Union Finance Minister Nirmala Sitharaman on Saturday pointed out that the net profits of the public sector banks (PSBs) have almost trebled from Rs 36,270 crore in FY 2014 to Rs 1.04 lakh crore in FY 2022-23.
“In 2014 when we came to power, we inherited the ‘Twin-Balance Sheet Problem’. Under the Twin balance sheet, we talk about the balance sheet of the banks and that of the corporates and the MSMEs. When all these balance sheets are in trouble, the economy suffers which is what was happened back then. However, due to various reform measures adopted by the Government, we’re now having ‘Twin Balance Sheet Advantage’,” the Union finance minister said while inaugurating the new corporate office of Punjab & Sind Bank at NBCC Complex, East Kidwai Nagar here.
“Banks are now making good profits, their net worth has risen and they are also expanding their businesses. This benefits the economy,” she added.
Addressing a gathering, the Union finance minister congratulated the bank for shifting its corporate office to the bank’s own state of the art premises in East Kidwai Nagar and for posting a historic and highest ever Net Profit of Rs 1,313 crore for FY 2022-23.
She also appreciated the bank for upgrading its digital platform and for achieving the priority sector as well as financial inclusion targets with the intent of serving the society at large for the last 115 years by way of welfare of weaker sections, farmers, financing of women entrepreneurs and micro and small businesses.