New Delhi, Feb 7 (IANS) The government has decided to infuse Rs.6,990 crore in nine public sector banks (PSBs), out of the current year's budget, for which orders are being issued, an official statement said here Saturday.
"This year, the government of India has adopted a new criteria in which the banks which are more efficient would only be rewarded with extra capital for their equity so that they can further strengthen their position," the statement said.
The methodology for arriving at the amount to be infused in these banks has been based on efficiency parameters.
"First of all, weighted average of return on assets (ROA) for all PSBs for last three years put together was arrived at and all those who were above the average have been considered.
"The second parameter that has been used is return on equity (ROE) for these banks for the last financial year. Those who have performed better than average have been rewarded," it added.
Stating that the central government is conscious of the fact that a lot of reforms are required in the PSBs, it arranged for the recent two-day retreat of chairman and managing directors of banks and financial institutions called 'Gyan Sangam' at Pune Jan 1 and 2, 2015.
"One of the general principle adopted during the Retreat was that efficient banks should be encouraged. For the last few years, Government of India has been infusing capital to those banks whose equity erosion has taken place," it said.
Therefore, this year, the government has adopted this new criteria in which the banks which are more efficient would only be rewarded with extra capital for their equity so that they can further strengthen their position, it added.
The banks that got infusion are - State Bank of India, Rs.2,970 crore; Bank of Baroda, Rs.1,260 crore; Punjab National Bank, Rs.870 crore; Canara Bank, Rs.570 crore; Syndicate Bank, Rs.460 crore; Allahabad Bank, Rs.320 crore; Indian Bank, Rs.280 crore; Dena Bank, Rs.140 crore and Andhra Bank, Rs.120 crore.
During the winter session, the government withdrew all three agriculture laws. The Agricultural L
Team India's star batsman Virat Kohli played a brilliant innings of 93 runs against New Zealand i
The ongoing worldwide corona infection has affected people of all age groups, although even after
Experts give thumbs up to government's swine flu strategy
New Delhi, March 3 (IANS) The government strategy to handle swine flu cases in the country got a
In the last 24 hours, 18,354 new cases of corona have been found in the country, while 30 people
Cyclone in California: Torrential rains accompanied by strong winds for two days in California, U
The Russian army is now facing difficulties in Ukraine. This is not the claim of any media report
Due to heavy rains in the capital Delhi on Friday, a major accident occurred due to the collapse
Redmi Note 9 with 48MP camera has become cheaper, know which other phones with 48MP camera are there
Xiaomi has launched its latest Note 10 series smartphones in India. At the same time, the company
US President Joe Biden, in his address to the nation from the Oval Office, said that both Hamas a
