Editorji is a popular short video news and information platform based in India. It was founded in 2018 by Vikram Chandra, one of India’s leading journalists, and has risen to prominence in the digital news space in a relatively short span of time. The platform is primarily designed for mobile devices, with applications available for Android and iOS.

ABOUT US:

about us editorji

Latest Video News: Editorji provides the latest news video headlines, latest videos clip from India and the World. Get all breaking news videos on Entertainment, Business, Coronavirus, Elections, Politics and more.

Latest Video News, Breaking News, Bollywood, Political, Sports, Business News | Editorji

+91 11 4035 6666 / info@editorji.com
3rd floor, Plot B, Khasara no 360, Sultanpur, New Delhi, Delhi 110030
<a title="mail to us" href="mailto:info@editorji.com">Send Feedback</a>
<a title="Contact Us" href="mailto:info@editorji.com">Contact Us</a>

REACH US

Contact for any questions, suggestions, comments, feedback or advertisement on Editorji.com, we are always looking forward to hearing from you.

Contact Us for Feedback, Suggestions and Advertising 

Editorji content is better experienced in our app.

Public lenders recorded their highest-ever aggregate net profit of Rs 1.41 lakh crore in 2023-24 on the back of significant improvement in asset quality, credit growth, healthy capital adequacy ratio and rising return on assets.

PSU banks to cross Rs 1.5 lakh crore profit in FY'25, low deposit mobilisation concern

Public lenders recorded their highest-ever aggregate net profit of Rs 1.41 lakh crore in 2023-24 on the back of significant improvement in asset quality, credit growth, healthy capital adequacy ratio and rising return on assets.

Low NPAs and double-digit credit growth are expected to drive profits of public sector banks past the Rs 1.5 lakh crore milestone in 2024-25.
PSBs reported a 25 per cent jump in their total net profit to Rs 85,520 crore in the first half of 2024-25 compared to Rs 68,500 crore in H1&rsquo;FY23 and the trajectory is likely to continue in the second half as well.
Public lenders recorded their highest-ever aggregate net profit of Rs 1.41 lakh crore in 2023-24 on the back of significant improvement in asset quality, credit growth, healthy capital adequacy ratio and rising return on assets.
The Gross NPA ratio of PSBs has witnessed a remarkable improvement, declining to 3.12 per cent in September 2024 from a peak of 14.58 per cent in March 2018. This significant reduction reflects the success of targeted interventions aimed at addressing stress within the banking system.
Another indicator of the improved resilience of PSBs is their Capital to Risk (Weighted) Assets Ratio (CRAR), which rose by 3.98 per cent to 15.43 per cent in September 2024, up from 11.45 per cent in March 2015.
This remarkable improvement not only highlights the renewed stability and robustness of the banking sector but also positions PSBs to better support economic growth. Notably, this CRAR far exceeds the Reserve Bank of India&rsquo;s (RBI) minimum requirement of 11.5 per cent, underscoring the strengthened financial health of these institutions.
As a result, India is closer to a twin balance sheet advantage from the deficit which was the case in 2014-15. A turning point came in 2015 when the Reserve Bank of India (RBI) initiated the Asset Quality Review (AQR). The exercise was aimed at identifying and addressing hidden stress in banks by mandating the transparent recognition of NPAs.
It also reclassified previously restructured loans as NPAs, resulting in a sharp increase in reported NPAs. The heightened provisioning requirements during this period impacted the financial parameters of banks, restricting their ability to lend and support productive sectors of the economy.
However, with the implementation 4Rs--Recognition, Recapitalization, Resolution, and Reform--PSBs regained their strength. In the last three years, PSBs have contributed significantly to shareholder returns, paying a total dividend of Rs 61,964 crore.
With the expected rate cut in the upcoming Monetary Policy Committee (MPC) meeting, the credit demand would get further leg up.
"We expect deposit rates to decline with a lag even if the rate cuts were to start from the upcoming MPC meeting, which would hurt the margins in the near-to-medium term. We also remain watchful on the asset quality of banks and expect an uptick in credit costs over FY26," ICRA vice president Sachin Sachdeva said.
Despite this, he said, the profitability for the banking sector is expected to remain healthy with a return on assets of 1.1-1.2 per cent in FY'26 compared to 1.2-1.3 per cent estimated for FY'25.
On the flip side, that deposit growth has been slower than credit growth and that's the challenge that the banks have to address in the coming months. Besides, the banks are grappling with another challenge of digital fraud.
The gap between credit and deposit growth of scheduled commercial banks (SCBs) narrowed. The year-on-year (yoy) growth of outstanding credit and deposit were 12.4 per cent and 11.6 per cent, respectively as of November 15, 2024.
As per the Report on Trend and Progress of Banking in India 2023-24 released by RBI earlier this month, the capital to risk-weighted assets ratio (CRAR) of SCBs was 16.8 per cent in September 2024, with all bank groups meeting the regulatory minimum requirement and the common equity tier 1 (CET1) ratio requirement.
Asset quality improved and the gross non-performing assets (GNPA) ratio fell to the lowest in 13 years at 2.7 per cent in March 2024 and 2.5 per cent in September 2024.
Banks&rsquo; profitability rose for the sixth consecutive year in 2023-24 and continued to rise in H1&rsquo;2024-25 with the return on assets (RoA) at 1.4 per cent and return on equity (RoE) at 14.6 per cent.
Concerned over the growing number of digital frauds, Prime Minister Narendra Modi spoke about the cybercrime of "digital arrests", noting that it has hit all sections of society and urging people to adopt the mantra of "stop, think and take action" when faced with such a scam.
During the first nine months of 2024, customers were robbed of Rs 11,333 crore due to cyber fraud.
While many cases of digital fraud result from social engineering attacks on customers, there is also a rapid increase in the use of mule bank accounts to perpetrate such frauds, as per the RBI report.
This exposes banks not only to serious financial and operational risks but also to reputational risks.
Banks, therefore, need to strengthen their customer onboarding and transaction monitoring systems to monitor unscrupulous activities, the RBI report said, adding, that this also requires effective co-ordination with the law enforcement agencies (LEAs) so that the concerns occurring at a systemic level are detected and curbed in time.
The Reserve Bank is working with banks and LEAs to strengthen transaction monitoring systems and ensure the sharing of best practices for the control of mule accounts and the prevention of digital fraud.
Another initiative in this direction is the AI/ML-based model called MuleHunter. AITM, is being piloted by the Reserve Bank Innovation Hub (RBIH) and banks have been asked to take advantage of this.
(Except for the headline, this story has not been edited by Editorji News Desk and is published from a syndicated feed.)

A Maharatna PSU can invest up to 15% of its net worth in a project without seeking government approval

India’s all set to add another \'Maharatna\' PSU to the list!

India’s all set to add another "Maharatna" PSU to the list!


A Maharatna PSU can invest up to 15% of its net worth in a project without seeking government approval

India is about to get one more Maharatna PSU!
According to a CNBC-TV18 report, quoting sources, Hindustan Aeronautics Limited (HAL) is on track to be upgraded from its current Navratna status to Maharatna by the end of the year.
But what does it mean to be a Maharatna? In this video, we break down the significance of this prestigious upgrade and what it means for HAL&rsquo;s future.
But what does being a Maharatna mean? Basically, it gives the company more freedom.
A Maharatna PSU can invest up to 15% of its net worth in a project without seeking government approval. Plus, it can make foreign investments of up to 5,000 crore rupees without government nod.
For some context, Oil India was the last company to get this prestigious status, back in August last year.
At the moment, India has 13 Maharatna PSUs, including big names like BHEL, BPCL, Coal India, GAIL, HPCL, Indian Oil, NTPC, ONGC, Power Grid, SAIL, Oil India, REC, and PFC.
Also Watch: <a href="https://www.editorji.com/business-news/ford-returns-to-india-with-big-plans-for-chennai-plant-here-s-all-you-need-to-know-1726228775025">Ford Returns to India with Big Plans for Chennai Plant: Here's All You Need To Know</a>

PSU bank stocks dropped sharply amid early vote counting trends showing lower numbers for NDA. 10 of 12 PSU banks delivered substantial returns over the last five years

Lok Sabha polls: PSU bank stocks plunge by 15-20% amid vote counting

<h2>PSU bank stocks dropped sharply amid early vote counting trends showing lower numbers for NDA. 10 of 12 PSU banks delivered substantial returns over the last five years</h2>

During the intraday trade, the stocks of PSU banks fell sharply. The stocks tumbled by 15-20% following trends of vote counting depicting lower numbers to the NDA than the exit poll predictions.
<h3>PSU Bank stocks bleed</h3>
During the intraday trade, India's largest PSU lender State Bank of India dropped 15%. Meanwhile Central Bank, Union Bank of India, Canara Bank, Punjab National Bank, Indian Bank and Bank of India all declined by 15-20%
The Economic Times quoted Motilal Oswal that remained overweight on financials and PSU banks. The financial services company also favoured ICICI bank and SBI.
The Economic Times quoted Sanjiv Bhasin, Director of IIFL Securities who expressed bullishness on HDFC, ICICI Axis, and Kotak, highlighting RBL as a potential outperformer. He also noted that private large-cap banks should perform well for the rest of the year, maintaining an overweight stance on these banks.
In the last 5 years, 10 out of 12 PSU bank stocks delivered multibagger returns of up to 473%. As per Ace Equity data, Indian Overseas Bank &nbsp;was the top performer among PSU banks, delivering 473% returns during the Modi 2.0 tenure. Bank of Maharashtra and UCO Bank followed with returns of 325% and 226%, respectively. Central Bank of India, State Bank of India (SBI), Indian Bank, Canara Bank, Punjab &amp; Sind Bank, Union Bank of India, and Bank of Baroda provided returns ranging from 106% to 150% over the last five years.
Also watch: <a href="https://www.editorji.com/business-news/markets/lok-sabha-poll-results-foreign-institutional-investors-splurge-on-etfs-to-buy-indian-equities-1717472086694">Lok Sabha poll results: Foreign institutional investors splurge on ETFs to buy Indian equities</a>

Even though the government is planning divestment of 5-10% stake in Public sector lenders, the privatisation of two state-run banks will happen 

Government to divest 5-10% stake in Public Sector Banks: Report

<h2>Even though the government is planning divestment of 5-10% stake in Public sector lenders, the privatisation of two state-run banks will happen&nbsp;</h2>

Government Divestment Plan: The government is planning divestment of 5-10% stake in Public sector lenders in which it holds over 80% equity, reported Economic Times.
<h3>Government Ownership in PSU Banks</h3>
Government has over 80% ownership in six state-run banks including Bank of India, Indian Overseas Bank, Punjab &amp; Sind Bank, Bank of Maharashtra, Central Bank of India and Uco Bank. As per Economic Times, a detailed roadmap is expected to be made soon as the government is looking to take advantage of the sharp rally in share prices of public sector banks (PSBs) that are riding on much-improved financial performance and fundamentals.
Also Read: <a href="https://www.editorji.com/business-news/markets/vodafone-idea-may-receive-1-billion-funding-from-aditya-birla-group-banks-report-1698327668024">Vodafone Idea may receive $1 billion funding from Aditya Birla Group, banks: Report</a>
"Banks will be submitting their capital-raising plans, and based on those assessments, a roadmap may be drawn up for each lender," an official told Economic Times, adding that the timing of these issues will depend on market conditions and could spill over to the next fiscal year.
<h3>Stake Sale</h3>
The report further mentioned that the stake sale can be conducted through the offer-for-sale route for lenders that are not inclined toward a rights issue. A follow-on public offer can also be explored in case banks need capital. By this, the government will divest some stake and the lender will issue fresh equity in the same proportion.
If the government sells 10% stake of the Bank of India, it could raise close to Rs 4,400 crore at current market value.&nbsp;
Meanwhile, Economic Times also reported that offloading 5-10% stake will not affect the privatisation plans of two state-run banks. The privatisation plans will continue in parallel and the government is also looking to exit from IDBI Bank&nbsp;
&nbsp;
&nbsp;
&nbsp;
&nbsp;
&nbsp;

Ahead of finance ministry's meet with PSU banks on Saturday, the government has asked the state-owned lenders to share their bond portfolio data

Amid global banking crisis, Finance Ministry seeks PSB's bond portfolio data

Ahead of finance ministry's meet with PSU banks on Saturday, the government has asked the state-owned lenders to share their bond portfolio data

As per Business Standard, the Union finance ministry has asked public sector banks (PSBs) to furnish details of their bond portfolios ahead of their meeting with Finance Minister Nirmala Sitharaman on Saturday, amid the turmoil in global banks.
As an exercise to determine the resilience of banks against interest-rate risks, the ministry has specifically requested details on holdings under the held-to-maturity (HTM) and available-for-sale (AFS) portfolios, bankers said
While the HTM portfolio protects banks from potential losses on bond holdings, the government wants to ascertain how banks will respond in the case of large bond sales from that book, sources said.
Sitharaman will hold a meeting with all PSB heads on Saturday where she will review their work, including lending to infrastructure and flow of cash transfers to beneficiaries under various government flagship schemes.
Source: Business Standard&nbsp;

Amid the global banking crisis, finance minister Nirmala Sitharaman has called state-owned lenders' meet, reported Economic Times

Global banking crisis: FM calls state-owned lenders' meet

Amid the global banking crisis, finance minister Nirmala Sitharaman has called for a meeting of state-owned lenders.&nbsp;

Amid the global banking crisis, Finance minister Nirmala Sitharaman has called for a state-owned lenders' meet. As per a report by economic times, the meet is likely to be held on saturday. The FM will seek the lenders views on global concerns over the banking system's vulnerability due to monetary tightening.&nbsp;
Though experts have ruled out any possible spillover impact on domestic banks, the government wants to know from the lenders if any policy intervention is required.&nbsp;
The finance minister will also assess the performance of public sector banks as FY23 draws to a close, said the economic times report&nbsp;

Finance Minister Nirmala&nbsp;Sitharaman&nbsp;is scheduled to meet heads of public sector banks (PSBs) on August 25 to review financial performance of the lenders and progress made by them to support the economy battered by COVID-19 pandemic.
Given the importance of the banking sector in generating demand and boosting consumption, sources said the meeting with the MD and CEOs of PSBs is considered important.
Recently, the Finance Minister said the government is ready to do everything required to revive and support economic growth hit by the COVID-19 pandemic.
"Growth will be given its importance. Growth will be pushed both by the Reserve Bank and by us...," she had said.
Interestingly, this would be the first physical review meeting since the outbreak of the pandemic in March last year.
The meeting is expected to take stock of the banking sector, progress on restructuring 2.0 scheme announced by Reserve Bank of India (RBI), sources said, adding that banks may be nudged to push loan growth in productive sectors.
The revamped Rs 4.5 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) would also be reviewed during the meeting likely to be held in Mumbai, sources said.
Besides, the Finance Minister expected to take a stock of the bad loan or non-performing asset (NPA) situation, and discuss various recovery measures by banks, they said.
As a result of government's strategy of recognition, resolution, recapitalisation and reforms, NPAs have since declined to Rs 7,39,541 crore on March 31, 2019, Rs 6,78,317 crore on March 31, 2020 and further to Rs 6,16,616 crore as on March 31, 2021 (provisional data).
At the same time comprehensive steps were taken to control and to effect recovery in NPAs, which enabled PSBs to recover Rs 5,01,479 crore over the last six financial years, the government informed Parliament recently.
As far as credit growth of scheduled commercial banks (SCBs) is concerned, it has remained positive for 2020-21 despite contraction in GDP (-7.3 per cent) due to the COVID-19 pandemic.
Gross loans and advances &ndash; outstanding of SCBs increased from Rs 109.19 lakh crore as of March 31, 2020 to Rs 113.99 lakh crore as of March 31, 2021. Agriculture and allied activities, micro, small and medium enterprises, housing and auto have witnessed a year-on-year growth of 12.3 per cent, 8.5 per cent, 9.1 per cent and 9.5 per cent, respectively, during the year.
Notwithstanding economic disruptions caused by the pandemic, PSBs have managed to raise a record Rs 58,700 crore from markets in 2020-21 through a mix of debt and equity to enhance capital base. As a result capital to risk weighted assets ratio rose to 14.04 per cent as of March 31, 2021, as against regulatory requirement of 10.875 per cent boosting the ability of PSBs to further increase lending.
As a result, PSBs in aggregate recorded a profit of Rs 31,816 crore, highest in five years, despite 7.3 per cent contraction in economy in 2020-21.
The primary reason for PSBs to post such a Rs 57,832-crore turnaround from a loss of Rs 26,015 crore in 2019-20 to a combined profit of Rs 31,816 crore was the end of their legacy bad loan problem.

FM to meet PSU Bank chiefs to discuss bad loans and restructuring 2.0 scheme

FM to meet PSU Bank chiefs

Finance Minister Nirmala&nbsp;Sitharaman&nbsp;is scheduled to meet heads of public sector banks (PSBs) on August 25 to review financial performance of the lenders and progress made by them to support the economy battered by COVID-19 pandemic.
Given the importance of the banking sector in generating demand and boosting consumption, sources said the meeting with the MD and CEOs of PSBs is considered important.
Recently, the Finance Minister said the government is ready to do everything required to revive and support economic growth hit by the COVID-19 pandemic.
"Growth will be given its importance. Growth will be pushed both by the Reserve Bank and by us...," she had said.
Interestingly, this would be the first physical review meeting since the outbreak of the pandemic in March last year.

The meeting is expected to take stock of the banking sector, progress on restructuring 2.0 scheme announced by Reserve Bank of India (RBI)

Finance Minister Nirmala&nbsp;Sitharaman&nbsp;is scheduled to meet heads of public sector banks (PSBs) on August 25 to review financial performance of the lenders and progress made by them to support the economy battered by COVID-19 pandemic.
Given the importance of the banking sector in generating demand and boosting consumption, sources said the meeting with the MD and CEOs of PSBs is considered important.
Recently, the Finance Minister said the government is ready to do everything required to revive and support economic growth hit by the COVID-19 pandemic.
"Growth will be given its importance. Growth will be pushed both by the Reserve Bank and by us...," she had said.
Interestingly, this would be the first physical review meeting since the outbreak of the pandemic in March last year.
The meeting is expected to take stock of the banking sector, progress on restructuring 2.0 scheme announced by Reserve Bank of India (RBI), sources said, adding that banks may be nudged to push loan growth in productive sectors.
The revamped Rs 4.5 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) would also be reviewed during the meeting likely to be held in Mumbai, sources said.
Besides, the Finance Minister expected to take a stock of the bad loan or non-performing asset (NPA) situation, and discuss various recovery measures by banks, they said.
As a result of government's strategy of recognition, resolution, recapitalisation and reforms, NPAs have since declined to Rs 7,39,541 crore on March 31, 2019, Rs 6,78,317 crore on March 31, 2020 and further to Rs 6,16,616 crore as on March 31, 2021 (provisional data).
At the same time comprehensive steps were taken to control and to effect recovery in NPAs, which enabled PSBs to recover Rs 5,01,479 crore over the last six financial years, the government informed Parliament recently.
As far as credit growth of scheduled commercial banks (SCBs) is concerned, it has remained positive for 2020-21 despite contraction in GDP (-7.3 per cent) due to the COVID-19 pandemic.
Gross loans and advances &ndash; outstanding of SCBs increased from Rs 109.19 lakh crore as of March 31, 2020 to Rs 113.99 lakh crore as of March 31, 2021. Agriculture and allied activities, micro, small and medium enterprises, housing and auto have witnessed a year-on-year growth of 12.3 per cent, 8.5 per cent, 9.1 per cent and 9.5 per cent, respectively, during the year.
Notwithstanding economic disruptions caused by the pandemic, PSBs have managed to raise a record Rs 58,700 crore from markets in 2020-21 through a mix of debt and equity to enhance capital base. As a result capital to risk weighted assets ratio rose to 14.04 per cent as of March 31, 2021, as against regulatory requirement of 10.875 per cent boosting the ability of PSBs to further increase lending.
As a result, PSBs in aggregate recorded a profit of Rs 31,816 crore, highest in five years, despite 7.3 per cent contraction in economy in 2020-21.
The primary reason for PSBs to post such a Rs 57,832-crore turnaround from a loss of Rs 26,015 crore in 2019-20 to a combined profit of Rs 31,816 crore was the end of their legacy bad loan problem.

Reports indicate that the Govt think tank Niti&nbsp;Ayog has submitted the names of the PSU&nbsp;Banks that can be privatised this year.&nbsp;
Niti Aayog has been given the task of selecting names of two public sector banks and one general insurance company for privatisation as planned in the Budget for FY'22.Bank of Maharashtra is up over 30% in one week, Indian Overseas Bank is up over 25% in the same period as traders bet on the privatisation theme.&nbsp;


This is why midcap PSU banks are soaring

In just one week Bank Of Maharashtra up 30%, Indian Overseas Banks up over 25%, Why are traders betting big on midcap&nbsp;PSU&nbsp;banks?

Reports indicate that the Govt think tank Niti&nbsp;Ayog has submitted the names of the PSU&nbsp;Banks that can be privatised this year.&nbsp;
Niti Aayog has been given the task of selecting names of two public sector banks and one general insurance company for privatisation as planned in the Budget for FY'22. Bank of Maharashtra is up over 30% in one week, Indian Overseas Bank is up over 25% in the same period as traders bet on the privatisation theme.&nbsp;

Market on Wednesday ended on a flat note for the second consecutive day. The 30-share index ended at 51,849, while the broader Nifty 50 index ended at 15,576.&nbsp;Among sectors, strong gains were seen in PSU Banks, metals, auto and realty indices, while Nifty FMCG and Nifty IT ended in the red.&nbsp;
On the flip side,&nbsp;ITC&nbsp;was the worst performer, falling nearly 3 per cent. It was followed by&nbsp;Tech Mahindra,&nbsp;Axis Bank,&nbsp;Asian Paints,&nbsp;TCS,&nbsp;HCL Tech,&nbsp;HDFC.

Sensex, Nifty close flat; Metal, PSU bank stocks shine

Market on Wednesday ended on a flat note for the second consecutive day. The 30-share index ended at 51,849, while the broader Nifty 50 index ended at 15,576.&nbsp; Among sectors, strong gains were seen in PSU Banks, metals, auto and realty indices, while Nifty FMCG and Nifty IT ended in the red.&nbsp;
On the flip side,&nbsp;ITC&nbsp;was the worst performer, falling nearly 3 per cent. It was followed by&nbsp;Tech Mahindra,&nbsp;Axis Bank,&nbsp;Asian Paints,&nbsp;TCS,&nbsp;HCL Tech,&nbsp;HDFC.

Sensex, Nifty close flat; PSU Bank, metals shine Nifty auto, metal, energy and PSU Bank indices rose 1-3 % Motherson&nbsp;Sumi share touched a 52-week high of Rs 273 PNB Housing Finance share soared over&nbsp;50%&nbsp;as Carlyle steps in Muthoot Fin gain 8% post Q4 Earnings Adani Shares&nbsp;continue to move higher; Adani Ent&nbsp;up 9% All eyes on RBI&nbsp;as MPC&nbsp;to deliver its policy on June 4

Market on Wednesday ended on a flat note for the second consecutive day. The 30-share index ended at 51,849, while the broader Nifty 50 index ended at 15,576 managing to cut their losses in late trade buying in the last hour.&nbsp;
Nifty auto, metal, energy and PSU Bank indices rose 1-3 percent, FMCG&nbsp;and Tech sector were the main drag.&nbsp;
Many stocks in midcap&nbsp;stocks in action today, Motherson&nbsp;Sumi&nbsp;rallied over 13% as profits soared nearly 3 times in the quarter gone by. PNB&nbsp;Housing Finance now up over 50% in 3 sessions as Carlyle steps in as controlling investor. Muthoot&nbsp;Finance was also a traders favorite up 8% on heavy volumes as profit rose 23% in Q4. The entire Adani&nbsp;pack continued to be on a roll in trade today.&nbsp; All eyes on RBI&nbsp;now as the MPC&nbsp;will deliver its policy on June 4, street is expecting strong commentary on inflation and also a possible downgrade on the GDP&nbsp;for the current financial year.&nbsp;

Govt owned banks are looking to appoint a nodal officer to safeguard their deposits that could be linked in the $1.2 bn&nbsp;arbitration award involving Cairn Energy and the Centre.&nbsp;ET reports that the govt has written a letter to public sector bank chiefs suggesting they immediately inform Sanjay Kumar, director &ndash; banking operations, if they receive &lsquo;any intimation/notice/letter&rsquo; from Cairn Energy Plc and its subsidiary Cairn UK Holdings.Reports also suggest that banks have been asked to reduce cash holdings in overseas accounts.&nbsp;

The billion dollar worry for PSU banks as legal tussle with Cairn heats up

Govt owned banks are looking to appoint a nodal officer to safeguard their deposits that could be linked in the $1.2 bn&nbsp;arbitration award involving Cairn Energy and the Centre.&nbsp;

Govt owned banks are looking to appoint a nodal officer to safeguard their deposits that could be linked in the $1.2 bn&nbsp;arbitration award involving Cairn Energy and the Centre.&nbsp; ET reports that the govt has written a letter to public sector bank chiefs suggesting they immediately inform Sanjay Kumar, director &ndash; banking operations, if they receive &lsquo;any intimation/notice/letter&rsquo; from Cairn Energy Plc and its subsidiary Cairn UK Holdings. Reports also suggest that banks have been asked to reduce cash holdings in overseas accounts.&nbsp;

psu banks

Categories