Public sector banks delivered strong performance in the first half of the current fiscal with 11% annual growth as their aggregate business stood at Rs 236.04 lakh crore in the April-September period, the government said on Tuesday. India's overseas credit and deposit portfolio increased by 12.9% and 9.5% year on year, respectively, and had reached Rs 102.29 lakh crore and Rs 133.75 lakh crore, said a statement issued by the Ministry of Finance.
Rs 1,50,023 crore and Rs 85,520 crore, up 14.4 per cent YoY and 25.6 per cent YoY, respectively, for operating and net profit for H1 FY25. Gross and net NPA stands at 3.12 per cent and 0.63 per cent, gross and net NPA falling by 108 bps and 34 bps respectively.
Ministry of Finance The CRAR at 15.43 percent in September against the regulatory requirement of 11.5 percent PSBs have made significant strides in adopting new age technologies like AI, cloud, Blockchain etc, upgradation of existing digital infrastructure, putting in place necessary systems/ controls to tackle cyber security risks and taking multiple steps to provide best-in-class customer services.
Under the vision and leadership of Prime Minister Narendra Modi, and the guidance of the Union Finance Minister Nirmala Sitharaman, major banking reforms like Implementation of Enhanced Access and Service Excellence (EASE), enactment of the Insolvency and Bankruptcy Code (IBC), putting a robust governance framework in place, setting up of the National Asset Reconstruction Company Ltd. (NARCL), amalgamation of PSBs among others, were undertaken in the last few years.
The review meetings, chaired by Finance Minister with the Chief Executives of PSBs, facilitated delibrations on the gamut of contemporary and emerging issues. "The reforms and regular monitoring have addressed many concerns and challenges, and resulted in setting up of enhanced systems and processes for credit discipline, recognition and resolution of stressed assets, responsible lending, improved governance, financial inclusion initiatives, technology adoption etc," the government added.
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