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Ukrainian army training Syrian rebels how to use drones against Russian army in SyriaThe kernel of Trumponomics is tariff, tariff & tariff!Union Budget, 2025 - Another SVLDRS is the need of the hourI-T- Delay in verification of ITR and Form 10B merits being condoned in interests of justice, where there is no delay in filing audit report in Form 10B: ITATDRI's investigative insights instrumental in addressing gaps in policy making: CBIC ChairmanI-T - Contingent liability of import duty on capital goods liability will trigger only when assessee does not meet targeted earning of foreign exchange: ITATMinistry of Coal gears up to launch 11th Round of AuctionsI-T - Financing transactions relating to real estate between two sister concerns, born out of commercial expidiency, calls for no addition: ITATMGNREGA: 10K houses being constructed daily with reduced completion timelineI-T- Revisionary power cannot be exercised solely because PCIT disagrees with view taken by AO, more so where original assessment order is passed after making due enquiry: ITATNITI Aayog launches 'Trade Watch Quarterly' in New DelhiI-T - If there is no striking off either of limbs of Sec 271(1)(c) as to for what reason penalty is being proposed to be imposed, then notice issued u/s 274 r/w/s 271(1)(c) is invalid: ITATGST - CBIC amends Circular No 31 of 2018 to clarify on 'Proper officer under Ss 73 and 74I-T - Once interest on housing loan on acquisition of capital asset is allowed u/s 24(b), then same can't be allowed by adding to cost of acquisition of capital asset u/s 48, to compute capital gains: ITATG20 declaration - Taxing super-rich's wealth - Making Modi Govt. accountableI-T- Exemption u/s 10(23C)(vi)(via) cannot be denied where ambiguities arise in Form 10 due to discrepancies in the ITR and not due to any error on part of assessee: ITATEU quickens pace to ink trade deal with MercosurGST - Cancellation of registration - No reply was filed in response to SCN and the appeal against order was also filed after more than a year - Petitioner firm is not entitled for any relief on the ground of being lethargic in approach : HCGM to take hit of USD 5 bn on reduced value of Chinese JVGST - SCN issued in name of a company which ceased to exist on account of its amalgamation, is invalid: HCUnitedHealth CEO shot dead in NY 'targeted' attackDGFT - provisions of Section 28AA of the Customs Act cannot be applied to levy interest on repayment of duty credit scrip: HCTelangana recruits 44 transgenders as traffic assistantsGST - Commissioner to take appropriate measures to ensure that officials concerned are sensitised regarding passing of appropriate orders in accordance with law and not mechanical orders: HCCBI raids 10 places in Delhi in Rs 117 Cr international cyber fraud caseGST - Contents of the petitioner's reply have been scanned and re-printed; even the letter head of the petitioner has been printed in the said order - Respondent has not applied his mind - Order quashed: HCBritain bans daytime junk food TV ads including burgers and muffinsGST - Rectification - limitation for filing appeal would start from date of rejection of rectification application & not from date of original assessment order: HCMoscow, Pyongyang defence pact comes into forceST - Assessee was not given proper notice to clarify correct classification of services - Demand rightly quashed: CESTATFall-out of martial law: South Korean Defence Minister puts in papersCX - Negligence or doubt about duty obligations alone cannot trigger extended limitations; that assessee acted in bona fide belief of goods not being dutiable, does not invite invoking extended limitation: CESTATHard Left in France urges President Macron to hold early elections after govt voted outCX - Section 11D, applicable to exempt excisable goods, could not apply to Zinc Ash which was deemed non-excisable: CESTATRailways grants Rs 60K Crore subsidy on tickets annually: MinisterCX - As is trite law, if shortage is very negligible & there is no allegation of clandestine removal or even no proof of excess clearance of final products or inputs as such, availment of Cenvat credit by manufacturer is valid: CESTAT
 
With 11% growth, PSBs perform well in 1st half of FY 2024-25

By TIOL News Service

NEW DELHI, NOV 13, 2024: UNDER the leadership of the Prime Minister, Mr. Narendra Modi, and the guidance of the Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, major banking reforms like Implementation of Enhance Access and Service Excellence (EASE), enactment of Insolvency and Bankruptcy Code (IBC), putting in place a robust Governance Framework, setting up of National Asset Reconstruction Company Ltd. (NARCL), amalgamation of PSBs among others., were undertaken in last few years.

The review meetings chaired by the Union Finance Minister facilitated deliberations on a range of current and emerging issues with the Chief Executives of PSBs. The reforms and regular monitoring have addressed many concerns and challenges, and resulted in setting-up enhanced systems and processes for credit discipline, recognition and resolution of stressed assets, responsible lending, improved governance, financial inclusion initiatives, technology adoption etc.  These measures have led to a sustained financial health and robustness of banking sector as a whole which is reflected in the current performance of the PSBs as following:

- The aggregate business stood at Rs. 236.04 lakh crore (11% YoY growth).

- Global credit and deposit portfolio grew by 12.9% and 9.5% YoY, and stood at Rs. 102.29 lakh crore and Rs. 133.75 lakh crore respectively.

- The Operating and Net Profit for H1FY25 was Rs. 1,50,023 crore (14.4% YoY growth) and Rs.85,520 crore (25.6% YoY growth).

- The Gross and Net NPA stood at 3.12% and 0.63% as on Sep-24 (Gross and Net NPA declined by 108 bps and 34 bps respectively YoY).

- The Capital to RWA assets ratio (CRAR) stood at 15.43% in Sep-24 against regulatory requirement of 11.5%.

- PSBs have also shown significant progress in adopting new age technologies like AI/ cloud/ Blockchain etc., upgradation of existing digital infrastructure, putting in place necessary systems/ controls to tackle cyber security risks and taking multiple steps to provide best-in-class customer services.


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