CAG seeks performance audit details of PSU banks

The Comptroller and Auditor General of India (CAG) has written to the Finance Ministry seeking details about the ongoing performance audit of government’s massive recapitalisation exercise of public sector banks (PSBs). Continue Reading

‘PSBs need external capital of up to Rs 2.1 trillion’

Public sector banks will need external capital of up to Rs 2.1 trillion over the next two years and the most likely source to plug this shortfall will be government support, Moody’s Investors Service said on Friday. Continue Reading

Loan all alone: MSMEs yet to receive Centre’s special package

Almost close to one month after Finance Minister Nirmala Sitharaman’s announcement of special economic package for MSMEs to tide over Covid-19 crisis, not many companies have been benefited by it. Continue Reading

RTI: Over 3,400 branches of 26 PSBs closed or merged in last 5 years

Over 3,400 branches of 26 public sector banks (PSBs) have been either closed or merged during the last five financial years due to merger under the consolidation exercise in the banking space, revealed an RTI query. Of this, 75 per cent of the affected branches belong to the country’s biggest lender State Bank of India (SBI). Continue Reading

Nirmala Sitharaman hits back at Manmohan Singh on economic crisis

Recalling when and what went wrong during a certain period is absolutely necessary, Union Finance Minister Nirmala Sitharaman has said, targeting former Prime minister Manmohan Singh for accusing the NDA government of always trying to put the blame on its rivals. Continue Reading

Will it revive economy?

A series of measures was announced by the Finance Ministry that includes rollback of enhanced super-rich tax on foreign and domestic equity investors, exemption of start-ups from ‘angel tax’, a package to address distress in the auto sector and upfront infusion of Rs 70,000 crore to public sector banks, in efforts to boost economic growth from a five-year low. Continue Reading

Fin Ministry asks PSBs to seek suggestions from bank branches

The Finance Ministry has asked public sector banks (PSBs) to initiate a month-long consultation process with officers at branch level to seek suggestions on streamlining banking sector to help the country achieve $ 5 trillion economy in five years. Continue Reading