Page 5 - Banking Finance December 2024

BANK UPDATE

ally benchmarked standards for mea-
suring and disclosing greenhouse gas
(GHG) emissions associated with its
lending and investment activities.
In the financial year 2023-24, PNB dis-
closed its financed emissions in the Busi-
ness Responsibility and Sustainability
Ò»©­ Report (BRSR) using the PCAF Standard,
a globally accepted methodology.
PNB's decision to join PCAF aligns with
the Reserve Bank of India's draft
framework on climate-related finan-
cial risk disclosures, which requires
banks to begin reporting on gover-
Bank rates must be 'far more affordable': Finance nance, strategy, and risk management
for climate-related financial risks and
Minister opportunities from FY 2025-26 on-
Finance minister Nirmala Sitharaman called for bank interest rates to be wards, and on metrics and targets re-
"far more affordable", arguing that several people found the cost of bor- lated to these risks and opportunities
rowing "very stressful". from FY 2027-28 onwards.
Making a case for lower lending rates, she said that India required its busi-
nesses to ramp up and invest in new facilities so that the goal of "Viksit Indian Bank aims to bring
Bharat" can be achieved.
back customers
"When you look at India's growth requirements, many voices are saying that Indian Bank is drawing p strategies to
the cost of borrowing is very stressful. At a time when we want industries bring back customers it had lost in Ben-
to ramp up and move building capacities, bank interest rates will have to gal after its merger with Allahabad
be far more affordable. So, we need to have a lot more conversation on Bank on April 1, 2020, said Wajahat Ali,
this," Sitharaman said at the SBI Conclave.
Chief Manager of Kolkata central zonal
office of Indian Bank. In Bengal, Indian
Central Bank gets RBI nod with Generali group under FGIICL and Bank has 600 branches. "We plan to
FGILICL, subject to continuous compli- open 25 new branches across Bengal,"
to enter insurance biz ance of conditions stipulated by it and said Sushanta Das, city zonal manager
Central Bank of India said it has got approval of IRDAI, the sectoral regula- of the bank.
approval from the Reserve Bank to tor," the filing said.
enter the insurance business through Govt plans minority stake
a joint venture with Generali group
under FGIICL and FGILICL. PNB becomes PCAF signa- sale in 4 PSBs
tory on climate action
In a filing to stock exchanges, the The Central government is considering
state-owned bank said the RBI ac- Punjab National Bank (PNB), the selling minority stakes in four state-run
corded the approval vide a letter dated country's second largest public sector banks to comply with public
November 21, 2024. bank, has become a signatory to the shareholding norms mandated by the
"...we would like to inform that the globally recognised Partnership for Car- country's markets regulator, a govern-
bon Accounting Financials (PCAF). ment source told.
Reserve Bank of India (RBI) vide its let-
ter dated 21st November 2024 has This move reinforces PNB's commit- The finance ministry is likely to seek
approved the bank's entry in the insur- ment to transparency and proactive approval of the cabinet in the coming
ance business through a joint venture climate action by adopting internation- months to dilute the stake in Central

BANKING FINANCE | DECEMBER | 2024 | 5