Seventh largest public sector bank carries a legacy of over a century
2 weeks, 4 days ago

Seventh largest public sector bank carries a legacy of over a century

The Hindu  

Indian Bank, which was established on March 5, 1907 and officially started operations on August 15, 1907, has a legacy of over a century. As on September 30, 2024, Indian Bank is the seventh largest public sector bank with a total business of ₹12.44 lakh crore. The establishment of the bank reflected the nationalistic desire for a reliable, Indian-managed financial institution,” say Indian Bank officials. Indian Bank was officially listed on the Bombay Stock Exchange and the National Stock Exchange after the initial public offering. The bank’s net profit, which stood at ₹753 crore for the year ending March 31, 2020, surged to ₹8,063 crore for the year ending March 31, 2024.

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History of this topic

India needs more SBI-sized banks, or three times larger: FM Nirmala Sitharaman
11 months ago

India needs more SBI-sized banks, or three times larger: FM Nirmala Sitharaman

Live Mint  

New Delhi: India needs more “SBI-size” banks to meet the growing needs of the economy and industry, particularly as the country aspires to grow to be the world’s third-largest economy, finance minister Nirmala Sitharaman said. In an interview with Mint, the finance minister said the country needs to create an atmosphere so larger overseas banks can enter India, and more …

ECONOMIC PERSPECTIVES | Is a reversal of bank nationalisation on the cards?
1 year, 11 months ago

ECONOMIC PERSPECTIVES | Is a reversal of bank nationalisation on the cards?

The Hindu  

Published : Jan 26, 2023 10:25 IST The semi-annual Financial Stability Report from the Reserve Bank of India signals that the country’s banking system, especially the public banking system, has put behind it the stress from disturbingly high non-performing or bad loans on its books. The asset quality review resulted in an increase in the volume of recorded gross NPAs …

RBI Excludes 6 PSBs from Second Schedule of RBI Act
4 years, 3 months ago

RBI Excludes 6 PSBs from Second Schedule of RBI Act

News 18  

The RBI has excluded six public sector banks, including OBC and Allahabad Bank, from the Second Schedule of the RBI Act following their merger with other banks. The six banks are Syndicate Bank, Oriental Bank of Commerce, United Bank of India, Andhra Bank, Corporation Bank, and Allahabad Bank. "We advise that Syndicate Bank has been excluded from the Second Schedule …

Mega PSU bank merger marks new dawn for Indian banking space: Finance ministry
4 years, 9 months ago

Mega PSU bank merger marks new dawn for Indian banking space: Finance ministry

Firstpost  

The biggest-ever consolidation exercise in the public sector banking space effected on Wednesday will mark a new dawn for the Indian banking sector, the Finance Ministry said on Wednesday New Delhi: The biggest-ever consolidation exercise in the public sector banking space effected on Wednesday will mark a new dawn for the Indian banking sector, the Finance Ministry said on Wednesday. …

Govt likely to notify merger of 10 PSU banks this week; all lenders to complete amalgamation procedures by April
4 years, 10 months ago

Govt likely to notify merger of 10 PSU banks this week; all lenders to complete amalgamation procedures by April

Firstpost  

The banks will need to follow regulatory formalities to protect the interest of minority shareholders. The government is expected to notify the merger of 10 public sector banks that it had announced last year to create four big banks this week and the merger process may be completed by April, said a news report. Union Bank, Andhra Bank, Corporation Bank …

Union Budget 2020: Budget May Provision Rs 50k Cr Recap For PSU Banks
4 years, 11 months ago

Union Budget 2020: Budget May Provision Rs 50k Cr Recap For PSU Banks

ABP News  

New Delhi: The Union Budget 2020 may allocate Rs 50,000 crore recapitalisation for the banks undergoing merger to support them through the amalgamation with the anchor banks. The new merged bank will be the second-largest PSB in the country with Rs 18 lakh crore business and the second-largest branch network in India. The Canara and Syndicate Banks will also merge …

Allahabad Bank shares jump 11% on fresh capital infusion; lender to receive Rs 2,153 cr from govt this financial year
5 years ago

Allahabad Bank shares jump 11% on fresh capital infusion; lender to receive Rs 2,153 cr from govt this financial year

Firstpost  

Allahabad Bank had not featured in the list of banks that were approved a total fresh capital infusion of Rs 55,250 crore, as announced on August 30 by the government. New Delhi: Shares of Allahabad Bank on Friday jumped 11 percent after the company said it will get a fresh capital infusion of Rs 2,153 crore from the government in …

Key policy steps taken by NDA govt this year to revive a sagging economy
5 years ago

Key policy steps taken by NDA govt this year to revive a sagging economy

Business Standard  

There is little doubt that the Indian economy is going through a rough patch, earning the government a great deal of flak. On August 23, she announced an upfront capital infusion of Rs 70,000 crore into public sector banks in a move aimed at generating additional lending capacity and liquidity in the financial system to the extent of Rs 5 …

No job losses post merger of 10 PSBs: Government
5 years, 1 month ago

No job losses post merger of 10 PSBs: Government

India TV News  

The government on Tuesday assured the Rajya Sabha that merger of 10 public sector banks will not lead to any job losses and employees' interest will be protected. During the Question Hour, Minister of State for Finance Anurag Singh Thakur said lending and other banking services to eastern states will be improved after two Kolkata-based banks are merged. "Amalgamating banks …

Total of 34 functional teams to smoothen bank merger of UBI, PNB, OBC; to come into force on 1 April
5 years, 3 months ago

Total of 34 functional teams to smoothen bank merger of UBI, PNB, OBC; to come into force on 1 April

Firstpost  

The complete harmonisation among the three entities would take another 12 to 14 months after the merger Kolkata: A total of 34 functional teams have been formed to smoothen the process of merger of United Bank of India, Punjab National Bank and Oriental Bank of Commerce, a senior official said. “The functional teams will also try standardising the loan process, …

Boards of Corporation Bank, Allahabad Bank give in-principal approval for respective merger plans
5 years, 3 months ago

Boards of Corporation Bank, Allahabad Bank give in-principal approval for respective merger plans

Firstpost  

New Delhi: Corporation Bank on Monday said the board has given its in-principle approval for the merger with Union Bank of India. “The board of directors in its meeting held on 16 September, 2019 has given in-principle approval for the amalgamation of the Corporation Bank into Union Bank of India,” it said in a regulatory filing. Earlier on 9 September, …

Union Bank board okays merger of Andhra, Corporation Bank with itself; clears Rs 17,200-cr capital infusion
5 years, 4 months ago

Union Bank board okays merger of Andhra, Corporation Bank with itself; clears Rs 17,200-cr capital infusion

Firstpost  

Union Bank of India on Monday said its board of directors has approved the merger of Andhra Bank and Corporation Bank with itself and given nod for a capital infusion of Rs 17,200 crore in the current financial year New Delhi: Union Bank of India on Monday said its board of directors has approved the merger of Andhra Bank and …

Union Bank of India board meet on 9 September to approve amalgamation of Andhra Bank, Corporation Bank with itself
5 years, 4 months ago

Union Bank of India board meet on 9 September to approve amalgamation of Andhra Bank, Corporation Bank with itself

Firstpost  

New Delhi: State-owned Union Bank of India on Wednesday said its Board will meet on 9 September to approve amalgamation of Andhra Bank and Corporation Bank with itself. Besides, the board would also take up the matter related to capital infusion of Rs 11,700 crore, Union Bank of India said in a regulatory filing. In a separate filing, United Bank …

PSB stocks plunge up to 10.6% post merger announcement
5 years, 4 months ago

PSB stocks plunge up to 10.6% post merger announcement

India TV News  

Public sector bank stocks, led by Canara Bank, Union Bank and Punjab National Bank, tumbled up to 10.6 per cent on Tuesday after the government announced the merger of 10 state-run lenders into four. Shares of Canara Bank dropped 10.59 per cent, Union Bank of India fell 9.08 per cent, Punjab National Bank plunged 8.55 per cent, Oriental Bank of …

Indian Bank expects to complete merger with Allahabad Bank by 31 March: Managing Director Padmaja Chunduru
5 years, 4 months ago

Indian Bank expects to complete merger with Allahabad Bank by 31 March: Managing Director Padmaja Chunduru

Firstpost  

New Delhi: State-owned Indian Bank expects to complete the merger with Allahabad Bank by the end of current fiscal, a top official said. Last week, the government announced the consolidation of 10 public sector banks into four mega state-owned lenders, including the merger of Allahabad Bank with Indian Bank. I expect that all the process should ideally be over by …

Indian Bank expects to complete merger with Allahabad Bank by March 31
5 years, 4 months ago

Indian Bank expects to complete merger with Allahabad Bank by March 31

India TV News  

State-owned Indian Bank expects to complete the merger with Allahabad Bank by the end of current fiscal, a top official said. Last week, the government announced consolidation of 10 public sector banks into four mega state-owned lenders, including merger of Allahabad Bank with Indian Bank. Indian Bank last week received a communication from Ministry of Finance that the Alternative Mechanism …

All India Bank Employees Association opposes government's bank merger
5 years, 4 months ago

All India Bank Employees Association opposes government's bank merger

India TV News  

The real agenda of the government in merging banks is to help big corporates as consolidation of the banks will not result in recovery of huge bad loans, said a top official of the All India Bank Employees' Association. Opposing the merger of 10 public sector banks into four, C. H. Venkatachalam, General Secretary of AIBEA, in a statement issued …

Banks merger reflects govt resolve to address economic slowdown: India Inc
5 years, 4 months ago

Banks merger reflects govt resolve to address economic slowdown: India Inc

India TV News  

The government's move to consolidate public sector banks indicates its resolve to address the slowdown in GDP growth, as the country's economy expanded at its weakest pace in over six years in the April-June quarter of 2019-20, the industry said on Friday. A sharp deceleration in manufacturing output and subdued farm sector activity pulled down India's gross domestic product growth …

Merger can't tackle issues of low capital,higher NPAs:Analysts
5 years, 4 months ago

Merger can't tackle issues of low capital,higher NPAs:Analysts

India TV News  

Even though the mega-merger of 10 public sector banks is a step in the right direction as it will increase operational efficiencies of the merged entities, the key issues of low capital and higher bad loans will continue to plague them, say analysts. Amidst the growing signs of deepening slowdown, finance minister Nirmala Sitharaman Friday announced four new set of …

Govt unveils mega bank mergers to revive growth from 5-yr low
5 years, 4 months ago

Govt unveils mega bank mergers to revive growth from 5-yr low

India TV News  

The government on Friday unveiled a mega plan to merge 10 public sector banks into four as part of plans to create fewer and stronger global-sized lenders as it looks to boost economic growth from a five-year low. Finance Minister Nirmala Sitharaman, who had last week announced tax sops and measures for sectors such as auto, announced four new set …

Mega bank merger announcement: Govt to amalgamate 10 public sector banks into four large entities
5 years, 4 months ago

Mega bank merger announcement: Govt to amalgamate 10 public sector banks into four large entities

Firstpost  

After the bank merger, only 12 PSBs will be left in India from the 27 earlier After the announcement of the foreign direct investment, in a major reform measure, the Central government on Friday amalgamated 10 public sector banks into four entities, bringing down their total number to 12 from 27 in 2017, a move aimed at making state-owned lenders …

Govt announces sweeping governance reforms for PSU bank boards
5 years, 4 months ago

Govt announces sweeping governance reforms for PSU bank boards

Live Mint  

The government on Friday announced the merger of Punjab National Bank, Oriental Bank of Commerce and United Bank of India to create the second-largest banking network in the country with 11,431 branches. "Punjab National Bank, Oriental Bank of Commerce and United Bank will be brought together and they shall form the second largest public sector bank with the business of …

10 public sector banks to be merged into four
5 years, 4 months ago

10 public sector banks to be merged into four

Live Mint  

Finance Minister Nirmala Sitharaman today announced a big consolidation of public sector banks: 10 public sector banks to be merged into four. In place of 27 public sector banks in 2017, now there will be 12 public sector banks after the latest round of consolidation of PSU banks. The government also announced capital infusion totalling over ₹55,000 crore into public …

Modi govt's mega bank merger drive: Now there will be only 12 PSU banks
5 years, 4 months ago

Modi govt's mega bank merger drive: Now there will be only 12 PSU banks

India Today  

In second set of major policy announcements to address economic concerns, Union Finance Minister Nirmala Sitharaman on Friday announced merger of six public sector banks with four better performing anchor banks. NEW PICTURE OF PSU BANKS 1) The after the Oriental Bank of Commerce and United Bank are merged into the Punjab National Bank, it will become India's second largest …

India needs few mega banks to to compete globally: CEA Krishnamurthy V Subramanian
5 years, 7 months ago

India needs few mega banks to to compete globally: CEA Krishnamurthy V Subramanian

India TV News  

Batting for PSU banks' consolidation, chief economic advisor Krishnamurthy V Subramanian has said having a few good banks is a good idea as they can compete and their quality can get enhanced to compete globally with the best in the world. Taking that line of action forward, state-run Bank of Baroda became India's third largest bank after its merger with …

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