(PTI)
Finance Minister Piyush Goyal will meet heads of 13 public sectors banks (PSBs) tomorrow to resolve various issues concerning them. According to sources, the meeting is being organised by State Bank of India (SBI) and will be chaired by Goyal here. In all heads of 13 PSBs will participate in the meeting to discuss the way forward for the Indian Banking system, they said.
The meeting will see participation from PNB, Oriental Bank of Commerce, Punjab and Sind Bank, Uco Bank, United Bank of India and Allahabad Bank. Besides, Managing Director of Bank of Maharashtra, Andhra Bank, Canara Bank, Indian Bank and Vijaya Bank would be present in the meeting. This is the first meeting with the heads of the PSBs after their annual financial result for 2017-18. Most of the banks posted loss in the fourth quarter of the last fiscal.
These banks are headquartered in the east, south and northern regions. The Nirav Modi fraud-hit Punjab National Bank alone posted a loss of Rs 13,416.91 crore for the quarter ended March 31, the largest ever quarterly loss by a bank. PNB provided for Rs 7,178 crore, 50 per cent of the total amount of Rs 14,356 crore liability with regard to Nirav Modi fraud, in the fourth quarter of 2017-18. The remaining amount will be covered in the three quarters of the current fiscal year. It is followed by the country’s largest lender SBI posting Rs 7,718 crore loss for the January-March period, more than twice the Rs 3,442-crore loss reported for fourth quarter of the previous fiscal.
