
Private lenders report more frauds but PSBs' amount higher
Frauds in public sector banks were mainly in loan portfolios
Frauds in public sector banks were mainly in loan portfolios
State Bank of India has the maximum unclaimed deposits of ₹8,086 crore in 2.17 crore accounts.
Addressing the aftermath of financial sector distress could unlock significant growth, says World Bank.
A discussion was held with the MDs and CEOs of PSBs on the global scenario comprising the failure of Silicon Valley Bank and Signature Bank.
The number of financial frauds rose to 5,406 in the first six months of the financial year 2022-23 compared with 4,069 in the corresponding period a year ago.
The public sector bank has turned into a multibagger stock and has risen from ₹20.8 to ₹40.9 in just nine sessions, delivering 97% return during this period.
Bank of Baroda, Bank of India, and Punjab & Sind Bank hit their respective 52-week highs after Morgan Stanley expressed optimism about public sector banks.
The tenure of CEOs and MDs of public sector banks has been extended to 10 years, subject to superannuation age of 60 years.
An important aspect that is often ignored by researchers proposing privatisation is the role played by PSBs in financial inclusion, says RBI.
The arguments not only lack substance and perspective, they come from "source" or non-official channels with the Centre maintaining a strategic silence.