In this, the Finance Minister discussed with the banks on many issues like increasing deposits in banks, digital payment, cyber security, credit products and schemes. The Finance Minister instructed all government banks to focus on customer service and pay special attention to customers from rural and semi-urban areas. Nirmala Sitharaman said that cooperation should be increased between banks, government, regulators and security agencies regarding fraud and cyber security.

Banks should pay special attention to PM Surya Ghar and Vishwakarma Yojana

Finance Minister Nirmala Sitharaman said that banks need to take swift action to implement the budget announcements. The Finance Minister said that banks should pay special attention to the PM Surya Ghar Free Electricity Scheme and PM Vishwakarma Yojana. The meeting was attended by the heads of all the banks including Secretary Vivek Joshi and M Nagaraju and officials of the Department of Financial Services.

Asset quality of banks improved, NPA also decreased

Nirmala Sitharaman has expressed satisfaction over the performance of public sector banks in the financial year 2024. She said that the asset quality of the banks has improved. Also, the net NPA has also come down to 0.76 percent. The net profit of the banks has been Rs 1.45 lakh crore. Along with this, they have distributed a dividend of Rs 27,830 crore. Along with this, the banks have also successfully raised capital from the market. The credit growth of the banks is also excellent. But now they will have to work fast on increasing the deposits.

👉 Union Finance Minister Smt. @nsitharaman chairs meeting to review performance of Public Sector Banks #PSBs in New Delhi

👉 Various financial parameters such as #DepositMobilisation, #DigitalPayments and #CyberSecurity, Implementation of new credit products/ schemes and Access… pic.twitter.com/Gfzmp1EuSd

— Ministry of Finance (@FinMinIndia) August 19, 2024

Do not be negligent in giving loan closure document to the customer

The Finance Minister asked the banks to pay special attention to the customers. Also, he asked to pay special attention to the changes taking place in the banking sector. All banks should keep making changes in their IT systems from time to time in view of cyber threats. Apart from this, all banks should work on increasing financial support to MSMEs. The Finance Minister instructed all the banks to work following the guidelines of the Reserve Bank of India (RBI). Also, all documents should be made available on time to the customers who terminate the loan.

The post Finance Minister gave these strict instructions to all government banks first appeared on Rightsofemployees.com.

SBI Special FD – Amrit Vrishti

State Bank of India (SBI) has launched a new limited period deposit scheme named Amrit Vrishti. This is an FD scheme that offers higher interest. Amrit Vrishti scheme is offering 7.25% per annum interest to general citizens on deposits of 444 days. Senior citizens are getting the same interest rate of 7.75%. This scheme is valid till 31 March 2025. The new scheme will be effective from 15 July 2024.

Also Read: IMD Rainfall Report! IMD has issued an alert regarding rain in these 21 states for the next 5 days

Bank Of Maharashtra

Bank of Maharashtra has launched four FD schemes with different tenures. The bank is offering 200 days, 400 days, 666 days, and 777 days FDs. The bank is offering 6.9 percent interest for 200-day deposits, 7.10 percent for 400-day deposits, 7.15 percent for 666-day deposits, and 7.25 percent for 777-day deposits.

Bank of Baroda – Monsoon Dhamaka Scheme

Bank of Baroda has launched a new special FD scheme with higher interest rates. The new FD has been named Monsoon Dhamaka Deposit Scheme. The bank has also revised its regular FD scheme. Bank of Baroda is offering high interest FDs of 333 days and 399 days. At the same time, it is offering 7.15% interest on 333 days FD. Senior citizens will get 7.75% per annum for 399 days and 7.65% annual interest. BOB Monsoon Dhamaka FD is offering a maximum annual interest of 7.90% for 399 days. This scheme has started from 15 July 2024. These interest rates are applicable on retail deposits of less than Rs 3 crore.

The post FD Rates: These 3 government banks are offering special FD, you will get 7.90% interest on 399 days FD first appeared on Rightsofemployees.com.

Bank of Baroda, one of the country’s largest public sector banks, is offering the best returns on FDs to its customers. Bank of Baroda (BOB) has increased the interest rates on bulk FDs. The bank’s interest rates on bulk FDs of Rs 2 crore to Rs 5 crore have come into effect from May 18, 2024. The bank is offering bulk FDs from 7 days to 10 years. Check the latest interest rates here.

Also Read: Income tax return filing: A step-by-step guide to file ITR online

Interest Rates on BOB FD

• 7 days to 14 days – For general public: 5 percent; For senior citizens: 5 percent
• 15 days to 45 days – For general public: 5 percent; For senior citizens: 5 percent
• 46 days to 90 days – For general public: 5.75 percent; For senior citizens: 5.75 percent
• 91 days to 180 days – For general public: 5.75 percent; For senior citizens: 5.75 percent
• 181 days to 210 days – For general public: 6.50 per cent; For senior citizens: 6.50 per cent
• 211 days to 270 days – For general public: 6.75 per cent; For senior citizens: 6.75 per cent
• 271 days and above and less than 1 year – For general public: 6.75 per cent; For senior citizens: 6.75 per cent
• 1 year – For general public: 7.60 percent; For senior citizens: 7.60 percent
• More than 1 year to 400 days – For general public: 6.85 per cent; For senior citizens: 6.85 per cent
• Above 2 years and upto 3 years – For general public: 6.50 per cent; For senior citizens: 6.50 per cent
• Above 3 years and upto 5 years – For general public: 6.00%; For senior citizens: 6.00%
• Above 5 years to 10 years – For general public: 5%; For senior citizens: 5.00%

The post Bank of Baroda revised the interest on FD, check the latest interest rate first appeared on Rightsofemployees.com.

Fixed Deposit Rates: Under Amrit Kalash Scheme, the bank is offering 7.10 percent interest rate to general customers and 7.60 percent interest rate to senior citizens on 400 day FD scheme.

However, do you know that there are many other government banks which are offering higher interest rates to their customers than SBI. Let us know about those banks. This list has been made on the basis of research by Paisa Bazaar.com.

Bank of Baroda is giving 7.25 percent interest to general customers and 7.75 percent interest to senior citizens on FD of 2 to 3 years.

Punjab National Bank is giving 7.25 percent interest rate to general customers on 444 day special FD scheme and 7.75 percent interest rate on FD to customers above 60 years of age.

Punjab Sindh Bank is offering a strong interest rate of 7.40 percent to general customers and 7.90 percent to senior citizens on a tenure of 444 days.

Big public sector bank Canara Bank is offering 7.25 percent interest rate to general customers and 7.75 percent interest rate to senior citizens on 444 day FD scheme.

The post FD Rates: Highest interest on FD is available in these government banks, see the complete list first appeared on Rightsofemployees.com.

Privatization is under threat on government banks . This is to say of All India Bank Officers Confederation (AIBOC), which is the union of bank officers. Union believes that public sector banks have played an important role in removing economic discrimination in the society, yet there is a danger of privatization of public sector banks.

On the occasion of 55th Bank Nationalization Day, All India Bank Officers’ Confederation (AIBOC) said that public sector banks have played a major role in financial inclusion and attracting savings since their nationalization in 1969. Key’s. AIBOC General Secretary Rupam Roy said that the sword of privatization is hanging over public sector banks. He said that this is a fight of ideology which can be overcome only by supporting such an ideology which cares for the interests of the larger population.

Rupam Roy said that since nationalization, public sector banks have been providing funds to agriculture, MSMEs, education and infrastructure. The All India Bank Officers Confederation said that public sector banks have worked to promote economic development through their services, as well as their role in providing employment to crores of people has been a pillar.

Rupam Roy said that the government is the largest shareholder in public sector banks and the government is the biggest beneficiary of the dividends received from the profits of public sector banks. He told that in SBI there are 1900 customers per employee while in HDFC Bank this number is 530 and in Axis Bank it is 325. Before 2017, there used to be 27 public sector banks in the country. Whose number has come down to 12 after the merger. The government is pursuing the target of privatization of two national banks.

The post Bank Privatization: Big news for this bank customers! the threat of privatization is hovering over public sector banks first appeared on Rightsofemployees.com.

For some time, the issue of privatization of public sector banks is being discussed loudly. The central government has merged 27 public sector banks into 12 banks within just three years by merging several big public sector banks under banking reforms. By the way, the government has also said that the banking sector will be recognized as a strategic sector regarding the issue of privatization.

Once again the news regarding the privatization of banks has intensified. Preparations are being made for big planning by the Government of India regarding the banks.

In this connection, NITI Aayog has also issued a list, in which it has been told that in the coming time, which banks will be privatized and which will be kept out of the list.

These banks will not be privatised-

According to the list released by NITI Aayog, the government will privatize Punjab National Bank (PNB), Union Bank (Union Bank), Canara Bank (SBI), Bank of Baroda (BOB) ) and will not privatize Indian Bank.

These are included in the list of privatization –

Along with this, the commission has also written in the notice that all those banks which were part of the bank consolidation of the country will be kept out of the list of privatization. It was announced in the budget speech by Finance Minister Nirmala Sitharaman that two public sector banks and a general insurance company would be privatised. The current disinvestment target for FY22 announced by the government is Rs 1.75 lakh crore.

This bank will be privatized –

Government and LIC together are trying to sell 60.72 percent stake in IDBI Bank. Last month, the government had said it would allow a consortium of foreign funds and investment firms to acquire more than 51 per cent ownership of IDBI Bank. Sources said the Department of Investment and Public Asset Management (DIPAM) may invite financial bids for IDBI Bank in early 2023.

The post Bank privatization list released: Big alert for Customers! These government banks will be private, NITI Aayog released the list, see list first appeared on Rightsofemployees.com.

The Finance Ministry has expressed concern over the low rate of recovery from written-off accounts. The ministry said that public sector banks should increase it to 40 per cent, sources have informed.

The rate of recovery is 15 percent –

At present the rate of recovery from written off accounts is less than 15 percent. Public Sector Banks (PSUs) have been able to recover only 14 per cent of the amount written off in the last five years ending March 2022. During this, a total of Rs 7.34 lakh crore has been written off. Out of this, PSBs recovered Rs 1.03 lakh crore.’

There will be a meeting with the officials of the government bank –

Sources said that it seems that after writing off the bad loans, the banks become complacent about the recovery from those non-performing assets (NPAs). He said that this level of recovery is not acceptable. Also more recovery from written off accounts directly increases their profits and improves capital. Sources said the Department of Financial Services would soon hold a meeting with senior officials of public sector banks to review the position on the issue.

What is NPA?

NPA means Non Performing Asset means stuck debt. In simple words, you can say that after taking the loan, when the lender is not able to repay the installment, then the money of the banks gets stuck. First an attempt is made to deposit this amount towards the bank but later it is declared as NPA.

RBI informed-

As per the guidelines of the Reserve Bank of India (RBI) and the policy approved by the boards of directors of banks, non-performing assets (NPAs) have been written off from the books of the respective banks by writing them off. It also includes NPAs for which full provisioning was made.

The post Bank News: New guideline brought to banks, Finance Minister gave information first appeared on Rightsofemployees.com.

The Finance Ministry has expressed concern over the low rate of recovery from written-off accounts. The ministry said that public sector banks should increase it to 40 per cent, sources have informed.

The rate of recovery is 15 percent

Presently the recovery rate from written off accounts is less than 15 per cent. Public Sector Banks (PSUs) have been able to recover only 14 per cent of the amount written off in the last five years ending March 2022. During this, a total of Rs 7.34 lakh crore has been written off. Out of this, PSBs recovered Rs 1.03 lakh crore.

The meeting will be held with the officials of the government bank.

Sources said that it seems that after writing off the bad loans, the banks get complacent about the recovery from those non-performing assets (NPAs). He said that this level of recovery is not acceptable. Also more recovery from written off accounts directly increases their profits and improves capital. Sources said the Department of Financial Services would soon hold a meeting with senior officials of public sector banks to review the position on the issue.

What is NPA?

NPA means Non Performing Asset means stuck debt. In simple words, you can say that after taking the loan, when the lender is not able to repay the installment, then the money of the banks gets stuck. First an attempt is made to deposit this amount towards the bank but later it is declared as NPA.

RBI informed that as per the guidelines of the Reserve Bank of India (RBI) and the policy approved by the Boards of Directors of the banks, Non-Performing Assets (NPAs) have been written off from the books of the concerned banks by writing them off. It also includes NPAs for which full provisioning was made.

The post Bank Account Holders! Finance Ministry issued new guidelines regarding banks, you also have an account in a government bank, then know…! first appeared on Rightsofemployees.com.

Some government banks, led by Punjab & Sind Bank, are offering higher returns of up to 8-8.5% per annum. Due to paucity of funding, banks are offering strong deposit rates to their customers for tenures ranging from 200 to 800 days, beating inflation. This is possible because credit growth has been better this year than deposits.

Fixed Deposit pricing is positive pricing for customers despite the low interest rate of 7%. At the same time, despite the retail inflation rising up to 6.52% in January, the real rates remained positive. Due to inflation being more than 6% in 10 months of 2022, due to six consecutive rate hikes by the Reserve Bank, the repo rate has increased by 250 bps to 6.50%.

The impact of credit growth

Credit growth has seen a 16.5% increase within 15 days as on January 13, 2023. While deposit growth stood at 10.6%. Rates have also increased for other reasons, because the interest rate on one-year deposit of the post office remains at 6.6% and for two years at 6.8%. At the same time , the yield on 10-year government securities is only 7.35%.

Why the lack of funding?

In fact, banks have put the entire blame for the increase in the repo rate since May last year on their borrowers, but they are not able to do so with deposits. Due to this, the situation of lack of funding has arisen. Because of which they have to borrow from the market.

According to the new deposit pricing, any depositor of a public sector bank gets 7 to 7.25% interest for 200 days to 800 days.

These banks are giving the highest interest

• State Bank of India (SBI) is offering 7.10% interest to general citizens and 7.60% to senior citizens for 400 days.
• Punjab & Sind Bank is offering 8% interest to retail depositors and 8.50% interest to senior citizens in 221 days bucket.
• Central Bank is giving interest up to 7.85% to senior citizens and 7.35% to retail customers for 444 days.
• Union Bank of India is giving 7.30% interest to retail customers and 7.80% interest to senior citizens on deposits of 800 days.

The post Fixed Deposit Rates: Now you will get more money on Fixed Deposit, interest rate is more than 8% first appeared on Rightsofemployees.com.

He said that the net profit of 12 public sector banks collectively increased by 50 percent to Rs 25,685 crore in the September quarter of the current financial year. Net profit of all public sector banks jumped 32 per cent to Rs 40,991 crore in the first half of 2022-23.

Government’s efforts showing effect “The net profit of 12 state-owned banks increased to Rs 25,685 crore in the second quarter of the current financial year and Rs 40,991 crore in the first half,” he said. There has been an increase of 50 percent and 31.6 percent respectively on a yearly basis.

UCO Bank’s net profit increased to Rs 504 crore, the Finance Minister said that the net profit of Canara Bank has increased by 89 percent to Rs 2,525 crore in the quarter compared to the second quarter of the last financial year.

In another tweet, he said that the net profit of Kolkata-based UCO Bank also increased by 145 percent to Rs 504 crore in the September quarter of the current financial year. Bank of Baroda’s net profit rose 58.70 per cent to Rs 3,312.42 crore in the quarter under review. Of the 12 public sector banks, two Punjab National Bank (PNB) and Bank of India (BOI) saw a decline of 9 to 63 per cent in profits.

Due to higher provisioning for bad loans, the profits of these banks have come down. At the same time, the profit of 10 other banks has increased by 13 to 145 percent in the second quarter. UCO Bank’s profit has increased the highest by 145 percent, while the quarterly profit of Bank of Maharashtra has increased by 103 percent.

The post Good News for Bank Customers! Finance Minister made a big announcement regarding all government banks, check details first appeared on Rightsofemployees.com.

The banks which have increased the interest rates on FD so far include State Bank of India (SBI), Bank of Baroda (BOB), HDFC Bank, ICICI Bank, Bank of India, Canara Bank, Union Bank of India, IDFC First Bank. Here we are telling you about 4 banks which are giving more than 7 percent interest.

Bank Of Baroda FD Rates

Bank of Baroda (BOB) has launched “Baroda Tiranga Plus Deposit Scheme” with interest rates of 7.50% p.a. for 399 days with effect from 1st November 2022. It also includes an additional interest of 0.50% p.a. and 0.25% interest for senior citizens. Bank of Baroda 399 days Tiranga Plus deposit scheme is getting interest rate of 6.75% for general public, 7.25% for senior citizens. General public, NRE/NRO depositors will get an interest rate of 7% and senior citizens will get an interest rate of 7.50%.

FD rates of Bank of India

Bank of India (BOI) has come up with FD with higher interest rate. BoI has come up with ‘Star Super Triple Seven Fixed Deposit’. In this newly launched scheme, customers are being given interest up to 7.25% for general public and 7.75% for senior citizens on deposits for 777 days.

Union Bank Of India FD Rates

Union Bank of India offers 3% to 7% interest on FDs with maturities ranging from 7 days to 10 years. 7% interest is available on FDs maturing in 599 days.

Canara Bank FD Rates

Canara Bank has launched a special FD scheme of 666 days. According to this scheme, the bank is offering an interest rate of 7% to its general customers. Canara Bank is offering 7.5% interest on deposits to senior citizens.

The post Fixed Deposit Rate: These 4 government banks are giving more than 7% interest, good opportunity to earn big first appeared on Rightsofemployees.com.