Saturday, January 17, 2009

Satyam fiasco restores credibility of Public sector banks

Due to the Satyam fiasco, Infosys, a rival company, decided to be extra transparent in its latest quarterly disclosure .

We learn from Infosys that it has Rs 7,419 crore in cash, of which two-thirds is in public sector banks, like State Bank of India, Punjab National Bank, Bank Of Baroda and Syndicate Bank.

SBI alone has more than Rs 2000 crore. An unintended impact of subprime is a renewed belief on the safety of public sector banks.

The great nationwide rush of deposits into public sector banks will help them increase lending to needy sectors.

Even the once reviled concept of priority sector lending is coming back. That’s the euphemism used by many sectors asking for bailouts and subsidised loans.
To read more, please, visit - Economic Crisis & Satyam Saga : Boon or Bane for India

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