Tag: central bank of India

Government extends tenure of UCO Bank’s MD & CEO for 2 years, BFSI News, ET BFSI

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State-owned UCO Bank on Saturday said the government has extended the term of its MD and CEO Atul Kumar Goel for two years.

The central government, through a notification dated August 26, extended the term of office of Atul Kumar Goel as UCO Bank’s managing director and chief executive officer (MD & CEO), for a period of two years or until further orders, whichever is earlier, the bank said in a regulatory filing.

Goel’s current term was to expire on November 1, 2021.

On Friday, Punjab National Bank and Bank of Maharashtra had also informed about extensions given to their MD & CEOs.

The government has also extended the terms of two executive directors each in Punjab National Bank and Union Bank of India, and one executive director of Central Bank of India.

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Government extends tenure of UCO Bank’s MD & CEO for 2 years, BFSI News, ET BFSI

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State-owned UCO Bank on Saturday said the government has extended the term of its MD and CEO Atul Kumar Goel for two years.

The central government, through a notification dated August 26, extended the term of office of Atul Kumar Goel as UCO Bank’s managing director and chief executive officer (MD & CEO), for a period of two years or until further orders, whichever is earlier, the bank said in a regulatory filing.

Goel’s current term was to expire on November 1, 2021.

On Friday, Punjab National Bank and Bank of Maharashtra had also informed about extensions given to their MD & CEOs.

The government has also extended the terms of two executive directors each in Punjab National Bank and Union Bank of India, and one executive director of Central Bank of India.

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Govt extends tenure of 4 public sector banks’ top officials, BFSI News, ET BFSI

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Four state-owned banks on Friday said the government has extended tenures of their top officials, including managing director and chief executive officers (MD and CEOs) of Punjab National Bank and Bank of Maharashtra.

Besides, the government has extended the tenures of executive directors of Punjab National Bank (PNB), Union Bank of India and Central Bank of India.

The government sent notifications to these banks on Thursday, informing them about the extensions given to the top-level officials.

“The Department of Financial Services, Ministry of Finance, vide its notification dated August 26, 2021, has extended the term of office of S S Mallikarjuna Rao, managing director and chief executive officer of the bank (PNB), for a period beyond September 18, 2021,” PNB said in a regulatory filing.

Rao’s current tenure was to come to an end on September 18, 2021, and the extension has been given till the date of his superannuation (January 31, 2022) or until further orders, whichever is earlier, PNB said.

The government has also extended the tenure of Bank of Maharashtra MD and CEO A S Rajeev for two years, the Pune-based lender said in a filing.

Rajeev’s current tenure was coming to an end on December 1, 2021.

In addition to this, two executive directors of PNB, two in Union Bank of India (UBI) and one in Central Bank of India have been given extension beyond their current tenures.

Sanjay Kumar and Vijay Dube, executive directors of PNB, have been given extensions till August 23, 2023 and November 30, 2022, respectively.

The terms of UBI’s executive directors — Manas Ranjan Biswal and Gopal Singh Gusain — have been extended.

Biswal’s term has been extended beyond his currently notified term, which expires on February 28, 2022, till the date of his superannuation (April 30, 2022) or until further orders, whichever is earlier, Union Bank of India said.

Similarly, Gusain’s term has been extended till the date of his superannuation, (January 31, 2022) or until further orders, whichever is earlier. His term was coming to an end on September 19.

The Department of Financial Services, through a notification on August 26, has also extended the term of office of Ashok Srivastava, executive director of Central Bank of India, the lender said in a separate filing.

His term has been extended beyond January 22, 2022, till the date of his superannuation (November 30, 2022) or until further orders, whichever is earlier, Central Bank of India said.



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Govt extends tenures of UBI, Central Bank of India’s executive directors, BFSI News, ET BFSI

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Public sector lenders Union Bank of India (UBI) and Central Bank of India on Friday said the government has extended tenures of their executive directors.

The terms of UBI’s executive directors — Manas Ranjan Biswal and Gopal Singh Gusain — have been extended vide a notification dated August 26, the lender said in a regulatory filing.

Biswal’s term has been extended beyond his currently notified term, which expires on February 28, 2022, till the date of his superannuation (April 30, 2022) or until further orders, whichever is earlier, Union Bank of India said.

Similarly, Gusain’s term has been extended till the date of his superannuation, (January 31, 2022) or until further orders, whichever is earlier. His term was coming to an end on September 19.

The Department of Financial Services, through a notification on August 26, has also extended the term of office of Ashok Srivastava, executive director of Central Bank of India, the lender said in a separate filing.

His term has been extended beyond January 22, 2022, till the date of his superannuation (November 30, 2022) or until further orders, whichever is earlier, Central Bank of India added.



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Central Bank of India identifies 350 branches in coastal areas for aqua financing, BFSI News, ET BFSI

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Central Bank of India will expand its agri-loan portfolio through aqua financing and has identified around 350 branches in coastal areas to cater to such loans in the rural areas.

“We are now moving onto the agri related industries like processing. In coastal areas, we have identified around 350 branches where we are bringing only aqua financing from the rural centres,” M V Rao, MD & CEO, Central Bank of India, said in earnings call with analysts post June 2021 quarter results of the bank.

Rao said the bank is segregating how to diversify the agri portfolio.

Central Bank will use its own financing for this kind of diversification on the agri and agri processing industries, horticulture industries and aqua based industry, he said.

On the mandated priority sector loans, the loans to the targeted sector were higher than the stipulated, the bank said.

Regarding total priority sector lending of 40 per cent, the bank was at 43.76 per cent, he said.

Agriculture sector was 19.74 per cent against a target of 18 per cent, while for lending to small and marginal farmers, the bank was at 10.70 per cent against a target of 8 per cent, Rao added.

The state-owned lender will also rebalance its credit book with 70 per cent of the overall lending to the RAM segment (retail, agri and MSME).

“Going forward, we will be rebalancing our credit book with 70/30 that is 70 per cent (of the loan book) will be RAM and 30 per cent will be corporate.

“So our RAM, which was 62.03 per cent in June 2020, now it has gone up to 65.41 per cent. Further reduction in the corporate (loan) happened because of the technical write-off done in the month of March,” he said.

The lender said it also entered into co-lending agreements last month with three NBFCs to expand lending in the housing and MSME sectors.

The bank also sees opportunity in lending to the trader community, which was recently brought under priority sector by the government.

In July, MSME minister Nitin Gadkari had announced to bring retail and wholesale traders under the priority sector lending.

“So with the ministry recently announcing to bring traders under priority sector, we feel that opportunity is there in the trading (segment),” Rao said.



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Central Bank of India enters into strategic co-lending partnership with Dhanvarsha Finvest

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Central Bank of India (CBoI) has entered into a strategic co-lending partnership with Dhanvarsha Finvest Ltd (DFL) to offer loans against gold ornaments under priority sector to Micro, Small and Medium Enterprise (MSME) borrowers at competitive rates.

Under this partnership, DFL will originate and process loans against gold ornaments as per jointly formulated credit parameters and eligibility criteria and CBoI will take into its book 80 per cent of the gold loans under mutually agreed terms, as per the public sector bank’s stock exchange filing.

DFL will service the loan account throughout the life cycle of the loan.

The participation by both the entities in this co-lending arrangement will result in greater expansion of portfolio by CBoI and DFL, the Bank said.

Dhanvarsha Finvest is a BSE-listed non-banking finance company providing credit to the MSME sector. It has branches in Maharashtra, Delhi NCR and Madhya Pradesh.

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Central Bank of India reports standalone net profit of ₹206 crore

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Central Bank of India (CBoI) is back in the black, reporting a standalone net profit of ₹206 crore in the first quarter (Q1 FY22) on the back of healthy growth in net interest income (NII) and a substantial decline in loan loss provisions.

The public sector bank had reported a net loss of ₹1,349 crore in the fourth quarter of FY21. It posted a net profit of ₹135 crore in Q1 FY21. Net interest income/NII (difference between interest earned and interest expended) rose 41 per cent quarter-on-quarter (q-o-q) to ₹2,135 crore (₹1,516 crore in Q4 FY21).

Also read: PSBs vacating branches open doors for other lenders

However, NII in the reporting quarter was a tad lower vis-a-vis year-ago period’s (Q1 FY21) ₹2,146 crore.

Non-interest income, NPA

Total non-interest income, comprising commission, exchange & brokerage, treasury income and recoveries in written-off accounts, was down 15 per cent q-o-q at ₹767 crore (₹902 crore). But it was up 8 per cent up on year ago period’s ₹710 crore. Non-performing asset (NPA) provisions declined 98 per cent q-o-q to ₹ 76 crore (₹3,259 crore in Q4 FY21). On yoy basis too, NPA provisions fell 85 per cent. Standard assets provisions increased to ₹240 crore against a write-back of ₹ 152 crore in Q4FY21 and a provision of ₹182 crore in Q1 FY21.

Also read: Mastercard to file an independent audit report

Provisions towards restructured accounts jumped to ₹328 crore against ₹32 crore in Q4FY21 and ₹20 crore in Q1FY21. Write-back in provisions on investments was higher at ₹105 crore against ₹37 crore in Q4 FY21. In the year ago period, the Bank made a provision of ₹282 crore. Net interest margin (annualised) improved to 2.84 per cent from 2.04 per cent in Q4FY21.

Total deposits increased by 3.18 per cent y-o-y to ₹3,31,483 crore (₹3,21,252 crore in Q1FY21), with the proportion of current account, savings account (CASA) in total deposits improving to 49.20 per cent (47.30 per cent). Total advances declined 0.72 per cent yoy to ₹1,75,229 crore (₹1,76,496 crore), with retail, agriculture and MSME (RAM) advances growing 4.69 per cent and corporate advances declining 9.55 per cent.

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Central Bank of India to seek shareholders’ nod to set off accumulated loss of Rs 18,724 cr, BFSI News, ET BFSI

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State-owned Central Bank of India will seek shareholders‘ approval in its ensuing annual general meeting (AGM) next month to set off accumulated loss of over Rs 18,724 crore from the share premium account of the bank. The next AGM is scheduled for August 10, 2021 through audio/video means.

The bank said it will seek shareholders’ consent to set off the accumulated losses of Rs 18,724.22 crore as on March 31, 2021 by utilising the balance standing to the credit of share premium account of the bank as on date to set off and take the same into account during the current financial year 2021-22.

“The bank is of the view that this it the most practical and economically efficient option available to the bank in the present scenario so as to present a true and fair view of the financial position of the bank,” it said in a regulatory filing.

Central Bank of India said the setting off of accumulated loss would benefit the shareholders of the bank as their holding will yield better value. It will also enable the bank to explore opportunities to the benefit of the shareholders of the bank.

It will also put the bank in a better position to achieve its turnaround plans in time-bound manner, the lender said.

Share premium balance is a reserve that can only be used for the defined purposes.

A share premium account reflects the difference between the face value of shares and the subscription price of the shares.



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Indian Bank executive director K Ramachandran demits office, BFSI News, ET BFSI

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NEW DELHI: Indian Bank on Thursday said K Ramachandran has demitted office as the executive director of the bank post his superannuation.

Ramachandran, executive director of the bank, has demitted office on June 30, 2021, upon superannuation, the bank said in a regulatory filing.

“Accordingly, K Ramachandran has ceased to be the executive director of the bank with effect from July 1, 2021,” it added.

As per the bank website, the board of the Indian Bank consists of the MD and CEO, three executive directors, one nominee director from the government, one nominee director from the RBI and one shareholder director.

In a separate filing to exchanges, Central Bank of India said the tenure of Mini Ipe as the shareholder director has ended on June 30 and Dinesh Pangtey is elected as the shareholder director of the bank, whose tenure commences from July 1, 2021.

Pangtey’s tenure is till June 30, 2024. He is an independent director of the bank, it noted.

He is presently the whole-time director and CEO of LIC Mutual Fund Asset Management.

With a long experience in the field of finance and life insurance, Pangtey earlier held the post of chief executive officer of LICHFL AMC Ltd.



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Cabinet secy-led panel holds crucial meeting on bank privatisation, BFSI News, ET BFSI

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New Delhi, Jun 27 () Inching a step closer to privatisation of two public sector banks, a high-level panel headed by the cabinet secretary recently held a meeting to thrash out various regulatory and administrative issues so that the proposal could be placed with the group of ministers on disinvestment or Alternative Mechanism (AM) for approval. Pursuant to the announcement made by Finance Minister Nirmala Sitharaman in her 2021 budget speech, the NITI Aayog has suggested a couple of bank names for privatisation to the Core Group of Secretaries on Disinvestment headed by Cabinet Secretary in April, sources said.

The meeting of the high-level panel deliberated on the recommendation of the NITI Aayog on Thursday June 24, sources said, adding the panel would after tying up all loose ends will send the names of the shortlisted PSU banks to AM for consideration.

Headed by the cabinet secretary, the members of the panel include secretaries in the departments of Economic Affairs, Revenue, Expenditure, Corporate Affairs and Legal Affairs, as well as the secretary of administrative department. The panel also has the Department of Public Enterprises, Department of Investment and Public Asset Management (DIPAM) secretary as its member.

According to sources, the panel also examined issues pertaining to protection of interests of workers of banks which are likely to be privatised.

Following a clearance from AM, it will go to the Union Cabinet headed by the Prime Minister for the final nod. Changes on the regulatory side to facilitate privatisation would start after the cabinet approval.

Central Bank of India and Indian Overseas Bank are reported to be probable candidates for privatisation.

The government has budgeted Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions, including two PSU banks and one insurance company, during the current financial year. The amount is lower than the record budgeted Rs 2.10 lakh crore to be raised from CPSE disinvestment in the last fiscal.

In her Budget Speech on February 1, Sitharaman had announced that the government proposes to take up the privatisation of two public sector banks (PSBs) and one general insurance company in the year 2021-22.

“Other than IDBI Bank, we propose to take up the privatisation of two public sector banks and one general insurance company in the year 2021-22,” she had said.

The government last year consolidated 10 public sector banks into four and as a result, the total number of PSBs came down to 12 from 27 in March 2017. The government has merged 14 public sector banks in the last four years.

Last year in April, the government effected the biggest ever consolidation exercise in the public sector banking space when six PSU lenders were merged into four in a bid to make them globally competitive. DP CS ANZ MKJ



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