Union Finance Minister Nirmala Sitharaman chairs a gathering to overview performance of Public Sector Banks, in New Delhi, on Dec. 30, 2023. Union Minister of State for Finance Bhagwat Karad can be seen.
| Photo Credit: PTI
Finance Minister Nirmala Sitharman on Saturday held a gathering with heads of public sector banks and reviewed their financial performance.
During the assembly, issues associated to cyber safety and the dangers on the financial sector had been mentioned, sources mentioned.
Issues associated to fraud and wilful defaulters and progress on the National Asset Reconstruction Company Ltd (NARCL) additionally got here up for dialogue, they mentioned.
This is the in all probability final full overview assembly earlier than the presentation of Budget 2024-25 and common elections later subsequent 12 months.
On the performance entrance, PSU banks have earned a internet revenue of about ₹68,500 crore throughout the first six months of the present financial 12 months.
During 2022-23, it mentioned banks’ stability sheets grew at a wholesome tempo, with each deposits and credit score development accelerating.
The Gross Non-Performing Assets (GNPA) ratio of Scheduled Commercial Banks (SCBs) fell to a decade low of 3.9% on the finish of March 2023 and additional to three.2% in September.
As per the report, the development in asset high quality of banks that started in 2018-19 continued throughout 2022-23. The GNPA ratio stood at 3.2% within the April-September interval of the present fiscal.
NARCL, a authorities entity, was integrated in 2021 with a majority stake held by Public Sector Banks (PSBs) and the stability by non-public banks. Canara Bank was the sponsor financial institution.
It is registered with the Reserve Bank of India as an asset reconstruction firm underneath the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
Earlier this month, the finance ministry held a overview assembly with heads of PSBs and requested them to watch all instances, particularly the highest 20 Insolvency and Bankruptcy Code instances as half of the administration of their dangerous belongings.
During a gathering with managing administrators and CEOs of PSBs, Financial Services Secretary Vivek Joshi requested them to overview the highest 20 instances month-to-month for his or her decision.
