Finance Minister Nirmala Sitharaman will hold a meeting with managing directors of public sector banks (PSBs) to review the financial performance of the banks. Public sector banks have earned a net profit of about Rs 68,500 crore during the first six months of the current financial year.
The progress of banks in achieving the targets set for various government schemes including Pradhan Mantri Jan Dhan Yojana (PMJDY), Kisan Credit Card (KCC), Stand-up India, Pradhan Mantri Mudra Yojana (PMMY) will be discussed in the meeting on Saturday, sources said. Will be reviewed. This is probably the last full review meeting before the presentation of the Budget 2024-25 and the general elections next year.
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Improving customer service and cyber security
Sources said that in the meeting she will also discuss measures to improve customer service and cyber security. The Finance Minister will also review the financial inclusion, credit growth, asset quality and business growth plans of banks for the next financial year. The status of non-performing assets (NPAs) and recovery will also be discussed.
According to Reserve Bank of India data, the gross non-performing assets of scheduled commercial banks have declined in the last three years. It was Rs 8,35,051 crore (gross NPA ratio 7.33 per cent) as on March 31, 2021, which reduced to Rs 7,42,397 crore (gross NPA ratio 5.82 per cent) as on March 31, 2022, and Rs 5,71,544 crore as on March 31, 2023. (Gross NPA ratio has come down to 3.87 percent).
