According to the Centre, public sector banks have seen a significant increase in their dividend payout, rising by 33% in FY24. This is a notable improvement from the previous year’s dividend payout. The Centre’s statement notes that public sector banks have paid out ₹1.34 lakh crores to the government in FY24, a significant rise from the ₹1.01 lakh crores paid out in the previous year.

The government has been pushing public sector banks to increase their dividend payout as a way to improve their financial health and increase their ability to lend to the economy. The rise in dividend payout is seen as a positive development for the government, which can use this increased revenue to reduce its fiscal deficit and fund other development projects.

Furthermore, the Centre has also mentioned that public sector banks have seen a significant improvement in their asset quality, with gross non-performing assets (NPAs) decreasing by ₹1.35 lakh crores in FY24. This is a significant improvement from the previous year’s outstanding NPAs of ₹4.63 lakh crores.

The government has also stated that public sector banks have made significant recoveries in FY24, with recoveries worth ₹1.46 lakh crores, which is more than the provisioning done for bad loans. This indicates that public sector banks are taking steps to recover bad debt and improve their financial health.

In addition, the Centre has also highlighted that public sector banks have increased their lending to critical sectors such as agriculture, micro, small and medium enterprises (MSMEs), and housing. This increased lending is expected to have a positive impact on the economy, as it will help to increase credit availability to these sectors and fuel growth.

Overall, the Centre’s statement suggests that public sector banks are showing signs of improvement, with improved dividend payout, improved asset quality, and increased lending to key sectors. This is a positive development for the government and for the economy, as it may indicate that the banking sector is on the path to recovery. However, it remains to be seen whether these trends will continue in the future and whether the banking sector will be able to maintain its momentum.

The United Forum of Bank Unions has announced a two-day strike from March 23 to 25, supported by nine national bank unions, in protest of various demands and grievances. The union is demanding several key issues to be addressed, including resolving appointments, permanent employment of temporary workers, and a reduction of employees in public sector banks by 1.39 lakh between 2013 and 2024.

The unions are also demanding the withdrawal of the central government’s Performance Linked Incentives (PLI) guidelines, a focus on saving public sector banks, and for the central government and bank managements to address and resolve their demands. The unions are threatening future protests if their demands are not met.

The unions claim that the government had previously promised action but has since backtracked, leading to unfavorable circumstances for bank employees. The strike aims to bring attention to the issues faced by bank employees and to pressure the government and bank managements to take concrete steps to address them.

The five-day workweek is also a key demand of the union, which they believe would improve work-life balance and reduce stress among employees. The unions believe that the reduction in employees, as well as the performance-based incentives, have led to increased workloads and reduced job security for employees.

The strike is a critical moment for the banking industry, as it could have significant implications for financial services and the economy. The unions are ready to take immediate action if their demands are not met, demonstrating their commitment to addressing the concerns of bank employees and ensuring a better working environment. The strike will be a test of the government’s willingness to engage with the unions and address the issues.

The Tarrant Area Food Bank (TAFB) is facing a severe shortfall due to the cancellation of two federal programs that provided $1 billion in funding to food banks and schools to purchase food from local farmers and suppliers. The loss of two programs, the 2025 Local Food Purchase Assistance Program and the Commodity Credit Corp. supplemental food purchases, has resulted in a $1.9 million reduction in funding and the elimination of 39 truckloads of food. Additionally, the Local Food for Schools program was cut by $660 million. This amount to about 2.5 million meals that the food bank can no longer provide to food-insecure families.

This reduction in funding and food availability will place a strain on the food bank’s resources, making it challenging for them to continue supporting families, children, and seniors facing hunger. The organization is, however, committed to securing more food and assisting families in need. They are advocating for legislation to help farmers and provide ongoing assistance to families struggling with food insecurity.

To mitigate the impact, the TAFB is investing in local and regional food systems to encourage local farming and sustainable food production, which will reduce dependence on imported goods, stabilize food prices, and enhance food distribution. They will also work to recover surplus commodities and distribute them through food banks and hubs like the Sid W. Richardson Foundation Agricultural Hub in Fort Worth.

The food bank’s president, Julie Butner, emphasizes the importance of access to fresh produce for families in need, stating that it’s one of the most expensive items for them to procure. By connecting local agriculture with food banks, TAFB is supporting both local farmers and producers, while addressing food insecurity, strengthening regional food systems, and creating a positive feedback loop that benefits local economies.

The United Forum of Bank Unions (UFBU) has given an official call for a two-day nationwide strike on March 24 and 25 after negotiations with the Indian Banks’ Association (IBA) failed to yield desired results. The strike is expected to affect over 10 million bank employees and officers across the country. The demands of the union include filling up workmen and officer director posts in public sector banks, resolving residual issues with the IBA, and amending the Gratuity Act to raise the ceiling to ₹25 lakh. The union also seeks an exemption from income tax.

The UFBU represents nine major bank employees’ associations, including the All India Bank Employees Association (AIBEA), All India Bank Officers’ Confederation (AIBOC), National Confederation of Bank Employees (NCBE), and All India Bank Officers’ Association (AIBOA). The union has been opposing “micro-management” of public sector banks by the Department of Financial Services (DFS), alleging that it threatens job security and undermines the autonomy of bank boards.

The strike is also over the union’s demand for adequate recruitment in all cadres, regularizing temporary employees, and a five-day workweek in the banking industry. The union has also sought the withdrawal of recent directives from the Department of Financial Services regarding performance reviews and performance-linked incentives. The strike is expected to have a significant impact on the banking sector and the economy as a whole, with over 10 million employees and officers participating in the strike.

Dhanlaxmi Bank, a Thrissur-based bank, has set an ambitious plan to increase its business from the current ₹27,000 crore to ₹45,000 crore over the next three years. To achieve this goal, the bank plans to focus on improving productivity, investing in technology, and expanding its branches in Tier 2 and Tier 3 locations. The bank is also looking to up-skill its employees and leverage their existing strengths.

The bank has identified gold loans and retail products as its biggest portfolios, making up 33% and 24% of its advance book, respectively. To improve its performance, the bank has introduced measures to enhance recovery and collection of loans, which has led to a steady decline in non-performing assets (NPAs) from 5.19% in March 2023 to 3.53% in December 2024.

The bank is also exploring other avenues, such as tie-ups with educational institutions to offer fee management software and tie-ups with a few schools to manage fees and other aspects related to students. Additionally, the bank has launched various digital banking platforms, including Dhanam Genius and Yuvak variant savings accounts, and Dhansmart and Dhan Delight, to attract millennials and Generation Z customers.

The bank’s Managing Director and CEO, Ajith Kumar K.K., is optimistic about the bank’s future growth, stating that the current trend of double-digit growth is expected to continue. With the successful conclusion of its ₹297 crore Rights Issue, the bank is now well-equipped to achieve its goals, with a capital adequacy ratio of 16.5% plus.

Public sector banks (PSBs) in India are expected to achieve a record-high profit of ₹1.75-1.80 lakh crore in FY25, a 25% increase year-on-year. This is based on their combined net profit of around ₹86,000 crore in the first half of FY25. PSBs have made significant progress in improving their financial stability, with a gross non-performing assets (GNPA) ratio declining to 3.12% in September 2024 from a peak of 14.58% in March 2018.

The Indian government’s implementation of the 4Rs strategy – Recognition, Resolution, Recapitalization, and Reforms – has contributed to the improvement in financial stability. The Capital to Risk-Weighted Assets Ratio (CRAR) of PSBs has risen by 393 basis points to 15.43% in September 2024, compared to March 2015, indicating improved capital adequacy.

Notably, PSBs have recorded their highest-ever aggregate net profit of ₹1.41 lakh crore in FY2023-24, a 34% increase from the previous year. While there may be challenges in FY26 due to pressure on margins, CASA deposits, and credit growth, PSBs are expected to maintain their momentum in the current fiscal year.

The government’s efforts to boost PSBs have been successful in addressing the sector’s earlier challenges. With their improved financial stability, PSBs are now well-equipped to support economic growth and development in the country. As they continue to grow, PSBs are likely to play a critical role in the Indian economy, and it is expected that their performance will have a positive impact on the overall economy.

A civil contractor, identified as Vijay Moreshwar, has been arrested by the Vhemteshwar police in Vadodara, Gujarat, in connection with a cheating case filed by the New India Assurance Company. The accused is allegedly involved in a multi-crore scam, and the company had filed a complaint against him.

According to the complaint, the accused had floated a fake company and obtained several construction contracts from the company, despite lacking the necessary expertise, resources, and experience. He then used the funds allocated for the projects to finance his personal projects, including the construction of a luxury bungalow.

The New India Assurance Company had invested around 50 crores in the projects, but the accused failed to deliver the projects, leading to a massive loss for the company. The company had also recovered a substantial amount from the accused, but he evaded payment of the remaining amount.

The accused was arrested on March 12 and has been placed in police custody till March 19. The police has also seized several documents, computers, and other electronic devices from the accused’s office and residential premises.

The case has come to light at a time when the New India Assurance Company is going through a tough financial period. The company has been facing losses for several years, and the scam is seen as a blow to its already beleaguered finances.

The accused is likely to be produced in court on March 19 and is expected to face charges under various sections of the Indian Penal Code, including cheating and criminal breach of trust. The case is being investigated by the Vhemteshwar police in coordination with the Economic Offences Wing of the Gujarat Police.

The accused’s arrest is seen as a victory for the company, which has been fighting to recover its losses for years. The case sets a precedence for companies that may have been cheated by unscrupulous contractors, and serves as a warning to errant contractors who try to exploit innocent companies.

The police have also seized several documents, computers, and other electronic devices from the accused’s office and residential premises, which will be used as evidence in the case. The accused’s arrest is seen as a major breakthrough in the case, which will help the company to recover its losses and identifying and prosecuting other accused who may be involved in the scam.

Khetha Cele, Group CIO at Ithala Development Finance Corporation, emphasized the importance of embracing artificial intelligence (AI) in South Africa, despite the country’s challenges. He believes that AI can improve service delivery in various sectors, including healthcare, crime prevention, and government services. Cele pointed out that online platforms like Amazon and Takealot are already successful in delivering services, and government can utilize AI chatbots to do the same. He emphasized that the public sector should leverage these technologies to improve service delivery.

The panellists at the Digital Transformation Summit also agreed that organizations need to embrace AI. Thato Sopeng, VP of IT at Sasol, highlighted the need to be mindful of the ethical considerations surrounding AI, including access to marginalized communities and protecting them from biased language models. She emphasized the importance of verifying the outputs from AI models and ensuring that the benefits of AI are shared equitably.

Mahendra Beharie, CIO for sub-Saharan Africa at DHL Express, underscored the need to remove the stigma of job displacement by enhancing the way AI information is communicated. He believes that by providing clear information on AI, people can better understand its benefits and limitations, leading to a more collaborative approach to AI implementation.

Overall, the panellists emphasized the potential benefits of AI in South Africa, but also the need to address the challenges and concerns surrounding its implementation. They recognize that AI can be a powerful tool for improving service delivery, but it’s crucial to approach its adoption in a responsible and inclusive manner. By doing so, South Africa can unlock its potential and reap the benefits of AI.

Lake Shore Bancorp and its holding company, Lake Shore Federal Savings Bank, have made significant progress in addressing regulatory issues following a data breach in 2022. The Federal Reserve Board (Fed) has ended its enforcement action against the company, which was initiated in June 2023. The action required the company to provide additional capital and address issues raised by the Office of the Comptroller of the Currency (OCC).

The OCC had initially placed a “troubled bank” label on Lake Shore Federal Savings Bank in 2023, following a consent order that identified several areas of concern, including cybersecurity, anti-money-laundering, and Bank Secrecy Act compliance. The bank’s CEO, Daniel Reininga, resigned shortly after the consent order was issued, and the company hired a new CEO, Kim Liddell, who has been working to address these issues.

The company has implemented numerous changes, including improving its cybersecurity measures, compliance programs, and management practices. The OCC removed the “troubled bank” label in December 2023, and the Fed’s decision to end its enforcement action is a testament to the company’s progress.

In a statement, Liddell expressed pride in the company’s efforts to address regulatory issues and improve its practices. She noted that the bank’s goal has been to remediate operational issues identified by its primary regulator, and the early lifting of the consent order by the OCC reflects the significant progress made. The company’s continued focus on serving its customers and communities has been a key factor in its recovery. With the end of the Fed’s enforcement action, Lake Shore Bancorp and its holding company can now focus on moving forward and continuing to serve its customers and communities. The company’s successful recovery is a testament to its dedication to improving its operations and compliance practices.

Yes Bank has launched a Goods and Services Tax (GST) payment facility, further enhancing its digital banking offerings. The new service allows corporate and sole proprietor businesses to make tax payments more efficiently and securely using Yes Bank’s retail and corporate internet banking platforms or its extensive branch network. With this integration, taxpayers can generate GST challans on the official GST portal (www.gst.gov.in) and pay GST online or over-the-counter at a Yes Bank branch. This service is authorized by the Government of India and Reserve Bank of India.

The Yes Bank CEO, Prashant Kumar, emphasized the bank’s commitment to delivering seamless and efficient financial solutions, driven by innovation, responsibility, and accountability. He stated that the bank’s goal is to simplify statutory payments, enabling businesses to focus on growth while improving their financial journeys.

The new GST payment facility provides several benefits, including real-time transaction confirmations, transparent and competitive fee structures, and an intuitive user interface. The platform is open to Yes Bank account holders and non-account holders alike. This integration with the GST portal aims to make tax payments faster, more secure, and hassle-free, allowing businesses to focus on their core activities while trusting Yes Bank to handle their financial transactions.

Jaiprakash Associates Ltd, which is currently undergoing an insolvency process, has announced that a consortium of lenders has transferred their outstanding loans to National Asset Reconstruction Company Ltd (NARCL). The consortium, which includes 22 banks and financial institutions, has assigned their outstanding debt, underlying securities, and other interests to NARCL. The total amount of the debt transferred was not disclosed, but the company had earlier reported that its total outstanding loans stood at Rs 55,493.43 crore as of February 20, 2025.

The company has been admitted into the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, through an order passed by the National Company Law Tribunal, Allahabad Bench. The resolution process is ongoing, and bids have been invited to acquire JAL.

NARCL was incorporated under the Companies Act, 2013, and registered as an asset reconstruction company with the Reserve Bank of India. The move is seen as a key step in the insolvency process, as it helps to streamline the debt restructuring process and allows for a more efficient resolution of the company’s financial difficulties.

In a separate announcement, the company revealed that Rama Raman, an independent director, has resigned from the board due to personal reasons and other commitments, effective March 12, 2025. The resignation is effective immediately, and the company will issue a fresh set of circular resolutions in due course.

Overall, the development is seen as a significant step in the resolution of Jaiprakash Associates Ltd’s insolvency and a potential turning point in the company’s financial recovery.

27 top Swiss wrestlers are currently training in Magglingen, preparing for the upcoming wreath festival season, which starts in May. The season will culminate in the Swiss Wrestling and Alpine Festival, where the wrestling king will be determined. The highlight of the season is the Swiss Wrestling and Alpine Festival on August 30/31. The wrestlers are led by Matthias Glarner, the former wrestling king of 2016, who is the “head of wrestling” at the Federal Office of Sport.

The wrestlers are training in a modern hall in Magglingen, which has been available for around two and a half years. The training sessions are led by Glarner, and 27 wrestlers are currently participating, including Fabian Staudenmann, Michael Moser, and Matthias Aeschbacher. The wrestlers are preparing for the upcoming season, which will include the Swiss Wrestling and Alpine Festival, where the wrestling king will be determined.

Fabian Staudenmann is one of the top contenders for the title, having finished in the top of the 2024 annual rankings and winning the Federal Jubilee Wrestling Festival in Appenzell. He will face off against Samuel Giger, the winner of the Unspunnen, in a highly anticipated duel. Joel Wicki, the current wrestling king, is also set to compete in several mountain festivals, including on Stoos and in Seedorf, where he will face off against Giger and other top wrestlers.

The 15th Union Territory Level Bankers’ Committee (UTLBC) meeting was held under the chairmanship of Chief Secretary Atal Dulloo to review the performance of banks and financial institutions in Jammu and Kashmir. The meeting was attended by senior officials from various government departments, banks, and financial institutions. The Chief Secretary expressed concern over the shortfall in achieving targets under priority sectors, particularly employment generation schemes. He emphasized the need for banks and sponsoring agencies to work together to meet the targets by the end of the current financial year.

The meeting was informed that Jammu and Kashmir banks have disbursed over 51,647 crores to 13.22 lakh beneficiaries, achieving 99.63% of the Annual Credit Plan in financial terms and 79% in physical terms. Loans worth 1,082 crores were sanctioned to 26,637 beneficiaries under major employment generation schemes.

The Chief Secretary directed banks to set up banking touch points in all identified Unbanked Rural Centers (URCs) by June 30 and make accounts KYC compliant to mitigate risks and ensure benefits under Direct Benefit Transfer are not impeded. He also encouraged banks to tap into the education sector by granting education loans to students seeking admission in various colleges and universities.

The Chief Secretary launched the Jammu and Kashmir Bank’s Lal Ded Stree Shakti Loan Scheme, designed to empower women by providing them with financial support for their entrepreneurial endeavors. He praised the bank for this initiative, saying it would go a long way in helping women in Jammu and Kashmir achieve financial empowerment. The meeting also discussed the provision of credit worth 100 crores to women Self Help Groups (SHGs) under the DAY-NRLM scheme on International Women’s Day, March 7, 2025. Overall, the meeting aimed to monitor the performance of banks and financial institutions in Jammu and Kashmir and provide direction for future improvement.

A National Australia Bank (NAB) customer advisor, Erin Browning, recently prevented a customer from losing $440,000 due to an investment scam. The customer, a 70-year-old man, was approached by an individual named “Susie” who promised a 20% return on a term deposit. When the customer visited an NAB branch in regional Victoria to transfer the funds, Erin’s instincts were raised by the unusually high interest rate and the fact that the offer was made by someone outside of a legitimate organization. She questioned the customer and discovered that he was rehearsed and suspiciously evasive about the investment. Erin’s concerns were validated when she contacted NAB’s Fraud Operations, which confirmed that the investment scheme was likely a scam.

Erin’s actions prevented the customer from losing a significant amount of money, underscoring the importance of vigilance in recognizing suspicious investment opportunities. According to NAB data, investment scams are responsible for the largest dollar loss each year and often promise quick, high returns with minimal risks. Scammers may use tactics such as impersonating banks, providing impressive rates, and making follow-up calls to dupe victims. Chris Sheehan, NAB’s Executive of Group Investigations, advises Australians to watch out for red flags, including unsolicited opportunities, social media ads, and claims of beating inflation. He also recommends verifying the legitimacy of advisors and investments, and being wary of offers that seem too good to be true. By being aware of these red flags, individuals can protect themselves from falling victim to investment scams.