over the resolution plan. An agreement doesn’t look likely within the next 40 days. Furthermore, the banks are on the PCA watchlist for the reason that they can slowly be revived back to financial health. Taking them off the framework too early or capitalising them without the requisite governance changes only risks putting good money after bad and accelerating their short-term recovery at the cost of their long-term stability. Finally, the funding amount won’t be enough. In a report released at the end of January, the State Bank of India said that public sector banks would require a further <a href="https://www.businesstoday.in/top-story/public-sector-banks-would-need-additional-rs-50000-crore-recapitalisation-in-2019-20-report/story/314963.html">₹500 billion</a> worth of recapitalisation funds to meet credit growth targets. 
 <div type="image" title="psuBI" msid="68090222" hostid="261"></div>

 SEE ALSO: <a href="https://www.businessinsider.in/indias-finance-ministry-claims-that-state-owned-banks-will-recover-20-of-their-bad-loans-this-year/articleshow/65960981.cms">India’s finance ministry claims that state-owned banks will recover 20% of their bad loans this year</a> <a href="https://www.businessinsider.in/indias-central-government-approves-the-merger-of-three-state-owned-banks/articleshow/67358889.cms">India's central government approves the merger of three state-owned banks</a>

Indian markets cheer government’s cash support for its ailing banks

<ul><li>The Indian government has decided to merge 10 state-owned banks into four, a move that has been cheered by many market participants.</li><li>These mergers can be a challenging process and take at least until April 2020 to materialise, according to CLSA.</li><li>In the meantime, competing banks will gain market share as the 10 banks focus on executing the mergers and consolidating the business and not on growing the franchise.</li><li>These expectations from the brokerage are based on similar mergers that have taken place in recent years.</li></ul>The Indian government has decided to merge 10 state-owned banks into four, a move that has been cheered by many market participants. As a part of the merger, Punjab National Bank (PNB) will be merging with Oriental Bank and United Bank which will be the second largest public sector bank in India. While PNB will retain its identity as the anchor bank, it will be ‘acquiring’ the other two smaller banks. Canara Bank will merge with Syndicate Bank to become the fourth largest bank. Union Bank of India will subsume with Andhra Bank and Corporation Bank to turn into the fifth largest state-owned bank. Indian Bank and Allahabad Bank will also merge to become the seventh largest public sector bank. However, despite these moves, the country's largest lender, the State Bank of India, may emerge as a big winner. This may help SBI's share price that is reeling near a six-month low at this point. Even the private banks like ICICI Bank, HDFC Bank, and Axis Bank, may gain more customers despite the reach of their government peers in the time that these proposed mergers are executed. The following expectations from the brokerage are based on similar mergers that have taken place in recent years. 1. The mergers may be effective from April 1, 2020. The merger of Bank of Baroda, Vijaya Bank, and Dena Bank was announced around mid-September 2018 and was effective by April 1, 2019. 2. Generally growth suffers during the merger process but over the medium-term consolidation of infrastructure does improve profitability. 3. Low-cost savings and deposits grow faster than loans and advances. 4. The investors in anchor banks-- in the current scenario PNB, Canara Bank, and Indian Bank-- will get a better deal in the merger. This will offset some of the pain and price erosion of having to share the burden of weaker banks. Bank of Baroda shareholders had an advantage of 8-9% in the share swap deal during the merger with VIjaya Bank and Dena Bank. 5. Between the merger announcement and the listing of merged shares, Bank of Baroda, Vijaya Bank, and Dena Bank underperformed the PSU-bank Index, and SBI fared better. 6. With many PSU banks focussed on merger and integration, SBI and private banks will be better placed to gain market share. SEE ALSO: <a href="https://www.businessinsider.in/business/indian-government-merges-ten-public-sector-banks-to-form-four-large-entities/articleshow/70910392.cms" data-type="tilCustomLink" target="_blank">Indian government decides to merge ten public sector banks to form four large entities</a>

SBI and private banks may gain customers from India's government banks' mergers

The government on Wednesday asked state-owned banks to defer <keyword id="9420782" type="UNKNOWN" weightage="20" keywordseo="avoidable-expenditure">avoidable expenditure</keyword>, including purchase of <keyword id="9420781" type="UNKNOWN" weightage="20" keywordseo="staff-cars">staff cars</keyword> and refurbishment of guest houses, to ensure more productive utilisation of <keyword id="625899" type="PERSON" weightage="20" keywordseo="financial-resources">financial resources</keyword> amid the coronavirus pandemic. In a detailed advisory to the heads of all <keyword id="6355548" type="UNKNOWN" weightage="20" keywordseo="Public-sector-banks">public sector banks</keyword>, the Department of Financial Services (DFS) said it was necessary that the banks take appropriate measures to ensure productive use of their financial resources for core business activities. The advisory also comes against the backdrop of <keyword id="62034" type="CITY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> recently purchasing three <keyword id="6363321" type="COMPANY" weightage="20" keywordseo="audi">Audi</keyword> cars worth over Rs 1.30 crore for travel of its top executives. Banks are advised to defer avoidable expenditure beyond the current financial year, including purchase of staff cars, except where unavoidable, the advisory said. DFS has also directed the banks to postpone expenditure on decorative, non-functional items for the interiors in non-customer facing premises like administrative offices and back offices, and refurbishment of guest houses. Further, the banks have been asked to effect significant reduction in expenditure on activities other than those pertaining to core business activities. "Economy in expenditure to the tune of 20 per cent year-on-year or more may be effected on activities or heads of expenditure such as entertainment, publicity, by making efficacious use of social media and press releases, and pooling resources with other PSBs (Public Sector Banks) for common publicity campaigns where appropriate," it said. Besides, DFS has directed banks to avoid travel and adopt digital means of communication as well as make effective use of locally available administrative officers. "The bank board's executive committee/ management committee may review the composition of the existing fleet of vehicles engaged on hire, while taking into account functional imperatives and the profitability and the cost to income ratio of the bank's operations and the occupancy level of guest houses," the advisory said. DFS, which comes under the finance ministry, has asked banks to place the advisory before their respective boards and issue appropriate instructions internally. "Top management may also suitably sensitise senior executives to give effect to this advisory in letter and spirit," it said. In addition, DFS has directed banks for revision of entitlements and perquisites such as entitlements to fixed assets like vehicles and furniture and lease/ rent amounts admissible for hired residential accommodations. Amid the pandemic, the finance ministry has asked all ministries and departments not to initiate any new scheme in the current financial year. Earlier this month, the ministry said there was a need to use resources prudently in these difficult times. Schemes that have already been approved for the current financial year would remain suspended till March 31 next year or further orders. SEE ALSO: <a href="https://www.businessinsider.in/business/news/interest-rate-waivers-for-bank-loans-during-moratorium-will-harm-depositors-aibda/articleshow/76419600.cms">Interest rate waivers for bank loans during moratorium will harm depositors: AIBDA</a> <a href="https://www.businessinsider.in/finance/news/only-5-of-the-governments-msme-emergency-loan-package-is-disbursed-after-a-month/articleshow/76437386.cms">Only 5% of the government’s MSME emergency loan package is disbursed after a month ⁠— private banks are sitting tight</a> <a href="https://www.businessinsider.in/business/news/indian-companies-shifting-accounts-to-large-stable-banks-amid-covid-crisis-report/articleshow/76411271.cms">Indian companies shifting accounts to large, stable banks amid COVID crisis: Report</a>

You Searched For "psu banks government" and got 9 results

Indian government’s ₹3 trillion gift to banks ended in a money pit

Katya Naidu

PSB NPAs likely to rise 2-4 pc points; may push govt to recapitalise via RBI reserves, bonds: Report

PTI

State-owned bank NPAs may rise in FY21, govt's fiscal deficit to widen: Bank of America

PTI

Modi Govt Overturns UPA's Selection Of Six PSU Bank CMDs

BI India Bureau

Government Asks PSU Banks To Issue RuPay Debit Cards To Customers, Install POS Terminals

Economic Times

Retailers received 'little support' from banks to tide over COVID crisis: RAI Survey

PTI

Indian markets cheer government’s cash support for its ailing banks

Dilsher Dhillon

SBI and private banks may gain customers from India's government banks' mergers

Sriram Iyer

PNB buying Audi cars for its execs is followed by government telling PSU banks to cut 'avoidable' expenses

PTI

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