December 2016 Current Affairs

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16 of 22 PSBs skip paying dividends to Government due to mounting NPAs

16 of 22 PSBs skip paying dividends to Government due to mounting NPAs
22 November 2016 Current Affairs: As many as 16 of 22 public sector banks skipped paying dividends to Government in fiscal 2015-16 due to issue of mounting bad loans. It has led to a 67% decline in government receipts to Rs. 1,444.6 crore. Only six PSBs have declared dividends, though at a lower rate for the fiscal ended March 2016. 

PSBs which skipped dividend payments included Allahabad Bank, Bank of India, Bank of Baroda, Central Bank of India, Canara Bank, Corporation Bank, Punjab National Bank, Dena Bank and Syndicate Bank. During 2015-16, the highest dividend was paid by State Bank of India (SBI) to the government at Rs. 1,214.6 crore, 22% lower than in the previous fiscal.

Profit-making PSBs have to pay a minimum dividend of 20% of their equity or 20% of their post-tax profit, whichever is higher. 

The Union Government which is the majority shareholder in all the PSBs has witnessed a 67% decline in dividend receipts from PSU banks at Rs. 1,444.6 crore.

Balance sheets of most of the PSBs have been under stress due to the clean-up exercise targeted at non-performing assets (NPAs). Banks have been given time till March 2017 to clean up their balance sheet. Due to heavy provisioning for bad loans, many banks posted losses in last quarter of the previous fiscal. 

In 2014-15, the Gross NPAs of the PSU banks had surged from 5.43% (Rs 2.67 lakh crore) to 9.32% (Rs 4.76 lakh crore) in 2015-16 of the total advances.


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
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24 NOV
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October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
NEWS
25 AUG
NEWS



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