Wednesday, 17 July, 2019

Finance ministry looks to consolidate overseas operations of PSU banks

Finance ministry looks to consolidate overseas operations of PSU banks Finance ministry looks to consolidate overseas operations of PSU banks
Anna Jefferson | 02 March, 2018, 01:51

Public sector lenders have begun to rationalise their overseas operations and are consolidating 35 of these operations as part of the government's "clean and responsible" banking initiative.

"Move towards cost efficiencies and synergies in overseas mkt", Financial Services Secretary Rajiv Kumar said in a tweet.

They have also been asked to come up with "pre-emptive" action plan within a fortnight to combat rising operational and technical risks, and assign clear accountability to senior functionaries.

These include bank branches, joint ventures, subsidiaries, remittance centres and representative offices.

Stung by a flare-up of the crisis at Punjab National Bank (PNB), the finance ministry on Tuesday directed public-sector banks (PSBs) to scan their non-performing asset (NPA) accounts worth over Rs 50 crore for possible fraud and refer any such fraud cases to the Central Bureau of Investigation (CBI).

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The talks came as cold temperatures as low as 2-3 degrees made getting temperature into the tyres nearly impossible on Tuesday. Cold weather ensured the morning's run was heavily restricted, and the session ran throughout the day without a break.

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There's also a sentiment that Pro Bowl left tackle Jason Peters , who will cost $10.6 million against the cap, won't be back. Jones' retirement opens up nearly $1.9 million of salary cap space for the Eagles , who were $9 million over the cap.

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The annual growth of the oil sector stood at 4.79 per cent higher than the previous year's growth of -14.45 per cent. It said metal ore grew by 31.86% in the fourth quarter of 2017 compared to 10.70% in the third quarter of 2017.

Meanwhile, ICICI Bank said in a statement that the bank has no exposure to the Nirav Modi group of companies and has not issued any Letter of Undertaking (LOU) or any buyer's credit exposure against LOUs with respect to the Nirav Modi group of companies as well as the Gitanjali group of companies.

The ministrys move came after Punjab National Bank last month reported to authorities about the 1.8 billion US dollars fraud, masterminded by billionaire jeweller Nirav Modi, though he claimed to owe the bank only 775 million USA dollars. About 69 overseas operations had been identified for further examination, he tweeted.

The ministry has also given PSBs a 15-day deadline to take "pre-emptive action" to identify gaps and brace up for increasing operational and technical risks to the banking system.

The chamber also added that it would establish a transparent and effective risk management mechanism in the functioning of the state-run banks.

According to sources, Bank of India, Andhra Bank, IDBI Bank and Indian Overseas Bank have closed down Dubai operations, while Punjab National Bank, Canara Bank and Union Bank of India have shut Shanghai offices.

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