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Finance Ministry evaluates PSU banks’ performance, assesses financial inclusion drive

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In light of the first quarter results, the Finance Ministry assessed the public sector banks’ (PSBs) performance on Tuesday and urged them to increase lending to the economy’s productive sectors.

According to sources, the meeting chaired by Financial Services Secretary Sanjay Malhotra also discussed the need to reduce non-performing assets and promote financial inclusion. In the meeting, managing directors and executive directors of the various state-run banks were instructed to concentrate on credit expansion starting in September during the festive season.

The progress of numerous government initiatives, including as the Pradhan Mantri Mudra Yojana, StandUp India, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), and Pradhan Mantri Suraksha Bima Yojana, was also thoroughly reviewed (PMSBY). The secretary also examined the performance of banks in terms of lending to the dairy, fishing, and animal husbandry industries.

Due to a steady drop in bad loans, PSBs saw higher earnings in the three months that ended in June. This trend may have a favourable impact on their balance sheets going forward. A review of the quarterly financial data released by the public sector lenders revealed that the

(BoM) and () were in the lowest quartile for Gross Non-Performing Assets (NPAs) and Net NPAs in the June quarter.

All 12 public sector banks collectively reported a profit of roughly Rs 15,306 crore for the three months that ended in June, representing an increase of 9.2% annually. Leading public sector lenders SBI and , meanwhile, reported reduced profits for the quarter ending in June. State-owned banks generated a total profit of Rs 14,013 crore from April through June of the previous fiscal.

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