Business

Public Sector Banks’ Dividend Payout Increases by 33% in FY24, According to the Centre

Published

1 year ago

March 24, 2025

Public sector banks (PSBs) in India have experienced remarkable financial growth, with their dividend payouts rising by 33% to reach Rs 27,830 crore for the fiscal year 2023-24. This marks a notable increase from Rs 20,964 crore in the previous year, according to government reports.

Of the total dividends distributed, approximately 65%, or Rs 18,013 crore, was allocated to the government, underscoring its substantial ownership in these banks. In the preceding fiscal year, the government had received Rs 13,804 crore from PSBs, including the State Bank of India (SBI).

This increase in dividend payouts is attributed to the record profits achieved by public sector banks. In FY24, a total of 12 PSBs reported their highest net profit ever, amounting to Rs 1.41 lakh crore, a significant rise from Rs 1.05 lakh crore in FY23. By the end of the first nine months of FY24, these banks had generated profits of Rs 1.29 lakh crore.

The SBI, the country’s largest bank, was responsible for over 40% of the total profit of PSBs, reporting earnings of Rs 61,077 crore in FY24—an increase of 22% compared to Rs 50,232 crore in the prior year.

Among the banks achieving substantial net profit growth, the Punjab National Bank (PNB) led with an impressive increase of 228%, earning Rs 8,245 crore. The Union Bank of India also saw its profits soar by 62% to reach Rs 13,649 crore, while the Central Bank of India posted a 61% increase to Rs 2,549 crore.

Other banks that recorded profit growth exceeding 50% include the Bank of India (57% growth to Rs 6,318 crore), the Bank of Maharashtra (56% rise to Rs 4,055 crore), and the Indian Bank (53% increase to Rs 8,063 crore).

This extraordinary turnaround in the financial health of PSBs is noteworthy, given that these institutions faced significant losses of Rs 85,390 crore in FY18.

Business

Tomato Prices Crash from Rs.1200 to Rs.80, Farmers in Distress

Published

3 weeks ago

March 25, 2026

Namma Kudla

Business: Tomato prices in Vijayanagara district have dropped sharply, causing heavy losses to farmers and traders. A box of tomatoes that was earlier sold for Rs.1000 to Rs.1200 is now being sold for just Rs.80 to Rs.100.

Due to the sudden fall in prices, farmers are struggling to recover their investment. Many had taken loans to grow the crop and are now facing financial difficulties.

In local markets, traders are selling tomatoes at very low rates. Around 2 to 4 kilograms of tomatoes are being sold for just Rs.20.

The price crash has been linked to multiple reasons. Export of tomatoes to other countries has reduced due to the Iran–Israel conflict. In addition, many hotels are not operating properly due to a shortage of cooking gas cylinders. This has reduced demand for tomatoes.

As a result, both farmers and sellers are facing serious losses, and the situation has become very difficult for them.

Business

Gold Prices Rise in Mangaluru; 24K Gold at Rs.13,564 per Gram

Published

3 weeks ago

March 24, 2026

Namma Kudla

Mangaluru: Gold prices in the coastal city of Mangaluru have been updated today, reflecting the latest market trends.

The price of 24 karat gold (99.9% purity) stands at Rs.13,564 per gram. Meanwhile, 22 karat gold (91.6% purity) is priced at Rs.12,434 per gram. The rate for 18 karat gold (75% purity) is Rs.10,173 per gram.

Mangaluru, known for its rich coastal culture and love for seafood, also has a deep connection with gold. The demand for gold ornaments in the city remains strong, especially during weddings and festivals.

The gold trade in Mangaluru has a long history and continues to play an important role in the local economy. Many families prefer investing in gold due to its cultural and financial value.

Buyers are advised to check the latest rates before making any purchase, as gold prices may change daily based on market conditions.

For those planning to buy gold, using a Gold Rate Calculator can help in getting accurate pricing based on weight and purity.

Business

Good News for Milk Producers in Chikkaballapur – 50 Paise Increase per Litre

Published

1 month ago

March 8, 2026

Namma Kudla

Chikkaballapur: The Chikkaballapur Milk Union (Chimul) has announced good news for milk producers in Chikkaballapur district. The union has decided to increase the milk procurement price by 50 paise per litre, which will benefit dairy farmers in the district.

Earlier, on January 1, Chimul had increased the price by Rs.1 per litre as a New Year benefit to farmers. Now, the union has announced an additional 50 paise increase.

With this latest revision, dairy farmers will receive Rs.36.40 per litre for milk. The 50 paise increase will remain in effect until the end of May.

Chimul President Manjunath Reddy told Public TV that the union will review its profits and may continue the price increase in the future based on financial performance.

The decision is expected to provide some relief and encouragement to dairy farmers in Chikkaballapur district.