Finance Minister Nirmala Sitharaman meets heads of PSBs, reviews financial performance

New Delhi, Finance Minister Nirmala Sitharaman on Saturday held a gathering with heads of public sector banks and reviewed their monetary efficiency. In the course of the assembly, considerations associated to cyber safety and the dangers on the monetary sector have been mentioned, sources mentioned.

Points associated to fraud and wilful defaulters and progress on the Nationwide Asset Reconstruction Firm Ltd (NARCL) additionally got here up for dialogue, they mentioned.

That is the most likely final full overview assembly earlier than the presentation of Funds 2024-25 and basic elections later subsequent yr.

On the efficiency entrance, PSU banks have earned a web revenue of about Rs 68,500 crore throughout the first six months of the present monetary yr.

Throughout 2022-23, it mentioned banks’ stability sheets grew at a wholesome tempo, with each deposits and credit score development accelerating.

The Gross Non-Performing Property (GNPA) ratio of Scheduled Business Banks (SCBs) fell to a decade low of three.9 per cent on the finish of March 2023 and additional to three.2 per cent in September. As per the report, the advance in asset high quality of banks that started in 2018-19 continued throughout 2022-23. The GNPA ratio stood at 3.2 per cent within the April-September interval of the present fiscal. NARCL, a authorities entity, was included in 2021 with a majority stake held by Public Sector Banks (PSBs) and the stability by personal banks. Canara Financial institution was the sponsor financial institution.

It’s registered with the Reserve Financial institution of India as an asset reconstruction firm below the Securitisation and Reconstruction of Monetary Property and Enforcement of Safety Curiosity 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 Chapter Code instances as a part of the administration of their unhealthy belongings.

Throughout a gathering with managing administrators and CEOs of PSBs, Monetary Providers Secretary Vivek Joshi requested them to overview the highest 20 instances month-to-month for his or her decision.