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  1. Nine public sector banks reported losses in FY17

Nine public sector banks reported losses in FY17

Nine of the 21 public sector banks, including IDBI Bank and Indian Overseas Bank, reported losses during 2016-17, the parliament was informed today.

By: | New Delhi | Published: July 18, 2017 4:45 PM
Public Sector Bank, IDBI Bank, Indian Overseas Bank, Santosh Kumar Gangwar, Union Minister Santosh Gangwar, Finance and Banking, Indian Revenu, Financial Express As many as 13 state-owned banks had reported losses during the 2015-16 financial year. (Reuters)

Nine of the 21 public sector banks, including IDBI Bank and Indian Overseas Bank, reported losses during 2016-17, the parliament was informed today. As many as 13 state-owned banks had reported losses during the 2015-16 financial year. In a written reply in Rajya Sabha, Minister of State for Finance Santosh Kumar Gangwar said IDBI Bank had reported a loss of Rs 5,158 crore in the last fiscal, while the amount was Rs 3,417 crore in the case of Indian Overseas Bank. Other loss making state-owned banks were Allahabad Bank, Bank of India, Bank of Maharashtra, Central Bank of India, Dena Bank, Oriental Bank and UCO Bank. The minister further said all the public sector banks are maintaining a positive balance in revenue reserves.

The minister further said all the public sector banks are maintaining a positive balance in revenue reserves. Revenue reserves refer to undistributed revenue created for strengthening the financial position of a bank. Replying to a question in relation to capitalisation of PSBs, Gangwar said the government under the Indradhanush Plan has earmarked Rs 70,000 crore for infusion in them between financial years 2016 and 2019. “The government has already infused a sum of Rs 47,915 crore to PSBs during 2015-16 and 2016-17 based on quantitative analysis of growth and compliance levels,” the minister said.

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