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Business Standard
25 minutes ago
- Business Standard
FinMin reviews Q1 performance of PSBs, urges higher lending to economy
The finance ministry on Wednesday held a meeting of heads of public sector banks (PSBs) to review their first-quarter financial performance. The three-hour-long meeting was chaired by Financial Services Secretary M Nagaraju. During the meeting, the secretary urged the MDs and CEOs of state-owned banks to increase lending towards the productive sector of the economy, according to sources. The review meeting with public sector banks assessed the performance of the first quarter of 2025-26. Led by State Bank of India (SBI), public sector banks, cumulatively, logged a record profit of ₹44,218 crore in the first quarter of the current fiscal, with an 11 per cent year-on-year growth. All 12 public sector banks together made a profit of ₹ 39,974 crore in the June quarter of FY25. The increase in profit in absolute terms was ₹4,244 crore. Market leader SBI alone contributed 43 per cent to the total earnings of ₹44,218 crore, as per the published numbers on stock exchanges. SBI logged a net profit of ₹19,160 crore in Q1 FY26, 12 per cent higher than the same period of the previous fiscal. In terms of size and profits, the biggest lender in the nation still controls the public banking market. In percentage terms, Chennai-based Indian Overseas Bank reported the highest net profit growth of 76 per cent to ₹1,111 crore, followed by Punjab & Sind Bank with a 48 per cent rise to ₹269 crore. During the quarter, all 12 public sector banks (PSBs) except Punjab National Bank (PNB) reported a decline in profit. PNB reported a 48 per cent fall in net profit to ₹1,675 crore against ₹3,252 crore in the year-ago period. Central Bank of India recorded 32.8 per cent growth in the June quarter net profit to ₹1,169 crore, Indian Bank posted 23.7 per cent rise to ₹2,973 crore, and Bank of Maharashtra logged 23.2 per cent improvement to ₹1,593 crore. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Economic Times
25 minutes ago
- Economic Times
JeM uses E-wallets to bypass FATF, mini camps to evade Indian military strikes
Synopsis Following Operation Sindoor, Jaish-e-Mohammad is employing digital wallets linked to Masood Azhar's family to raise funds, circumventing FATF scrutiny. The terror group aims to establish a vast religious center network, mirroring Lashkar-e-Taiba's strategy, with plans to set up 313 new camps. A significant portion of the raised PKR 3. Agencies New Delhi: Hit hard by India during Operation Sindoor that targeted its headquarters and training camps, Pakistan-based Jaish e Mohamed (JeM) has been trying to raise funds using an elaborate digital wallet network and has been decentralising operations to minimise the impact of further Indian strikes on terror establishments across the tracking the terrorist organisation said that the outfit has drawn up a PKR 3.9-billion plan to establish a vast 'Markaz' or religious centre network that would replicate the modus used by Lashkar-e-Taiba. This includes setting up 313 new camps to make it more difficult for Indian agencies to track terror operations. The money is being raised using digital wallets that are linked to the family members of JeM leader Masood Azar and agencies have identified at least five such wallets with direct links to the proscribed organisation. This approach is being used to avoid scrutiny from international terror watchers like the FATF that has access only to bank records and would not be able to act on contributions made to an elaborate network of family members. Sources said digital wallets like 'EasyPaisa' and 'SadaPay' are being used to collect the funds and these function outside banking networks by allowing wallet-to-wallet and wallet-to-cash transfers. This would make FATF monitoring difficult. Sources added that Azhar's family uses 7 to 8 mobile wallets at any given time and replaces them every four months. After large amounts of money accumulate in the wallets, they are spilt into smaller amounts or are withdrawn as cash. At least 30 new wallets are activated every month. A collection drive for the PKR 3.9 billion plan is currently on, under the garb of creating the Markaz network. Sources however pointed out that by even generous estimates, the total cost of setting up the network would not surpass PKR 1.23 billion. The remaining money is likely to be used for weapon purchases and equipping terrorists aimed at India, with the estimate that this would sustain operations for the next decade.
Economic Times
28 minutes ago
- Economic Times
Russian oil continues to flow to India: First Deputy PM Denis Manturo
Synopsis Russia aims to increase LNG exports to India, continuing fuel shipments including oil, coal, and oil products. Trade between the two nations is increasingly conducted in their national currencies, exceeding 90%. Both countries are set to enhance cooperation in the banking and insurance sectors, and also in the peaceful nuclear sector, building on the Kudankulam NPP project. iStock Russian oil and energy resources continue to flow to India as Moscow sees potential for LNG exports, Russia's First Deputy Prime Minister Denis Manturo said on Wednesday. "We continue to ship fuel, including crude oil and oil products, thermal and coking coal. We see potential for exporting Russian LNG," Manturov said, co-chairing the 26th session of the India-Russia Intergovernmental Commission on Trade, Economic, Scientific-Technological and Cultural Cooperation (IRIGC-TEC). From the Indian side, the commission was co-chaired by External Affairs Minister S Jaishankar, who arrived here on Tuesday on a three-day visit. "We expect to expand comprehensive cooperation in the peaceful nuclear sector, including on the basis of the successful experience of the Kudankulam NPP construction project," the Russian leader said. Manturov noted that trade between Russia and India in national currencies has exceeded 90 per cent. "An equally important task, especially in the current realities, is to ensure seamless mutual settlements. We have already managed to transfer more than 90 per cent of payments between Russia and India to national currencies," Manturov said. India and Russia will continue to develop cooperation in the banking sector to further strengthen interbank cooperation and interaction in the insurance sector, he added. After the meeting, Jaishankar in a social media post said, "We had detailed discussions on our cooperation in a wide-ranging arena including trade & economic sector, agriculture, energy, industries, skilling, mobility, education and culture." "As we prepare for the Annual Leaders Summit, confident that the outcomes of the IRIGC-TEC meeting today will further drive the time-tested India-Russia partnership," he added. Jaishankar and Manturov signed the protocol of the IRIGC-TEC sessions; details of which would be released later by the governments in New Delhi and Moscow. Earlier, Jaishankar laid wreaths at the Tomb of Unknown Soldier at the Kremlin Wall to pay homage to Soviet people who died in World War II. He also met with experts of top Russian think-tanks to explain recent developments in India's foreign policy. Before leaving for home on Thursday, he will meet his Russian counterpart Sergei Lavrov to discuss current issues amid the global turmoil and Trump administration's sanctions on India. Lavrov and Jaishankar will also set the agenda for President Vladimir Putin and Prime Minister Narendra Modi's meeting on the sidelines of the Shanghai Cooperation Summit in China from August 31 to September 1. The relations between New Delhi and Washington are on a downturn after US President Donald Trump doubled tariffs on Indian goods to a whopping 50 per cent, including a 25 per cent additional duties for India's purchase of Russian crude oil that will come into effect from August 27.
