PNB opens centralised loan processing centre

PNB has announced opening of second centralised loan processing centre, in a Mumbai branch. The centre aims to strengthen the bank’s internal systems and processes. Under this, the bank will focus on profit maximisation, improvement of asset quality & recovery, and increasing productivity among others. PNB’s first CLPC is located at Connaught Place branch in New Delhi.

Manufacturing sector records robust growth

RBI has revealed that India’s manufacturing sector recorded robust growth in sales and improvement in operating profit growth in the 4th quarter of the last fiscal. Companies posted sales of ` 9.25 lakh crore in the last quarter of 2017-18. Operating profit growth of the manufacturing sector improved despite increase in input costs, due to higher growth in value of production.

Digitisation of dying languages

Centre and State Governments are working along with start-ups to provide regional language-related products and services. Languages like Ol Chiki script of Santali which is also one of the 22 official languages of India and Gondi language are gaining popularity due to this measure. The not-for-profit organisation ‘Indic Project’ has developed open source tools for language digitisation.

SBI Net Profit Shrinks 35%

SBI quarterly earnings plunged 35% during July-Sept as provisions for bad loans eroded treasury gains. Net profit fell to ` 2,538 crore in the Sept quarter, from ` 3,879 crore a year ago. SBI chairman Arundhati Bhattacharya said bad loans would continue to mar prospects. Provisioning for bad loans nearly doubled to ` 7,670 cr as gross bad loans climbed to a record of ` 1.05 lakh cr.