RBI imposes Penalty on this PSU Bank for irregularity in Savings Accounts

 

For not adhering to certain RBI regulations, Punjab & Sind Bank has been fined ₹68.20 lakh by the Reserve Bank of India (RBI). The penalty was imposed in accordance with Sections 47A(1)(c), 46(4)(i), and 51(1) of the Banking Regulation Act of 1949.

Based on the bank's financial status as of March 31, 2023, RBI carried out a Statutory Inspection for Supervisory Evaluation (ISE 2023) in 2023. 

 

The following areas showed non-compliance with RBI's instructions during the inspection: 

 Failure to disclose significant Exposures: In order to track significant common exposures across banks, the bank failed to disclose borrowers with non-fund-based exposure of ₹5 crore and above to the Central Repository of Information on Large Credits (CRILC). 

 Inconsistencies in Savings Bank Accounts: In violation of RBI regulations on financial inclusion, the bank permitted some holders of Basic Savings Bank Deposit Accounts (BSBDAs) to open additional BSBDAs.

After detecting these violations, RBI issued a show-cause notice to Punjab & Sind Bank, asking for an explanation. The bank submitted its reply, additional clarifications, and oral representations during a personal hearing. However, after reviewing the bank’s responses, RBI determined that the charges were valid, leading to the imposition of the penalty.

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Bank of Baroda(BoB) Recruitment 2025 Notification Released for 146 Vacancies

Bank of Baroda(BoB) released an official notice for the hiring of experts in a number of departments on a fixed-term contractual basis. The goal of this hiring campaign is to fill several openings in various positions. Applications from qualified applicants are accepted online from March 26, 2025, to April 15, 2025. Interviews will follow the shortlisting phase of the selection process.

Bank of Baroda Professionals Recruitment 2025 Overview

Post Name	Various Professional Roles
Vacancies	146
Job Location	All India
Salary/ Pay Scale	Varies by position (Rs.6 LPA – Rs.28 LPA)
Last Date to Apply	15 April 2025

Bank of Baroda Professionals Recruitment 2025 Important Dates

• Apply Online Start Date : 26 March 2025
• Last Date to Apply : 15 April 2025
• Last Date for Fee Payment : 15 April 2025
• Interview Date : To be released

Bank of Baroda Professionals Recruitment 2025 Application Fee

• Gen / OBC / EWS : Rs. 600 /-
• SC / ST / PWD / Women: Rs. 100 /-
• Mode of Payment : Online

Bank of Baroda Professionals Recruitment 2025 Age Limit

• Deputy Defence Banking Advisor: Up to 57 years
• Private Banker: 33 to 50 years
• Group Head: 31 to 45 years
• Territory Head: 27 to 40 years
• Senior Relationship Manager: 24 to 35 years
• Wealth Strategist: 24 to 45 years
• Product Head – Private Banking: 24 to 45 years
• Portfolio Research Analyst: 22 to 35 years

Bank of Baroda Professionals Recruitment 2025 Vacancy Details

Post Name	Vacancies
Deputy Defence Banking Advisor	1
Private Banker	3
Group Head	4
Territory Head	17
Senior Relationship Manager	101
Wealth Strategist	18
Product Head – Private Banking	1
Portfolio Research Analyst	1

Bank of Baroda Professionals Recruitment 2025 Selection Process

The Bank of Baroda Professionals Recruitment 2025 selection process includes the following stages:

• Shortlisting
• Personal Interview
• Documents Verification
• Medical Test

Bank of Baroda Professionals Recruitment 2025 Notification & Apply Online 

Click Here for Notification 

Click Here to Apply Online

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Government Approves New Senior Level Posts in Public Sector Banks

The Government of India has authorized the establishment of new senior-level roles in Public Sector Banks (PSBs), a major move intended to bolster the banking industry.  It is anticipated that this action will improve asset management, increase the effectiveness of nationalized banks, and give bank workers better career options. 

 Shri Pankaj Chaudhary, the Minister of State for Finance, gave information on the newly created roles and the updated process for determining the number of senior positions in nationalized banks during the Rajya Sabha discussion of the decision. In five nationalized banks where the position was previously unattainable, the government has authorized the creation of the Chief General Manager (CGM) position. These financial institutions are:

1. Bank of Maharashtra 2. Central Bank of India 3. Indian Overseas Bank 4. Punjab & Sind Bank 5. UCO Bank

Until now, these banks did not have a Chief General Manager (CGM) post, which serves as an important leadership position just below the Executive Director (ED) level. 

The CGM post has already been available in other Public Sector Banks (PSBs), and its introduction in these five banks will ensure a more uniform administrative structure across the banking sector. The new CGM positions in these banks will be introduced from October 2024 onwards.

Apart from introducing CGM posts, the government has also revised the methodology for calculating the number of senior-level positions in PSBs. This revision affects the following positions:

Chief General Manager (CGM), General Manager (GM), Deputy General Manager (DGM), Assistant General Manager (AGM)

The number of these posts has been determined based on the business size of each bank as of March 31, 2023. The revision aims to ensure that banks have the right leadership structure to manage their operations efficiently.

Let’s have a look at the number of posts – how many CGM, GM, DGM, AGM posts are available in different banks. The maximum number of posts are available in Punjab National Bank and Bank of Baroda. The number of posts vary according to the size of business of Bank.

Bank Name	CGM	GM	DGM	AGM
Punjab & Sind Bank	4	16	48	144
Bank of Maharashtra	8	32	96	288
UCO Bank	8	32	96	288
Indian Overseas Bank	8	32	96	288
Central Bank of India	8	32	96	288
Bank of India	12	48	144	432
Indian Bank	11	44	132	396
Union Bank of India	20	80	240	720
Canara Bank	21	84	252	756
Punjab National Bank	22	88	264	792
Bank of Baroda	22	88	264	792

This new structure will ensure that banks have sufficient leadership at different levels to handle their growing operations effectively.

The Indian banking sector has been growing rapidly, with increasing loan disbursements, rising customer demand, and digital banking advancements. To keep up with this growth, banks need strong leadership and better management structures.

Earlier, the number of senior positions was not aligned with the expanding business size of banks. This led to workload imbalances, slower decision-making, and operational inefficiencies.

By introducing new CGM positions and revising the number of GMs, DGMs, and AGMs, the government is ensuring that banks have the right number of senior officials to handle operations efficiently.

This move is also in line with the government’s efforts to:

1. Strengthen public sector banks and make them more competitive.

2. Improve the financial health of banks by ensuring better monitoring of assets and loans.

3. Support economic growth by making banking services more efficient.

The government’s decision to introduce new senior-level positions in public sector banks is a major step toward strengthening India’s banking system. By ensuring better management, improved supervision, and stronger leadership, this move will help banks become more efficient, financially stable, and customer-friendly.

With the new Chief General Manager (CGM) positions and revised senior-level post structure, nationalized banks are expected to see better operational efficiency, improved risk management, and stronger career growth opportunities for employees.

This change will not only benefit bank employees but also enhance banking services for customers across India, ensuring that the public sector banking system remains strong, efficient, and well-managed in the years to come.

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Punjab & Sind Bank Apprentice Recruitment 2025 Notification Released

In accordance with the Apprentices Act of 1961, Punjab & Sind Bank (PSB), a Government of India undertaking, has announced the hiring of apprentices. The chosen applicants will take part in a 12-month apprenticeship training program at different PSB locations around the nation.To apply, eligible candidates must first register on the official Apprenticeship Portal. The selection process will be based on merit, considering HSC (10+2) marks, followed by document verification and a medical fitness assessment.

Punjab & Sind Bank Apprentice Recruitment 2025 Overview

Post Name	Apprentice
Vacancies	158
Job Location	All India (State & District-wise)
Training Period	12 Months
Stipend	Rs.9,000 per month
Last Date to Apply	30 March 2025
Mode of Application	Online

Punjab & Sind Bank Apprentice Recruitment 2025 Application Fee

• Application Start Date: 24 March 2025
• Last Date to Apply: 30 March 2025
• Last Date for Fee Payment: 30 March 2025

Punjab & Sind Bank Apprentice Recruitment 2025 Application Fee

• Gen / OBC / EWS : Rs. 200/-
• SC / ST / PH : Rs. 100/-
• Mode of Payment: Online

Punjab & Sind Bank Apprentice Recruitment 2025 Age Limit

• Minimum Age: 20 Years
• Maximum Age: 28 Years
• Age Limit as on 01/03/2025
• The Age Relaxation Extra as per Rules

Punjab & Sind Bank Apprentice Recruitment 2025 Educational Qualifications

Post Name

Qualification

Apprentice

Graduation + Knowledge of Local Language

Punjab & Sind Bank Apprentice Recruitment 2025 Training & Stipend

Training Period	Stipend
12 Months	₹9,000 per month

• No other allowances (TA, DA, HRA) will be provided.
• Apprentices will be entitled to one casual leave per month.

Punjab & Sind Bank Apprentice Recruitment 2025 Vacancy Details

Post Name

Vacancy

Apprentice

158

Punjab & Sind Bank Apprentice Recruitment 2025 Notification & Apply Online

Click Here for Notification

Click Here to Apply Online

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Top 10 largest banks in the world in 2025

With several financial organizations owning trillions of dollars in assets, the banking sector has a significant and global footprint. The top 10 banks in the world in 2025 will be examined in this article, along with a thorough examination of their business practices, financial results, and overall effects on the world economy. We may have a better understanding of the contemporary financial landscape and how it influences our world by looking at the specifics of these leading institutions.

Here’s a deep dive into the largest banks in the world.

1. JPMorgan Chase

• Total Assets: $4.210 Trillion

In terms of total assets, JPMorgan Chase is the biggest bank in the United States and the sixth largest bank globally. It is a major force in financial services and investment banking. JP Morgan is one of the well-known financial organizations that has already embraced the FedNow system, the Federal Reserve's new fast payment service.

2. Bank of America

• Total Assets: $3.324 Trillion

More than 68 million customers and more than 3 million small business clients are served by Bank of America, which has a significant presence in trading, wealth management, and investment banking.  The second-largest bank in the world and the sixth-largest bank globally in terms of assets is Bank of America.  Ranking 33rd on the list, Bank of America has a market capitalization of $288.96 billion, making it one of the most valuable firms.

3. Industrial and Commercial Bank of China (ICBC)

• Total Assets: $6.898 Trillion

Based on total assets, the Industrial and Commercial Bank of China Limited is the biggest bank in the world and the People's Republic of China. ICBC and other major lenders like Bank of America continue to hold a strong position at the top of the global lending rankings.

Also Read: Top 10 Banks in India 2024

4. Wells Fargo

• Total Assets: $1.922 Trillion

In over 35 countries, American Wells Fargo & Company provides financial services like insurance, equipment leasing, mortgage banking, and more.  As part of JPMorgan's FedNow system integration, Wells Fargo joined 33 other banks and credit unions.  Among the top five banks in the US, Wells Fargo provides services to over 70 million customers.

5. The Agricultural Bank of China

• Total Assets: $6.212 Trillion

In terms of total assets, the Agricultural Bank of China is the second-biggest bank globally.  In 1979, it was established.  The latest financial statistics reveal that the company’s current earnings are $43.41 billion.  throughout addition to operating throughout Asia Pacific, the Middle East, Europe, and the Americas, the bank is extremely important to China's agriculture industry.

6. Morgan Stanley

• Total Assets: $1.258 Trillion

Morgan Stanley is an American investment bank and provider of financial services. Notably, Morgan Stanley and Mitsubishi UFJ Financial recently revealed plans to expand their 15-year partnership by investing in Japanese research and equities as well as foreign exchange trading for a worldwide clientele.

7. China Construction Bank (CCB)

• Total Assets: $5.837 Trillion

In terms of total assets, CCB is the third-largest bank in the world.  It is one of the top commercial banks in China and has a big impact on infrastructure and building projects there.  Chinese Construction Bank is the second-largest bank after ICBC, with 3.48 million corporate clients.  Leisure, software, energy, retail, and many other industries are covered by CCB's numerous subsidiaries.

8. Bank of China

• Total Assets: $4.859 Trillion

In terms of total assets, the Bank of China ranks fourth among all banks worldwide.  It has a large global footprint and is among the oldest banks in China.  The financial market activity is currently run by the Bank of China through five major trading centers: Beijing, Shanghai, Hong Kong, New York, and London. The Bank of China started its operations in Hong Kong.  Maintaining the value of the currency and encouraging national economic expansion are two of the Bank of China's objectives.

9. Goldman Sachs

• Total Assets: $1.728 Trillion

With its headquarters located in New York City, Goldman Sachs is a prominent international investment banking, securities, and investment management company that was founded in 1869.  It engages in trading, securities, asset management, and investment banking.  The firm has a reputation for its high-profile consulting roles in mergers and acquisitions, underwriting of securities, and asset management.  In 2023, Goldman Sachs employed 45,33,000 people worldwide.  Despite its success, Goldman Sachs has encountered legal issues and conflicts, which are frequently linked to its substantial influence in international financial markets.

10. HSBC

• Total Assets: $3.098 Trillion

This British banking firm, which was founded in Hong Kong and Shanghai and currently has its headquarters in the United Kingdom, is the eighth-largest bank globally. serving millions of clients globally as a leading provider of banking and financial services. With a network spanning 62 countries, HSBC provides services to around 42 million clients worldwide. In addition to offering its goods and services, HSBC has branches in India and is growing its clientele in the personal banking sector.

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AIBEA issued Clarification on 5 Day Banking, What happened in meeting?

UFBU just postponed the planned Bank Strike for March 24 and 25, 2025. The strike was called because a number of demands, including adequate bank recruitment and five-day banking, had not been met. The strike was postponed following a conciliation meeting with officials from the IBA, DFS, and Bank on March 21, 2025, at the Chief Labour Commissioner's (CLC) office. Since DFS provided no concrete indication regarding 5-Days Banking, bank employees across began to criticize UFBU's decision as soon as the strike was postponed. AIBEA has now clarified its position on 5-day banking.

The implementation of weekly 5-day banking was the subject of extensive discussion. We emphasized that the matter is still pending with the Government, to whom the IBA has advised, despite the fact that our Bipartite Settlement/Joint Note was signed in March 2024, a year ago. 

We clarified that disrespecting the sanctity of the bilateral settlement reached between the IBA and UFBU would be equivalent to keeping the matter open for so long. We also noted that the need for two days of weekly vacation has become essential in the current environment, when bank officers and managers labor beyond regular business hours and under a lot of stress.

IBA responded that they have recommended the subject to the Government and are seeking their approval in accordance with the Settlement/Joint Note. They promised to pursue the case with the government to obtain their proper consent when CLC pointed out that IBA should follow up with the government. 

 A DFS spokesman said that although the matter is being considered, no timeframe can be committed. As a result, this subject was in a virtual standstill. In order to learn the government's position and break the impasse, the Chief Labour Commissioner requested that a few high-ranking DFS officials attend the conciliation meeting.

A senior DFS Joint Secretary participated in the meeting via video conference and explained that the issue is receiving the government's serious attention, including from the Finance Minister, despite the fact that all of the DFS's top officials were preoccupied with the ongoing Parliament Session proceedings. 

We expressed our dissatisfaction with the excessive hold-up in the case and requested that the government move quickly. He asked the UFBU to reevaluate our call, stating that the government is already giving the issue significant consideration, even at the level of the finance minister.

Given the growing workload, stress, and long work hours that bank employees must endure, the call for a 5-day banking workweek is both sensible and essential. The bipartite settlement between unions and the IBA is undermined by the implementation delay, as the AIBEA correctly noted. Although AIBEA has properly called for prompt action, the government's evasive answers suggest that more pressure, increased public awareness, or more agitation may be needed to hasten approval. A five-day workweek is long overdue, and workers deserve acceptable working conditions. Instead of dragging out the process, the Government and IBA now have the responsibility to fulfill their promises.

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