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Finance Minister Urges PSU Banks to Boost Credit Growth, Maintain Profits

  Finance Minister Nirmala Sitharaman, in a meeting with heads of Public Sector Banks (PSBs) on Friday, urged them to leverage the Reserve Bank of India’s recent  50 basis points rate cut  to accelerate lending towards the productive sectors of the economy. Sources reported that the Finance Minister asked PSBs to maintain the profitability momentum in  FY26 , building on their strong performance last year. The cumulative net profit of 12 PSBs surged to  Rs 1.78 lakh crore in FY25 , marking a 26% rise compared to the previous fiscal. In absolute terms, this meant a profit increase of about  Rs 37,100 crore . Sitharaman also emphasised the importance of financial inclusion, directing banks to onboard more customers under government schemes to ensure broader credit outreach. On  June 6 , the RBI’s monetary policy committee, led by Governor Sanjay Malhotra, cut the benchmark repo rate by  50 basis points to 5.5% . The minister highlighted that PSBs sh...
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DBS Bank Introduces 7% Interest Rate for Seniors on 30th Anniversary

In celebration of its 30th anniversary in India, DBS Bank has launched the ‘DBS Golden Circle’ programme, specifically designed for senior citizens. This new priority banking initiative offers an array of benefits tailored for residents aged 60 and above, including a notable 7% interest rate on savings accounts.

Benefits for Seniors

The DBS Golden Circle programme aims to address common financial concerns faced by seniors, such as income insecurity and rising living costs. According to the India Ageing Report 2023 by the United Nations Population Fund, these challenges are significant vulnerabilities in old age.

Prashant Joshi, Managing Director and Head of Consumer Banking Group at DBS Bank India, emphasized that the programme is designed to enhance financial stability for seniors through competitive interest rates, allowing them to grow their savings effectively.

Key Features

  • Interest Rates: Senior citizens can benefit from a 7% interest rate on their savings accounts.
  • Cyber Insurance: Coverage of up to ₹1 lakh to address security concerns.
  • Fee Waivers: No charges for national electronic funds transfers (NEFT), real-time gross settlement (RTGS), or duplicate statements.
  • Free Services: Lifetime free debit cards, unlimited domestic ATM transactions, and discounts on locker rentals.
  • Flexible Access: Fixed deposits with tenures over one year come with no penalties for early withdrawals, ensuring funds are accessible in emergencies.
  • Additional Benefits: Special overdraft rates against FDs and loans.

The DBS Golden Circle programme is crafted to offer a more secure and rewarding banking experience, addressing the specific needs of the elderly population.

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