Out of 19 loss-making Public bank sectors, 13 returned to profit: Sitharaman

Sitharaman added that the reform measures undertaken by the government have helped bring the banks back to shape.
Written By Siddhu Manchikanti | Updated: December 29, 2019 12:30 IST
Out of 19 loss-making Public bank sectors, 13 returned to profit: Sitharaman

Finance Minister Nirmala Sitharaman has said that the health of public sector banks (PSBs) had restored due to extensive government reforms. Out of 19 loss-making PSBs, 13 had returned to profitability in the first half of 2019-20, she added. The bad loans or gross non-performing assets (NPAs) of the PSBs have fallen 18% since March 2018, Sitharaman further said.

 
She added that the reform measures undertaken by the government have helped bring the banks back to shape. A statement from the ministry noted that the gross NPAs of the state-run banks have declined from Rs 8.96 lakh crore in March 2018 to Rs. 7.27 lakh crore in September 2019.
 
Finance Minister Nirmala Sitharaman has said that bankers taking "genuine, bonafide decisions" have no reason to fear the "three Cs", referring to CBI, Central Vigilance Commission, and Comptroller and Auditor General of India. She assured bankers that prudent commercial decisions would get protected. Sitharaman discussed banking issues with industry executives, government officials, and CBI chief.




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