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New Delhi, Jan 31 () Flagging "disproportionate dwarfism" of Indian banks as compared to the size of the economy, the Economic Survey on Friday called upon public sector banks to become efficient and support economic growth rather than "pullback lending", for India to achieve the goal of becoming a USD 5 trillion economy.
 The Economic Survey 2019-20 tabled in Parliament by Finance Minister Nirmala Sitharaman noted that despite nationalisation a significant portion of the poor remained unbanked till 2014.
 The survey also cautioned that "inefficient PSBs can severely handicap the country's ability to exploit the unique opportunities" it can utilise today.
 It suggested use of FinTech (financial technology) across all banking functions and employee stock ownership across all levels to enhance efficiencies in public sector banks, observing that with the cleaning up of the banking system and the necessary legal framework such as the Insolvency and Bankruptcy Code, the banking system must focus on scaling up efficiently to support the economy.
 The survey said bank employees should be given stakes through an employee stock ownership plan (ESOP) together with proportionate representation on boards proportionate to the blocks held by employees to incentivise them and align their interests with those of all shareholders.
 It also recommended that a GSTN type of entity should be set up to enable the use of big data, artificial intelligence and machine learning in credit decisions, especially those pertaining to large borrowers.
 The survey also called on PSBN (PSB Network) to use technology to screen and monitor borrowers comprehensively and at length.
 "As government is the owner of all the PSBs, government has the right to use the data that PSBs generate during their business. Therefore, the government as the promoter must set up this entity that will aggregate data from all PSBs to enable decision making using big data techniques," said the survey.
 Apart from utilising data from all PSBs, which would provide a significant information advantage, PSBN would utilise other government sources and service providers to develop AI-ML ratings models for corporate.
 The high operating costs of each PSB would decrease by helping them automate the end-to-end process of lending. PSBs would be able to make quicker decisions, process loan applications faster, and reduce turn-around-times, said the survey.
 The survey also said that if Indian banks were proportionately large in relation to the size of the Indian economy, India should have at least six banks in the global top 100 than just the current largest PSB State Bank of India, which is the 55th largest bank globally.
 Pointing out that in 2019, India completed the 50th anniversary of the bank nationalisation programme undertaken in 1969, the survey made a special mention of the accomplishments of the 389,956 officers, 295,380 clerks, and 121,647 sub-staff who work in public sector banks and said the time was apt to celebrate them.
 Observing that both rural bank deposit mobilisation and rural credit increased significantly after the 1969 nationalization, the survey however, said some caution is necessary in interpreting the above trends as being entirely caused by nationalisation.
 Quoting studies, it said the differential impact on poverty seen during 1977-1991 cannot be attributed to nationalisation.
 Besides the non performing assets (NPAs) leading to losses, frauds are another source of concern in PSBs, said the survey, highlighting the urgent need for a thriving banking sector and a vibrant banking system which can support and unleash a multiplier effect and permanently alter India's growth trajectory in a positive way.
 "A large economy needs an efficient banking sector to support its growth. As PSBs account for 70 per cent of the market share in Indian banking, the onus of supporting the Indian economy and fostering its economic development falls on them. Yet, on every performance parameter, public sector banks (PSBs) are inefficient compared to their peer groups," said the survey.
 The survey highlights that there is a "disproportionate dwarfism of the Indian banks when compared to the size of the Indian economy. A fit of the number of banks in the global top 100 and the size of the economy shows clearly that India is a significant outlier on the negative side. All the largest economies have proportionately large banks."
 It noted that majority ownership of the government and its writ on bank functioning also results in an implicit promise of the bailout of bank liabilities which is an implicit cost to the taxpayer.
 "The majority ownership by the government also subjects PSB officers to scrutiny of their decisions by the central vigilance commission and the comptroller auditor general. With no real restrictions on what can be investigated and under what circumstances, officers of state-run banks are wary of taking risks in lending or in renegotiating bad debt, due to fears of harassment under the veil of vigilance investigations," the survey said. RSN MKJ

Eco Survey flags 'disproportionate dwarfism' of Indian banks, calls upon PSBs to become efficient

<div class="KonaFilter image-container float_right"><div class="image on-image"></div></div>A survey unveiled at the <a href="http://www.aspenideas.org/">Aspen Ideas Festival</a> on Wednesday found that a representative sample of the US believes the American Dream is harder than ever to achieve - but that on an individual level, they're living it.<a href="http://www.theatlantic.com/national/archive/2015/07/aspen-ideas-american-dream-survey/397274/">The seventh annual survey on the American Dream</a> was commissioned by The Atlantic and the Aspen Institute and conducted by market research firm Penn Schoen Berland (PSB) with PR firm Burson-Marsteller.From June 8-19, they collected responses from 1,988 people representing the country's general population, along with 513 people representing "broad elites" (defined as college-educated individuals making more than $75,000 who follow current affairs).We spoke with Mark Penn, executive vice president and chief insights officer at Microsoft and founder of PSB, and Don Baer, the CEO of Burson-Marsteller and chairman of PSB, to understand the key findings of the survey.Interestingly, most people are cynical about the American Dream generally. Seventy-five percent of those polled said the American Dream is suffering, 69% said the obstacles to achieving it are more difficult than ever, and 64% think the country is "on the wrong track."Yet they are personally optimistic: 72% said they are living the American Dream or expect to in their lifetime, 85% are happy with their lives overall, 72% are happy with their jobs, 86% are optimistic about the future, and 67% feel financially secure.The main finding, Penn said, is that "even though there's a cloud over the political system, there's a high degree of personal optimism that people are finding within themselves, particularly as things have improved since the financial crisis."African-Americans and Latinos are the most optimistic ethnic demographics for the first time in the seven years the poll has been conducted. Eighty-nine percent of African-Americans believe they have achieved or will achieve their personal goals, with an additional 82% believing they will achieve their career goals; 86% of Latinos are optimistic about personal goals and 83% about career goals; Asian-Americans and Whites both report 70% optimism about personal goals and 80% about career goals.Millennials, defined here as those under 30, are the most optimistic age demographic. Seventy-seven percent of millennials believe they are living or will live the American Dream, compared to the least optimistic age demographic, ages 51-64, who still are optimistic at a rate of 63%.Americans consider living the Dream to be financial security with no debt and a comfortable level of disposable income. Home ownership is no longer a main factor, with only 20% considering it relevant.Sixty-eight percent of the broad population and 74% of elites think barriers to the Dream need to be immediately addressed. There's roughly a split down the middle about whether increasing/improving or reducing government is the answer, with the slight majority across all ethnicities going toward reducing it.Baer said he considers the survey to be indicative of a "pretty critical moment" in the US, where personal optimism will either compel individuals to find ways to reduce barriers to the Dream either through their own actions or votes, or that pessimism about the country's direction will overcome their personal optimism.As a final point, he added with a laugh that the "other generations have to be ready for the sharp elbows of the millennials" as those most likely to compel change.Here's the full presentation given at the Aspen Ideas Festival:<div><div> <div style="margin-bottom:5px"> <a href="//www.slideshare.net/BMGlobalNews/the-american-dream-summary-report-complete" title="The Atlantic/Aspen Institute Survey 2015: The American Dream" target="_blank">The Atlantic/Aspen Institute Survey 2015: The American Dream</a> from <a href="//www.slideshare.net/BMGlobalNews" target="_blank">Burson-Marsteller</a> </div></div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/gen-mcchrystal-on-leadership-and-advice-for-20-year-old-self-2015-7">Retired Gen. Stanley McChrystal on leadership and advice for his 20-year-old self</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="lsMzN5dTokIoy3EsX8PsntOoctXBgJLx" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

New survey finds most people think the American Dream is harder than ever to achieve - but that they're living it

<div class="KonaFilter image-container float_right"><div class="image"></div></div>A private plane that was reportedly carrying a Brazilian presidential candidate has crashed, <a href="http://www.reuters.com/article/2014/08/13/us-brazil-crash-idUSKBN0GD1GY20140813">according to</a> Reuters.
Police told Reuters that there are fatalities, but did not say how many.
Bloomberg reports that presidential candidate Eduardo Campos' aides say they lost contact with his plane.
Developing...

REPORT: Plane Carrying Brazilian Presidential Candidate Has Crashed

New Delhi, Feb 26 () Finance Minister Nirmala Sitharaman on Wednesday assured bankers that they will not be hauled up for genuine commercial decisions even if the call goes wrong due to business reasons. She, however, added that the decision taken with malafide intension will be dealt as per the law. "They are at least now reassured that the government is repeatedly making distinction between vigilance based decisions and those which are not. We have made it very clear that genuine commercial decisions even if they have gone wrong because businesses went down are not going to be held against their decision making at all," she said. Addressing heads of public sector banks here, the Finance Minister said bankers have gone through period of churning starting with Asset Quality Review in 2015 leading to some disorientation among them. "So many things have to be reset, so many things have to be reoriented and till today, many of us still feel we need to give that extra push to people move forward with that without fear or without any suspicion in their minds that the intent with which that they working is well meant, well intended and therefore it is done with certain sense of professionalism and nothing more to worry about," she said. The Prime Minister has spoken with great sense of assurance that there will be a clear, divide between genuine commercial decisions which banks are taking and which is critical to running and banks, as different from those in which they could be vigilance angle, she said. She also urged bankers to give emphasis on branch based banking and improve customer ease. "Even today, when people come to meet me, they've been voicing worries about how at branch level we can be a bit more friendlier," she said. Coming back to branch-level banking, she said branches are now losing personal touch which needs to be restored. Customers expects that little level of touch from bankers, she added. Observing that ratings from credit rating agencies are not advisory, she said it is just an indicator of a customer. So the decision solely based on the advice of a credit rating agency should not be taken. "Was there ever a directive from either the Reserve Bank of India or Indian Banks' Association to say that you will blindly follow the rating agencies figures or numbers given to you. No," she said. The finance minister also wanted banks to sensitise bankers about the government schemes at the branch level even if they are not concerned. Meanwhile, the finance minister unveiled EASE 3.0, the Public Sector Bank (PSB) Reforms Agenda 2020-21 for smart, tech-enabled banking, and the PSB EASE Reforms Annual Report 2019-20. EASE 3.0 seeks to enhance ease of banking in all customer experiences, using technology, FinTech, alternate data and analytics. Dial-a-loan for doorstep loan facilitation, Credit@click for end-to-end digitalised lending, on-the-spot EASE Banking Outlets at well-frequented places like malls and stations, palm banking, digitalised branch experience are part of a wide array of tech-enabled ease enhancements that PSBs would effect during FY2020-21. At the launch function organised by Indian Banks' Association, individual PSBs gave a preview of the array of tech-enabled services that are in the pipeline or have been piloted and will be scaled up over the coming year across PSBs. UCO Bank unveiled its plans for customers to obtain via app, portal or call centre, Doorstep Banking Services offered collectively by PSBs as 'PSB Alliance', for services such as pick-up of cheques and income-tax exemption certificates and delivery of income-tax challan, drafts and account statements in major cities across India. State Bank of India showcased Shishu e-Mudra app-based lending for instant sanction of working capital up to Rs 50,000 to existing small business customers of the bank and the bank announced its plan to scale up sanctioning through the app to Rs 1 lakh in branch-assist mode. Union Bank of India gave a preview of its app for end-to-end digitalised lending to MSMEs of up to Rs 50 crore, which it proposes to roll out during the coming year. Bank of Baroda showcased its tablet-based Tab Banking services for doorstep account-opening, including in villages and for migrant labourers in industrial units, and has created capacity for opening about 10,000 accounts per day. DP MRMR

Bankers not to be hauled up for genuine commercial decisions: FM

Chartered Accountant and Editor of Tamil political magazine 'Thuglak' S. Gurumurthy said he was pressurised to take up the board position in the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword>). Gurumurthy told this in an email to the All India Bank Employees Association (AIBEA) General Secretary C.H. <keyword id="215998" type="General" weightage="50" keywordseo="venkatachalam" source="Orion">Venkatachalam</keyword> and also dared the latter to share the mail with the <keyword id="6357801" type="General" weightage="50" keywordseo="union" source="Orion">Union</keyword> members. As a post script in his email, Gurumurthy told Venkatachalam: "You all think that me being in the <keyword id="370514" type="General" weightage="80" keywordseo="rbi-board" source="Orion">RBI Board</keyword> is a big thing. I was pressurised to take up that position as there were not many to put a counter view in the RBI Board." "I did not need it nor did I seek it. For decades I had never taken any position in or from the government. Nor will I ever." "Me, in the RBI Board, was criticised by the Financial media in the West, and I am happy you a communist share their views now," Gurumurthy added. Continuing further. Gurumurthy said he had never allowed anyone in any public fora to state that he is on the RBI Board in the introductory remarks. "You have expressed grave concern about me being on the RBI Board. You may not know that if I am not on the RBI Board it makes very little difference to me," Gurumurthy said. Gurumurthy wrote to Venkatachalam in response to the latter's message in social media condemning him for his comments at Thuglak magazine's annual function about the public sector bankers. Speaking at the Thuglak magazine's annual function, Gurumurthy had said the public sector banks are losing talented officials to the private sector owing to poor pay and lack of freedom. "Only scums and filth are remaining with public sector banks and with them, the country has to compete globally in the financial sector," he had said. Gurumurthy also said that till the government has majority stakes in its banks, it is not possible to encourage talented staff. Reacting to that Venkatachalam said: "We strongly condemn his uncalled for comments and demand his immediate apology. He is unfit to be on the Board of RBI and the government should remove him from this important post." Gurumurthy in his email to Venkatachalam said: "I would not have written if I had not known you and you had not invited me for the AIBEA workshop. Your post has started a campaign against me." Stating that many campaigns were made against him earlier Gurumurthy said: "I have never bothered about the campaigns against me by any, as I don't belong to any party, nor seek or need anyone's courtesy, by the grace of the Divine I believe in. So this is not to answer any campaign." "I have always opposed and will continue to oppose privatisation as I believe with all faults majority bank assets in India have to be in state hands. The Indian economy will be ruined if the major part of the financial sector falls into private hands with the expansion and contraction of the <keyword id="6355302" type="General" weightage="50" keywordseo="rupee" source="Orion">Rupee</keyword> dependent on the Dollar," Gurumurthy said. "I resisted within RBI all efforts to pressure the government to privatise when the previous RBI governors were in command," he added. As regards his speech at the Thuglak magazine's function Gurumurthy said the UPA government's policies of letting huge FII investments into the stock market led to indigestible money in the system. To lend that money the government brought down the customs tariffs to zero for capital goods to attract the industrialists to borrow from banks. Gurumurthy said the government persuaded the industry to go for huge expansions in the hope that India would turn into a high growth export driven economy. According to Gurumurthy, the huge recession that followed 2008-09 made the investments of several lakhs of crore junk and the monies lent, NPA (non performing asset) and which was also later accepted by former Governor of RBI Raghuram Rajan. "That is where the woes of the PSBs (public sector bank) started. Not a single political party, including the BJP and CPI-M or the bank unions spoke the truth about the source of the NPA trouble. The guilty finance ministry officials who ran telbanking were mixed up with both the UPA and NDA governments, to suppress the truth," Gurumurthy said. Continuing further he said, the NPA issue, action against it by the Central Bureau of Investigation (CBI), Central Vigilance Commission (CVC), the prudential norms completely shook the bank officers. "This gave a huge opportunity to the private banks and funds which had a heyday because the best loan accounts shifted to them. They began giving high salaries and attracting capable PSB officers," Gurumurthy said. As a result, several capable officials left the PSBs and he had termed the remaining officials as 'kazhisadai' meaning leftovers or those who could not pass through the filter, remained inside. "It is a fact and I stand by it," Gurumurthy said. Referring to the decline in share of PSB loans in the total banking sector loans Gurumurthy said: "At this rate the PSBs need not be privatised. They will get so marginalised that they will handle only the government and municipal accounts and all corporate accounts will be taken over by private banks. That we are not having and not generating and training the needed talent in the PSBs to handle 60 per cent of national savings that gets into the PSB is indisputable. It is a matter of concern for all -- government included," he said. "If you are a responsible trade unionist you will be concerned, talk about this and not play petty politics. I wrote this because you had invited me to talk to AIBEA and you know our views converge on PSBs in many ways," Gurumurthy told Venkatachalam and also asked whether he has the guts to circulate his mail to AIBEA members. "I will not make this public unless you do it. If you do it, have the courage to publish it in full," Gurumurthy said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/politics/india/news/rising-dengue-cases-in-uttar-pradesh-put-health-officials-on-high-alert/articleshow/91611067.cms">Rising dengue cases in Uttar Pradesh put health officials on high alert</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/four-in-ten-american-users-thought-that-facebook-should-have-blocked-trump-sooner-reveal-leaked-internal-documents/articleshow/91610652.cms">Four in ten American users thought that Facebook should have blocked Trump sooner, reveal leaked internal documents</a>

Tamil magazine editor S. Gurumurthy 'pressurised' to take up RBI Board position

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>On Sunday Brazilians will take to the polls for the first round of their Presidential elections. At this point the outcome is basically a foregone conclusion, but this fact is giving few people - citizens, investors, observers - any comfort.
These are incredibly unhappy elections, taking place in the midst of a tragic three year economic reversal during which the country's stock market plunged 22%, <a href="http://www.bloomberg.com/news/2014-10-03/brazil-magic-lost-by-rousseff-as-300-billion-evaporates.html">according to Bloomberg.</a>
Inflation is high, corporate profit margins are thin, and massive Brazilian companies like steelmaker Vale and and quasi-state oil and gas company Petrobras are suffering from a wide range of ailments from mismanagement and corruption to weak demand from China.
In other words, whoever wins this contest will have a hard road ahead.
There are three candidates in Sunday's Presidential contest, but only truly two contenders. Aecio Neves, of the Social Democratic Party, is sure to lose. That means incumbent Dilma Rousseff, of the Workers Party (PT), and Marina Silva of the Brazilian Socialist Party (PSB), will square off on October 25th.
Silva was not meant to be a Presidential candidate. An environmentalist who grew up in extreme poverty, she was initially running along side candidate Eduardo Campos, who <a href="http://www.businessinsider.com/report-plane-carrying-brazil-presidential-candidate-eduardo-campo-crashed-2014-8">died in a tragic plane crash</a> in August. For a while Campos' passing sparked interest in Silva. She started pulling ahead in election polls, and it seemed like investors who were betting that a fresh political face would mean an economic turn around for the country - like hedge fund billionaire Michael Novogratz of Fortress Investment Group - seemed to be getting what they wished for.
But then it all stopped. In September Rousseff started inching ahead of Silva and now has a 7 point lead <a href="http://en.mercopress.com/2014/10/03/latest-poll-shows-dilma-winning-the-run-off-with-seven-point-margin?utm_source=twitter&amp;utm_medium=social&amp;utm_content=main&amp;utm_campaign=twitter">according to the most recent poll data. </a> 
As all this happened, Brazil's stock market the Bovespa, started to protest. It fell 14%.
<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>
As Silva began to lose in the polls, Wall Street started to question the entire recovery narrative. Cantor Fitzgerald called it a <a href="http://www.businessinsider.com/brazils-sells-off-on-rousseff-poll-lead-2014-9#ixzz3F6yc0Dfvhttp://www.businessinsider.com/brazils-sells-off-on-rousseff-poll-lead-2014-9#ixzz3F6yc0Dfv">"farce" in a recent note.</a>
In part, they reasoned, because change was not really change.
"It does not take much sense of history to appreciate the irony that Ms. Silva is running a reform campaign against a leftist Workers Party candidate, who herself came in under a reform agenda president (Lula). Moreover, Ms. Silva was herself a Workers Party minister from 2003 to 2008 under Lula."
What's more, others argued, Silva's platform may be too ambitious for a country suffering from a recession. On the one hand she wants to maintain the expensive adn expansive social programs that have pulled Brazilians out of poverty and kept unemployment low.
On the other hand Silva also wants to implement reform, tightening monetary policy to stem inflation and simplifying the country's tax code.
"Reforms were stymied when growth was buoyant," wrote analysts from London-based Spiro Sovereign Strategy in a recent note. "They will prove doubly difficult to implement when the economy is contracting, the US Federal Reserve is preparing to raise interest rates and China's economy is slowing markedly."
Not a lot of good news here.

This First Round Of Brazil's Election Is Sunday - Here's A Quick Primer To Get You Up To Speed

New Delhi, Jun 20 () State-owned Bank of Baroda has closed its fully-owned subsidiary in Ghana and the license has been surrendered to the regulator there. In December 2018, the bank had informed about sale of business (closure of overseas subsidiary) in Ghana. "We further advise in the matter that Bank of Baroda (Ghana) Ltd has surrendered its banking license to the host country regulator at Ghana viz. Bank of Ghana and the Registrar of the Company, Ghana vide letter dated 11th June 2020, has informed that...the name of Bank of Baroda (Ghana) Ltd has been struck off from the register of companies and the said company is dissolved," Bank of Baroda said in a regulatory filing on Saturday. Moreover, notice has been submitted to the Ghana Publishing Corporation for publishing the same in the next Gazette, it said. The closure of overseas bank branches is part of government's plan to rationalise and streamline operations under the reforms agenda for the banking sector approved in 2017 under the then finance minister Arun Jaitley. Under the PSB Manthan programme, the aim is to rationalise overseas operations for cost efficiencies and synergies in foreign markets, based on competitive strength and viability. It also adopts to a differentiated banking strategy to leverage bank's competitive advantage, which may include branch network rationalisation for a strong regional connect. KPM BAL BAL

Bank of Baroda closes subsidiary in Ghana

<ul><li>Rajnish Kumar, the chairman of <keyword id="6354731" type="DOMAIN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI) said that additional mergers with smaller banks would give the bank <keyword id="67392" type="ENTERTAINMENT" weightage="20" keywordseo="Monopoly">monopoly</keyword> powers. </li><li>Kumar’s statement comes a few days after the Indian government ordered the <keyword id="42411" type="PERSON" weightage="20" keywordseo="Merger">merger</keyword> of Bank of Baroda, Vijaya Bank and Dena Bank in lieu of further mergers of state-owned banks. </li><li>In April 2017, SBI began the process of merging with five of its subsidiaries- State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad as well as Bharatiya Mahila Bank. </li></ul>Rajnish Kumar, the chairman of State Bank of India (SBI) has categorically ruled out any absorption of smaller banks by SBI in the short term. Speaking to media outlets in New Delhi, Kumar’s statement comes a few days after the Indian government ordered <a href="https://www.businessinsider.in/indias-government-is-merging-three-state-owned-lenders-to-create-one-of-the-countrys-largest-banks/articleshow/65853052.cms">the merger </a>of Bank of Baroda, Vijaya Bank and Dena Bank in lieu of further mergers of state-owned banks. SBI is India’s largest bank, holding a little under a quarter of all the assets in the banking system, which begs the question: how much room does it have for economies of scale from mergers? While Kumar agreed that there were far too many public sector banks in India and that they required <keyword id="76844" type="PERSON" weightage="20" keywordseo="Consolidation">consolidation</keyword> for improved management and capital strength, he explained that any further acquisitions of state-owned banks by SBI would give it monopoly powers. Kumar added that SBI was still focussing on the integration of the six banks it absorbed last year, explaining that it would take around two to three years for the synergies from the merger to start manifesting themselves. In April 2017, SBI began the process of merging with five of its subsidiaries- State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad as well as Bharatiya Mahila Bank. While the merger proved to be a drag on SBI’s profitability and added to its already-high level of non-performing loans and provisioning requirements, Kumar said <a href="https://www.thehindubusinessline.com/money-and-banking/sbi-to-be-back-in-black-from-sept-quarter-says-chairman/article24773447.ece">last month</a> that he expected the bank to report a profit in the quarter ending September. Separately, Kumar said that SBI was on course to resolve around 7 to 8 stressed power accounts before the expiration of the Supreme Court’s grace period on 11 November. The resolution of around ₹170 billion worth of non-performing loans will come as a significant relief to the bank, which currently holds nearly 20% of all the bad loans in India’s banking sector.

The chairman of India’s largest bank has said that it shouldn’t absorb any more banks

Lucknow, Jan 31 () Customers of public sector banks in Uttar Pradesh faced troubles on Friday with state employee unions joining the two-day nationwide strike over wage revision, pension and other demands.
 Cash deposit, withdrawal, cheque clearances, instrument issuance and loan disbursement were affected, bank unions said.
 "Some of the demands of the protesting bank officials are salary revision, work-life balance, five-day banking, opposition to merger of banks," Dilip Chauhan, UP general secretary of All India Bank Officers' Confederation told .
 "Close to 2 lakh bank officials working in 14,000 branches of various public sector banks in UP, participated in the protest," Chauhan said.
 The strike call has been given by the United Forum of Bank Unions (UFBU), an umbrella body of nine bank unions, including All India Bank Officers'' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW).
 Private banks, however were open.
 Branches of PSBs will remain closed on Saturday. Banks will reopen only on Monday, February 3.
 The strike coincides with the beginning of the Budget session of Parliament and presentation of Union Budget for 2020-21.
 Bank employee unions claimed that about 10 lakh staff and officers of public sector banks and some private sector banks are participating in the strike.
 Wage revision for employees of public sector banks is pending since November 2017. NAV MR
MR

PSB employee unions in UP join two-day strike, services hit

Mumbai, Feb 1 () Hours after Finance Minister Nirmala Sitharaman announced plans to sell the government's remaining stake in IDBI Bank, its officers' association said any move to change the services conditions of the employees of the LIC-controlled lender will be opposed.
 Despite being a private sector bank, since LIC took the majority stake in January last year, IDBI Bank employees still enjoy service benefits on par with the rest of public sector banks (PSBs).
 Presenting the Union Budget for 2020-21, the minister said the government will be exiting IDBI Bank by selling its stake to retail and institutional investors through a market offering.
 The government currently holds 47.11 per cent stake in IDBI Bank, while LIC owns 51 per cent.
 The news sent the IDBI Bank stock gaining as much as 17.55 per cent to Rs 39.85 in intra-day trade. It closed the day 10.03 per cent higher at Rs 37.30 on the BSE.
 "As long as our service contract conditions are not changed we do not have any issues with the government move. We will seek a written assurance on this," IDBI Bank Officers Association General Secretary Vithal Koteswara Rao told .
 IDBI Bank was set up as a Development Financial Institution in 1964. Later, it was transformed into a Bank in 2004.
 Though the Reserve Bank re-categorised it as a private sector bank, the Department of Financial Services still lists it as a state-owned bank.
 "We want these service contracts to remain unchanged," Rao said.
 The union said it will also request the government to allow them to switch to other nationalised banks.
 In January 2019, LIC was asked to acquire 51 per cent controlling stake in IDBI bank.
 In the September quarter of 2019-20, IDBI Bank, which is under prompt corrective action (PCA) since May 2017, had received Rs 4,743 crore from LIC, and Rs 4,557 crore from the government.
 The bank had reported a net loss of Rs 3,459 crore in the said quarter, marginally better than Rs 3,602 crore in the year-ago period.
 Last month, the bank met the Reserve Bank to seek lifting of the lending restrictions. HV BEN RUJ

IDBI Bank union wants govt assurance on PSB-type job benefits

New Delhi, Feb 26 () Finance Minister Nirmala Sitharaman on Wednesday asked public sector banks not to overlook the need of personal touch while dealing with customers despite increasing use of technology in banking operations. Unveiling the EASE 3.0, the Public Sector Bank (PSB) Reforms Agenda 2020-21 for smart, tech-enabled banking, she said banks need to connect with their customers by leveraging technology but not exclusively only through the interface of technology. The finance minister asked the bankers to focus more at the grass-root level."Banks customers do feel at the branch level that they need more access, they need more people to sit and talk to them. If bank branch is not competent to take a call, then the next level has to address the grievances.Sitharaman said branches are "now losing" personal touch which needs to be restored. "I'm going to say things which perhaps doesn't sound music to our ears, but I'm sure all of us have heard it and therefore want to repeat it, because ultimately we also have to introspect on those lines. "Even today, when people come to meet me, they've been voicing worries about how at branch level we can be a bit more friendlier," she said.She further asked the banks to devise a mechanism wherein customers would be given a "sure date" to meet officials to discuss issues. EASE 3.0 seeks to enhance ease of banking in all customer experiences, using technology. DP NKD CS MKJ

Bank branches need to restore 'personal touch' in customer dealings: FM

<ul><li>The government said that public-sector <keyword id="6368751" type="UNKNOWN" weightage="20" keywordseo="banks">banks</keyword> would resolve around ₹1.8 trillion worth of <keyword id="142154" type="PERSON" weightage="20" keywordseo="bad-loans">bad loans</keyword> in the current financial year. </li><li>While a number of large accounts are expected to be resolved under the bankruptcy code, the Indian government will also set up an online auction portal to facilitate the speedy sale of seized assets. </li><li>The representatives of the public-sector banks also asked the government to ease the restrictions that had been placed on their operations under the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>’s Prompt Corrective Action framework. </li></ul> India’s public-sector banks had their annual performance review with the Ministry of Finance yesterday. From the point of view of the Indian government, the outcome was clear. To reassure the public and instill confidence in markets, which <a href="https://www.businessinsider.in/indias-main-financial-regulators-and-its-largest-bank-are-trying-to-calm-investors-amid-fears-of-a-liquidity-crisis/articleshow/65929921.cms">have taken a beating in the last week</a> amid fears that IL&amp;FS, the country’s largest infrastructure lender, is on the brink of defaulting on its debts. Hence, a number of positive announcements were made. The government said that public-sector banks would resolve around ₹1.8 trillion worth of bad loans in the current financial year, which equates to <a href="https://www.livemint.com/Opinion/nioD0s2ZNJSsXxh2Nges4N/How-bad-are-our-public-sector-banks-Here-are-some-vital-sta.html">20%</a> of their total bad loans of ₹9 trillion. This is more than twice the amount of recoveries that took place in 2017-18. How do they plan to do this? While a number of large accounts are expected to be resolved under the Insolvency and Bankruptcy Code (IBC) as a result of a deadline from the Reserve Bank of India (RBI), the Indian government will also set up an online auction portal to facilitate the speedy sale of assets seized from bankrupt debtors. The finance ministry has also asked banks to make preparations to sell their non-core assets. Around ₹180 billion worth of non-core assets are expected to be monetised next year as public-sector banks look to regain capital strength. Public-sector banks have made considerable progress in the year so far. In the April-June quarter, recoveries amounted to ₹365.5 billion, nearly a 50% jump from the first quarter of the previous year, according to data from the finance ministry. In a press conference with reporters after the performance review, Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> affirmed that bad loans were declining and the recovery process under the IBC was gaining momentum. He added that the government was committed to its plans to recapitalise state-owned banks. Infact, state-owned bank asked the government to speed up the recapitalisation process. A relaxation of restrictions The representatives of the public-sector banks also asked the government to ease the restrictions that had been placed on their operations owing to their poor performance. Eleven banks that have been on the RBI’s Prompt Corrective Action (<keyword id="6383105" type="UNKNOWN" weightage="20" keywordseo="pca">PCA</keyword>) watchlist owing to their poor performance and high level of bad loans have been asked for the watchlist’s norms to be tweaked. The PCA framework imposes lending, provisioning and expansion restrictions on the banks. The banks have asked the government to lower the provision coverage ratio, which measures the ratio of provisions for non-performing assets, from the current level of 60% in order to free up capital.

India’s finance ministry claims that state-owned banks will recover 20% of their bad loans this year

New Delhi, Dec 10 () Employee unions of public sector banks on Tuesday held day-long dharna here opposing bank mergers and abnormal hike in service charges.
 All nine bank unions under the United Forum of Bank Unions (UFBU), including the All India Bank Officers Confederation (AIBOC), the All India Bank Employees Association (AIBEA) and the National Organisation of Bank Workers participated in the all-India dharna.
 At a time when the country's economy is facing a severe slowdown and banks have an important role to play to boost the economy, which should be the priority of the government, AIBOC said in a statement.
 Unfortunately, the government is targeting the banks for wholesale mergers, large-scale closure of branches, diversion of attention from bad loans recovery, reduction in interest on deposits, levying more service charges and penal charges on ordinary banking public, among others, it said.
 "Mergers are totally unwarranted and it is not the solution for the problems of our economy or the challenges facing the banks," it said.
 In August, the government announced its plan to merge 10 public sector banks (PSBs) into four to create fewer and stronger global-sized banks.
 It had announced four new sets PSB mergers -- Punjab National Bank taking over Oriental Bank of Commerce and United Bank of India; Syndicate Bank merging with Canara Bank; Union Bank of India will amalgamate with Andhra Bank and Corporation Bank; and Indian Bank will merge with Allahabad Bank.
 The attention of the banks will be shifted from recovery of bad loans and serving the common people to merger-related complications.
 Earlier on October 22, bank employees affiliated to AIBEA went on a one-day nationwide strike to protest against the merger of state-owned banks. DP HRS

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