Union Finance Minister Nirmala Sitharaman chaired a review meeting on Public Sector Banks (PSBs) performance, highlighting their strong financial metrics in FY 2023-24. Key achievements include a decline in Net Non-Performing Assets (NNPAs) to 0.76%, a capital adequacy ratio of 15.55%, and a Net Interest Margin (NIM) of 3.22%. PSBs also reported a record net profit of ₹1.45 lakh crore and distributed ₹27,830 crore in dividends. Sitharaman urged banks to enhance deposit growth, especially in rural and semi-urban areas, and focus on innovative products. She also emphasized improving cyber security frameworks and increasing credit access, particularly for the economically vulnerable, urging swift implementation of recent Budget measures and adherence to RBI guidelines on loan closure processes.
