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<keyword id="19965774" type="General" weightage="20" keywordseo="punjab-national-bank" source="keywords">Punjab National Bank</keyword> (<keyword id="19918505" type="General" weightage="20" keywordseo="pnb" source="keywords">PNB</keyword>) on Thursday announced an over three-fold jump in its profit to Rs 2,223 crore for the October-December quarter of the current financial year, compared to the corresponding figure of Rs 629 crore in the same period last year. The government-owned bank's total income shot up to Rs 29,962 crore during the quarter from Rs 25,722 crore in the same period last year. PNB's net interest income (<keyword id="19936363" type="General" weightage="20" keywordseo="nii" source="keywords">NII</keyword>) went up 12.1 per cent to Rs 10,293 crore from Rs 9,179.4 crore in the year ago period, according to a regulatory filing. The bank's asset quality also improved during the quarter with gross non-performing assets (<keyword id="19964545" type="General" weightage="20" keywordseo="npas" source="keywords">NPAs</keyword>) declining to 6.24 per cent of total loans from 9.76 per cent in the same period last year. Net NPAs came down to 0.96 per cent from 3.30 per cent. The provisions for bad loans made by the bank came down to Rs 2,739.1 crore from Rs 4,713.34 crore in the same quarter of the previous year. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank">OnePlus 12 vs OnePlus 12R – What distinguishes the two new smartphones</a><a href="https://www.businessinsider.in/business/auto/webstories/revolt-rv400-brz-an-electric-bike-for-the-city-with-150-km-range-hits-indian-roads/slidelist/107142891.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/revolt-rv400-brz-an-electric-bike-for-the-city-with-150-km-range-hits-indian-roads/slidelist/107142891.cms" target="_blank">Revolt RV400 BRZ – An electric bike for the city with 150 km range hits Indian roads</a> <a href="https://www.businessinsider.in/business/auto/news/rolls-royce-spectre-rolls-out-as-indias-most-expensive-electric-car/articleshow/107051636.cms">Rolls Royce Spectre rolls out as India’s most expensive electric car</a>

PNB clocks 3-fold jump in net profit at ₹2,223 crore for Q3

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

Mumbai, RBI Governor <keyword id="6359111" type="General" weightage="20" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> on Monday said the central bank is "not comfortable" with the gross non-performing assets ratio of 8.7 per cent in urban cooperative banks (UCBs) and asked them to work towards improving the same. Addressing directors of UCBs in the financial capital at an RBI-organised conference, Das urged that such lenders should improve the governance standards, avoid related-party transactions and focus on credit risks, among others. It can be noted that the UCB sector has been fraught with multiple challenges and also witnessed difficult times in the recent past, like the implosion of the city-headquartered Punjab and Maharashtra Bank. Das reminded the directors of the UCBs that banks run on depositors and added that protection of the hard-earned money pooled in from the middle class, poor and retirees is far more sacred than going to a temple or a gurdwara. While the overall picture at an aggregate level looks nice, the situation on GNPAs and capital adequacy is "not at all satisfactory", Das said. He said the overall GNPAs have improved to 8.7 per cent, which is "not a good number. It is not a comfortable number even at an aggregate level". Scheduled commercial banks' GNPAs stood at a decadal best level of 3.9 per cent in March 2023 and are widely estimated to improve further. To manage the scourge of <keyword id="127693" type="General" weightage="20" keywordseo="npas" source="Orion">NPAs</keyword> better, Das suggested that there should be a focus on credit risk management with better underwriting. He said the RBI has come across instances of conflicts of interest or related party transactions, which need to be avoided. Similarly, there have been instances of many of the top defaulters being individuals or businesses having the ability to pay, Das said. The top 20 defaulters account for over 60 per cent of the loan overdue, and focusing on this segment can help improve the overall NPAs, he added. On the capital adequacy front, he noted that there has been an improvement in the ratios to 16.6 per cent at the end of FY23 from 15.5 per cent a year ago. Making it clear that he wants to share the RBI's concerns with the lenders, Das exhorted the UCBs to focus on the quality of governance by paying attention to compliance, risk management and internal audit. He said the RBI has come across instances where there is only "paper compliance" and no compliance is observed when an on-field inspection takes place, Das said, adding that the internal audit function also requires focus. The governor asked bank management to present a risk analysis report to the board on a quarterly basis, rather than making it into an annual effort. It is also necessary for the directors - who are elected and not appointed based on their skill sets, unlike the SCBs - to understand the financial sector, credit risk, banking, information technology and risk management, Das said. The <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> has prescribed a board of management to help the elected board members with professional help in running a bank, and the same should not be seen as an impediment, he added. Stressing that the board discussions should be free and fair, Das said it is important to have any dominance of one or two persons in the decision-making. "There should be free, frank and democratic discussions. Board members should be encouraged to ask whatever questions they have on their mind," he said. Das also expressed the RBI's discomfort with board committees like those handling important functions, such as audit and risk not meeting regularly, stating that it has come across instances where such meetings are not held for months or even multiple years. He also asked UCBs to monitor asset-liability mismatches, follow transparent accounting practices and recruit people based on requirements and ability to spend. On the technology front, he said the RBI has found that the quality of the core banking solution is not at all satisfactory in some banks, and the treasury operations are not getting reflected in the CBS. Going ahead, the UCB segment will be facing competition from tech-savvy entities like digital lenders, fintechs, non-bank lenders and micro-lenders, and hence, need to focus more on technology, Das said. The governor said the UCB sector - built to serve as the neighbourhood bank - is "doing well" from an overall perspective, and also made it clear that the RBI is fine with some of the entities in the sector growing big.

Not comfortable with NPAs in urban co-op banks says RBI, asks lenders to focus on governance

<ul class="summary-list"><li>An Indian government official was involved in an attempted assassination on US soil, the Justice Department says.</li><li>The official also appeared to be involved in the earlier killing of a Sikh separatist in Canada, according to the indictment.</li></ul>A member of the Indian government directed a foiled plot to assassinate a US citizen on American soil, according to a newly unsealed federal indictment.The <a target="_blank" href="https://www.justice.gov/usao-sdny/pr/us-attorney-announces-charges-connection-foiled-plot-assassinate-us-citizen-new-york">indictment</a>, brought by federal prosecutors in Manhattan Wednesday, identifies the Indian official only as "CC-1" and describes them as a "Senior Field Employee" within India's government with responsibilities in "Intelligence."The allegations are included in an updated criminal indictment against Nikhil Gupta, an Indian national who, according to a previous indictment first filed in June, hired a hitman for the assassination plot.The victim in the plot was meant to be Gurpatwant Singh Pannun, <a target="_blank" href="https://www.washingtonpost.com/national-security/2023/11/29/india-us-assassination-plot-sikh-pannun/">according to the Washington Post</a>. Pannum, a lawyer and citizen in the US and Canada, is a leader of a Sikh separatist movement that calls for an independent Sikh state in Punjab.In May, the Indian government employee recruited Gupta to orchestrate the plot to kill Pannum, according to the Justice Department indictment. The two met in person in New Delhi at the time, prosecutors say.Gupta, in turn, contacted another person to broker a deal with a hitman to carry out the plot in New York City, according to prosecutors. The two found another person who agreed to accept $100,000 to kill Pannum, the indictment says.The Indian government employee also said he had another "target" in California, according to the indictment."We will hit our all Targets," Gupta responded, according to prosecutors.The Indian government official appeared to be in a rush. On June 3, Gupta urged the assassin to finish the job, according to messages obtained by prosecutors."finish him brother, finish him, don't take too much time ... push these guys, push these guys .. . , finish the job," he told him over a phone call, according to prosecutors.On June 9, the Indian government employee arranged to deliver $15,000 in cash to the hired assassin in Manhattan as an advance for Pannum's murder, prosecutors say. The Indian government official also sent "the Victim's home address in New York City, phone numbers associated with the Victim, and details about the Victim's day-to-day conduct" to Gupta, who passed them along to the hired assassin, according to the indictment, and asked for "regular updates on the progress of the assassination plot."As it turned out, the assassin and broker were both working with US law enforcement, the indictment says.Prosecutors brought their first set of charges against Gupta on June 13 in <a target="_blank" href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.600440/gov.uscourts.nysd.600440.3.0.pdf">a short, three-page indictment</a>. Gupta was arrested in the Czech Republic on June 30 as part of an extradition treaty.<div type="image" title="Biden Modi" height="5264" width="7896" msid="105602147" hostid="261" sizebytes="1190018"></div><h2>Biden wants to court India. The assassination plots complicate things.</h2>The assassination plot has <a target="_blank" href="https://www.ft.com/content/66809c9a-1a0d-4e88-adbf-5b2baece6aac">created a wedge between India and the United States</a>, which seeks to create deeper ties with the country as a counterweight to China.President Joe Biden personally raised the issue with Indian Prime Minister Narendra Modi at the G20 summit in September, <a target="_blank" href="https://www.ft.com/content/54721d57-fe1b-4d28-ab9b-a664f110770b">according to the Financial Times</a>. Earlier this year, CIA Director William Burns and Director of National Intelligence Avril Haines each flew to India to pressure its government to investigate the plots, <a target="_blank" href="https://www.washingtonpost.com/national-security/2023/11/29/india-us-assassination-plot-sikh-pannun/">according to the Washington Post</a>.India categorized Pannum as a terrorist in 2020 for his Sikh separatist activism and has outlawed Sikhs for Justice, the secessionist organization he works for, <a target="_blank" href="https://www.ft.com/content/66809c9a-1a0d-4e88-adbf-5b2baece6aac">according to the Financial Times</a>.Hardeep Singh Nijjar, a Canadian Sikh separatist leader and friend of Pannum's, was killed in Surrey on June 18. In September, Canadian Prime Minister Justin Trudeau <a target="_blank" href="https://www.cbc.ca/news/politics/trudeau-indian-government-nijjar-1.6970498">accused India's government of being involved in the attack</a>."Canadian security agencies have been actively pursuing credible allegations of a potential link between agents of the Government of India and the killing of a Canadian citizen, Hardeep Singh Nijjar," Trudeau told members of Canada's parliament at the time. "Any involvement of a foreign government in the killing of a Canadian citizen on Canadian soil is an unacceptable violation of our sovereignty."<div type="image" title="Biden Modi" height="2666" width="4000" msid="105602148" hostid="261" sizebytes="386134"></div>Contact information for Gupta's attorney was not immediately available. Representatives for the White House and India's Ministry of External Affairs didn't immediately respond to requests for comment.Wednesday's 15-page indictment suggests the Indian government official was also involved in Nijjar's death.The official sent Gupta "a video clip showing Nijjar's bloody body slumped in his vehicle" just hours after the killing, the indictment says."GUPTA replied that he wished he had personally conducted the killing and asked CC-1 for permission to 'go to the field,'" the indictment says. "CC-1 responded that 'secrecy [is] important,' and 'it's better you do not get involved in action.'"An hour later, the government official sent Gupta Pannum's address, which Gupta forwarded to the undercover US law enforcement employee who had been hired for the assassination, the indictment says. Gupta told the undercover law enforcement employee that Nijjar "was also the target" but that he was only "#4, #3" on the list, according to the indictment."We have so many targets," Gupta told him, according to the indictment.<div type="image" title="Biden Modi" height="5264" width="7896" msid="105602147" hostid="261" sizebytes="1190018"></div>In the wake of the Canadian killing, Gupta told the undercover law enforcement employee to kill other people if they got in the way of assassinating Punnam, the indictment says."If he is not alone, [if] there are two guys with him in the meeting or something . . . put everyone down, put everyone down," Gupta said, according to the indictment.Gupta and the Indian government employee appeared to have plans to carry out more killings, according to prosecutors.In their communications, they appeared to indicate that they were organized, well-resourced, and methodological with their plans.In one video call with Gupta, the undercover law enforcement official saw three other men in the room "wearing business attire, sitting around a conference table," the indictment says."We are all counting on you," Gupta told him in the call.Gupta said they planned to hire the supposed assassin for more jobs in the United States and Canada if they could pull off Pannum's killing."we will give more bigger job more, more job every month," Gupta told the undercover law enforcement official in one call, according to the indictment. "every month 2-3 job."

You Searched For "punjab government" and got 4 results

PNB clocks 3-fold jump in net profit at ₹2,223 crore for Q3

IANS

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

PTI

Not comfortable with NPAs in urban co-op banks says RBI, asks lenders to focus on governance

PTI

An Indian government official directed a plot to assassinate a Sikh US citizen on American soil, feds say — and more attempts were planned

Jacob Shamsian

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