Public sector banks recorded 11 percent (year-on-year) total business growth.
The Finance Ministry has postponed the review meeting to be held on March 4 with heads of public sector banks for one day. The Ministry will now hold a demonstration review meeting with the heads of public sector banks (PSB) on 5 March. According to PTI news, sources said that the meeting chaired by Financial Services Secretary M Nagaraju will review the progress of financial performance and financial inclusion schemes. In the April-December period of the current financial year, 12 public sector banks have recorded the highest net profit of Rs 1.29 lakh crore, which shows an increase of 31.3 percent on an annual basis.
First meeting after budget
According to the news, this will be the first meeting after the Union Budget is introduced in Parliament 2025-26. Performance of public sector banks during the period under review has shown significant improvement on major financial parameters such as record net profit growth, better asset quality, and the construction of adequate capital buffer. The Ministry will review the progress of financial performance and financial inclusion schemes of banks. The government has released a revised amended incentive scheme for senior executives in public sector banks some time ago.
Increase in total business
The Finance Ministry said in a statement that in addition, 0.59 percent (total net NPA outstanding outstanding 61,252 crore rupees) shows better asset quality than a much lower net NPA ratio. Public sector banks recorded 11 per cent (year-on-year) total growth growth with a better total deposit of 9.8 per cent. During this period, the total business of public sector banks reached Rs 242.27 lakh crore. The Finance Ministry said in a statement that a better asset quality is seen even better than a much lower net NPA ratio of 0.59 percent (total outstanding NPA 61,252 crore).
In the nine months of the financial year, 12 public sector banks recorded a net profit increase of 31.3 percent (year-to-year), causing the highest total net profit of Rs 1,29,426 crore and a total operation of Rs 2,20,243 crore till date Got profit.
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