Punjab & Sind Bank (PSB)

SEBI Grants Punjab & Sind Bank Extension to Meet MPS Norm - 27 Apr, 2024

Punjab & Sind Bank has been granted an extension until August 2024 by SEBI to comply with the minimum public shareholding norm of 25% for privatized state-run companies. The bank currently holds a promoter holding of 98.25%, while retail investors hold a 1.09% stake.

FPIs Trim Stake in Private Banks, Raise Holdings in PSBs - 23 Apr, 2024

Foreign portfolio investors have reduced their stake in private banks but increased holdings in public sector banks due to the latter's improved prospects. Mutual fund managers have also cut exposure to PSBs on expectations of limited upside potential.

Punjab & Sind Bank Appoints New CTO - 16 Apr, 2024

Prem Chand Kumar has been appointed as the new Chief Technical Officer of Punjab & Sind Bank for a period of three years. He was previously an advisor to the general managers at SBI.

PSBs Expected to Have Lower Fresh Slippages Than Private Banks - 15 Apr, 2024

ICRA's banking outlook for FY25 predicts that PSBs will have a fresh slippage ratio of 1.5% compared to private banks' 2.2%. In FY24, PSBs are expected to have a lower fresh slippage ratio of 1.3% compared to private banks' 2%. Public sector banks have performed better with a fresh slippage rate of 1.2% in 9MFY24 compared to private banks at 2%.

Arnab Goswami Appointed as Punjab & Sind Bank CFO - 04 Apr, 2024

Arnab Goswami has been appointed as the Chief Financial Officer of Punjab & Sind Bank for a tenure of three years starting from April 3, 2024.

Government Resumes Talks on Offering ESOPs to PSBs - 03 Apr, 2024

The Indian government has resumed talks with public sector banks (PSBs) on offering employee stock ownership plans (ESOPs), a longstanding demand of the lenders. The proposal may advance after the Lok Sabha polls, and consultancy firm Deloitte has been appointed to give suggestions. Experts believe that ESOPs could offer similar benefits to the PSU ecosystem as in the private economy space. In 2020, the Economic Survey made a case for giving ESOPs to PSB employees, saying it would incentivize them to embrace risk-taking and innovation.