Finance Minister Nirmala Sitharaman reviewed the functioning of public sector banks yesterday, Saturday 30 December. He held a meeting with PSB heads to review the financial performance of public sector banks. In the meeting, he also gave many important instructions to the government banks to improve their financial condition.
These issues were discussed in the meeting
An official statement after the meeting said that the meeting During the meeting, issues related to cyber security and threats to the financial sector were raised. All those issues were discussed during the meeting. The Finance Minister also discussed the due diligence before disbursing the loan, default of big loan accounts and the impact caused by them. Banks were asked to monitor big loan accounts properly. If there is default in such loan account, then take immediate legal action and take other appropriate action. He also directed public sector banks to conduct proper due diligence before disbursing loans and follow responsible loan disbursement practices.
Instructions on Cyber Security
During this period, public sector banks Important suggestions were also given on cyber security, so that the domestic banking system is not affected under any circumstances. The Finance Minister asked public sector banks to adopt proactive cyber security measures and follow stringent security protocols to keep the domestic financial system safe.
So much profit for public sector banks
After the meeting, it was told that during the first six months of the current financial year, i.e. from April to September 2023, public sector banks earned a net profit of about Rs 68,500 crore. Earlier, good growth was seen in the balance sheets of banks during the financial year 2022-23.
Asset quality of banks has improved
The asset quality of banks is continuously improving. Is. The gross NPA of all scheduled commercial banks had come down to 3.9 percent by March 2023. By September 2023, it will further reduce to 3.2 percent.
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