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New Delhi [India], July 6 : Union Minister for Finance and Corporate Affairs Nirmala Sitharaman chaired a meeting on Thursday to review the performance of Public Sector Banks (PSBs) on various financial health parameters for the financial year 2022-23.According to a statement issued by the I&B Ministry, during the review meeting, discussions were held with the heads of PSBs on the positive macro trends, improved business sentiments, and 'Twin balance sheet advantage and performance of PSBs.All the major financial parameters viz., credit deployment, profitability, asset quality, capital adequacy etc. indicate that the performance of PSBs has significantly improved. As per the statement, they're adequately capitalised, resilient, and have sound financial health."It was noted that the Asset quality of PSBs has improved significantly with gross NPAs at 4.97 per cent and net NPAs at 1.24 per cent in March 2023. During FY 2022-23, PSBs earned a record aggregate net profit of around Rs 1.05 lakh crore, almost triple from net profits earned in FY 2013-14. Strengthened by high capital adequacy of 15.53 per cent CRAR (comparable to major economies of the world), clean balance sheets supported by a healthy provision coverage (90.68 per cent), and improved resilience, PSBs are well positioned to support the credit needs of the productive sectors of the growing economy", the statement read.In their assessment of the overall situation, bankers were of the view that with strong financial health, they are comfortably placed to withstand any macroeconomic shock, it added.FM Sitharaman emphasised banks' adherence to the regulatory framework by focusing on risk management, and diversification of business base. "The business outlook is progressively improving in spite of the headwinds from recent global banking sector developments", the release stated.The Union Finance Minister further advised PSBs to ensure an increase in rural, agricultural and sectoral credit to meet the Priority Sector Lending (PSL) norms and further ensure that the PSL targets are achieved across all sub-categories and meet the targets for the credit to street vendors under PMSVANidhi and the momentum of disbursals gained under PMSVANidhi should be sustained.Further, the FM advised the PSBs to ensure a fair and transparent recognition of NPAs as per the extant guidelines of the regulator and banks should periodically review it internally to ensure proper recognition and reporting of the stressed assets."The sponsor banks of the Regional Rural Banks (RRBs) should ensure a time-bound technological upgradation of the RRBs and continuously monitor their functioning to make them more efficient and effective, which will immensely benefit the people living in rural areas, address associated business model risk with robust risk management practices and have efficient and optimum Asset Liability Management, and take steps to improve the deposits and adopt a focussed approach on ease of services and customer protection", the statement read.The meeting was also attended by Union Minister of State for Finance Bhagwat KisanraoKarad, Finance Secretary and Secretary Expenditure TV Somanathan, Secretary Financial Services (DFS) Vivek Joshi, Secretary, DIPAM, TuhinKanta Pandey, Secretary, Public Enterprises Ali Raza Rizvi, Secretary, Corporate Affairs Manoj Gohil, Secretary, Revenue Sanjay Malhotra, Secretary, Housing and Urban Affairs, Manoj Joshi, Chief Economic Advisor, Ministry of Finance, V Anantha Nageswaran, Chairman, State Bank of India, Dinesh Khara and MDs & CEOs of Public Sector Banks PSBs besides senior officials of DFS.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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National :FM Nirmala Sitharaman chairs meeting to review performance of Public Sector Banks

New Delhi [India], July 6 : Union Minister for Finance and Corporate Affairs Nirmala Sitharaman chaired a meeting on ... ...