Gold Silver Reports (GSR) – Five of the 10 newly named MDs and CEOs are working as deputy managing directors in SBI. Mahapatra and Chundru will have tenure till the date of their superannuation, i.e. May 31, 2020 and August 31, 2021, respectively, the order issued by the personnel ministry said.
PSU Bank
State-Owned Banks Worst Hit By Fraud Despite Spending More On Audits
Gold Silver Reports (GSR) – State-Owned Banks Worst Hit By Fraud Despite Spending More On Audits — That’s according to a new report by proxy advisory firm Institutional Investors Advisory Services. The high audit fees in public sector banks are a function of large number of branches, multiple auditors, higher number of physical audits and Reserve Bank of India prescribed rates, IiAS said in its report. “Despite paying high audit fees, the quantum of fraud in public sector banks tend to be much higher.”
Nifty PSU Bank Index Recovers From Intraday Lows
Gold Silver Reports (GSR) – Gauge of government-owned banks — Nifty PSU Bank index recovered from intraday lows led by gains in Oriental Bank of Commerce, Union Bank, Syndicate Bank and Indian Bank. – Neal Bhai Reports (NBR) INDIA
Nifty PSU Bank Index Resumes Decline, Falls 2%
Gold Silver Reports – Nifty PSU Bank Index Resumes Decline, Falls 2% – Gauge of government-owned banks resumed decline after rising nearly 3 percent in the previous session.
PSU Bank Shares Fall Led By Punjab National Bank
Gold Silver Reports – PSU Bank Shares Fall Led By Punjab National Bank — Shares of the government-owned banks were trading lower dragged down by weakness in Punjab National Bank after the bank informed exchanges that the quantum of amount at Punjab National Bank fraud could rise by $204 million.
PSU Bank – Pharma Stocks Fall — Goldman Neal Bhai Reports
Gold Silver Reports – PSU Bank – Pharma Stocks Fall – BSE Sensex rose over 100 points on Wednesday against the previous session’s closing. The broader Nifty also gained in the morning hours. Indian government bond prices and rupee gained on the back of better-than-expected key macro economic data.