ALLAHABAD BANK

psbs-remain-government-captives

PSBs remain government captives

Structural problems of the PSBs, most of them imposed by the government and its system of political governance, has incrementally increased the government shares in 12 PSBs even as it has been seen trying really hard to offload its shares.
For instance, the huge recap infusion of Rs2.6-lakh crore into the PSBs over the past three years - to offset their bad loans - has sharply accelerated government holdings in these banks which could, in turn, limit the size of future capital infusion in certain banks. Of the 12 PSBs, the government holds 92-96 percent in four of them and 83-89 percent in five banks.
Of course, the government would like to offload its shares in PSBs. But the problem is there are very few takers for shares of PSBs despite cheap valuations of 0.4-0.6 times book. The only way investors' appetite in the shares of PSBs can be whetted up is by way of withdrawing the government's socialist hands from the functioning of these banks and driving them towards following the best global banking practices.
Once this transition takes place, investors would be glad to chase PSBs shares and enable the government to recover its cost plus profit. 

16 Sep 2020
merger-of-banks-to-be-effective-from-april-1,-2020

Merger of banks to be effective from April 1, 2020

Exercise of consolidation of 10 PSBs into four is on course and the merger will come into effect from April 1, 2020. Cabinet has given a go-ahead for the merger proposal with the government being in regular touch with these banks.

There will be no regulatory issues. The banks’ merger is on course and decisions have already been taken by the respective bank boards. The mergers are aimed at creating global sized banks in India.

This has been the biggest consolidation exercise in banking sector. The government in August 2019 announced mergers of public sector banks by bringing down their total number to 12 from 27 in 2017.

United Bank and Oriental Bank of Commerce will be merged with PNB; Syndicate Bank will be merged with Canara Bank; Allahabad Bank will be amalgamated with Indian Bank, and Andhra Bank and Corporation Bank will be consolidated with Union Bank of India.

05 Mar 2020
psbs-remain-government-captives

PSBs remain government captives

By IndianMandarins 16 Sep 2020

Structural problems of the PSBs, most of them imposed by the government and its system of political governance, has incrementally increased the government shares in 12 PSBs even as it has been seen trying really hard to offload its shares.
For instance, the huge recap infusion of Rs2.6-lakh crore into the PSBs over the past three years - to offset their bad loans - has sharply accelerated government holdings in these banks which could, in turn, limit the size of future capital infusion in certain banks. Of the 12 PSBs, the government holds 92-96 percent in four of them and 83-89 percent in five banks.
Of course, the government would like to offload its shares in PSBs. But the problem is there are very few takers for shares of PSBs despite cheap valuations of 0.4-0.6 times book. The only way investors' appetite in the shares of PSBs can be whetted up is by way of withdrawing the government's socialist hands from the functioning of these banks and driving them towards following the best global banking practices.
Once this transition takes place, investors would be glad to chase PSBs shares and enable the government to recover its cost plus profit. 

merger-of-banks-to-be-effective-from-april-1,-2020

Merger of banks to be effective from April 1, 2020

By IndianMandarins 05 Mar 2020

Exercise of consolidation of 10 PSBs into four is on course and the merger will come into effect from April 1, 2020. Cabinet has given a go-ahead for the merger proposal with the government being in regular touch with these banks.

There will be no regulatory issues. The banks’ merger is on course and decisions have already been taken by the respective bank boards. The mergers are aimed at creating global sized banks in India.

This has been the biggest consolidation exercise in banking sector. The government in August 2019 announced mergers of public sector banks by bringing down their total number to 12 from 27 in 2017.

United Bank and Oriental Bank of Commerce will be merged with PNB; Syndicate Bank will be merged with Canara Bank; Allahabad Bank will be amalgamated with Indian Bank, and Andhra Bank and Corporation Bank will be consolidated with Union Bank of India.

banks-hiring-in-the-time-of-economic-slowdown!

Banks hiring in the time of economic slowdown!

By IndianMandarins 18 Nov 2019

If there is bad news about Indian economy slowing down, there is something to cheer about too as banks have not reduced hiring rather hiring more. Banks backed by technology are expanding the branch network resultantly adding more to the workforce.
There have been reports from many banks including Axis Bank, Federal Bank and many more that they are hiring more and more people. They have hired six times more of employees this financial year as compared to the last year. Going forward, some of the banks are expanding their branch network; therefore, they will need more people at different levels, with specific skill sets. They are investing in workforce backed with technology including use of artificial intelligence to identify the right candidate.

rao-appointed-md-&-ceo,-pnb

Rao appointed MD & CEO, PNB

By IndianMandarins 02 Oct 2019

Ch S S Mallikarjuna Rao was on Tuesday appointed as MD & CEO of Punjab National Bank (PNB) till his retirement i.e. 18.09.2021. Presently, Rao works as MD & CEO of Allahabad Bank.

four-directors-re-nominated-for-psbs

Four directors re-nominated for PSBs

By IndianMandarins 02 Mar 2019

The NaMo administration, on Friday, announced the re-nomination of four Non-Official Directors on the Board of Directors of banks as follows:-

  1. Dr Archana Ravindrarai Dholakia- Bank of Maharashtra
  2. Prof. (Dr) Radha R Sharma- Allahabad Bank
  3. Amit Chatterjee- UCO Bank
  4. M Bhagwantha Rao- Corporation Bank

three-gms-appointed-ed-in-psbs

Three GMs appointed ED in PSBs

By IndianMandarins 24 Dec 2018

The NaMo administration, on Monday, cleared the appointment of three General Managers serving in Public Sector Banks to the post of Executive Director. Accordingly;

  • K Ramachandran (GM, Corporation Bank) was, on Monday, appointed to the post of Executive Director, Allahabad Bank for a period ending 30 June 2021 i.e. till retirement.
  • Birupaksha Mishra (GM, Central Bank) appointed Executive Director, Corporation Bank for a period ending 31 January 2021.
  • Balakrishna Alse S (GM, Corporation Bank) appointed Executive Director, Oriental Bank of Commerce for a period ending 30 April 2020.

govt-appoints-mds-ceos-in-ten-nationalised-banks

Govt appoints MDs CEOs in ten nationalised banks

By IndianMandarins 19 Sep 2018

The NaMo administration, on Wednesday, cleared the appointment of 10 MDs & CEOs of state-owned banks of which 05 are working as Deputy MD in SBIs. Those appointed to the posts are;

  • Mrutyunjay Mahapatra (DMD, SBI) appointed MD & CEO of Syndicate Bank for a tenure ending May 2020.
  • Padmaja Chundru (DMD, SBI) appointed MD & CEO of Indian Bank for tenure ending Aug 2021.
  • Pallav Mohapatra (DMD, SBI) appointed MD & CEO of Central Bank of India for a tenure ending Feb 2021.
  • J Packirisamy (DMD, SBI) appointed MD & CEO of Andhra Bank for a period ending Feb 2021.
  • Karnam Shekhar (DMD, SBI) appointed MD & CEO of Dena Bank for a tenure ending June 2020.
  • Ch. S S Mallikarjuna Rao (ED, Syndicate Bank) appointed MD & CEO of Allahabad Bank for a period of 03 years which may be  extendable till retirement in January 2022.
  • A S Rajeev (ED, Indian Bank) appointed MD & CEO of Bank of Maharashtra for a tenure of 03 years (w.e.f 01.12.2018) which may be extended till retirement in May 2024.
  • Atul Kumar Goel (ED, Union Bank of India) appointed MD & CEO of UCO Bank (w.e.f 02 November 2018) for a period of 03 years which may be extendable up to 02 years.
  • S Harisnakar (ED, Allahabad Bank) appointed MD & CEO of Punjab & Sind Bank
  • S S Mallikarjuna Rao (ED, Syndicate Bank) appointed Allahabad Bank for a period of three years which may be extended till Jan 2022.
  • Ashok Kumar Pradhan (ED, United Bank of India) appointed MD & CEO of United Bank of India (w.e.f 01.10.2018) for a period ending May 2020.

md&ceo-of-a-psb-could-be-removed

MD&CEO of a PSB could be removed

By IndianMandarins 12 Aug 2018

Indianmandarins has reliably learnt that Ms Usha Ananthasubramanian, former Allahabad Bank MD and CEO, could be removed from service w.e.f August 13.

The Finance Ministry had, in May 2018, asked the boards of PNB & Allahabad Bank to initiate stringent action against two EDs and Ms Ananthasubramanian respectively. Following the directive the ministry she divested of all powers in May. She was the CMD of PNB till May 2017.

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