Public sector banks (PSBs) showed strong performance in the first half of current fiscal (FY25) with 11 per cent annual growth as their aggregate business stood at Rs 236.04 lakh crore in the April-September period, the government said on Tuesday.
The robustness in banking architecture in India of late is revealed by bank credit growth that stood at 20.2 per cent in 2024 (net Rs 27.6 lakh cr), continuing the momentum of FY23 (15 per cent) and moving sizably up from FY22 (8.6 per cent), it added.
The wage revision will be effective from 1.11.2022 for a period of five years.
A compliance audit report of the CAG has observed deficiencies in the recapitalisation of public sector banks (PSBs).
The campaign was launched on August 15 under the aegis of the government's Digital India initiative.
The Punjab National Bank, the Union Bank of India, and the Canara Bank were also recognised for outstanding performance in select themes.
The report, titled ‘Coronavirus fallout will leave banks with capital shortages again’ predicted that asset quality will deteriorate, led by retail and small business loans.
In the video conference, the minister also directed the participants to try meeting the credit requirements of other businesses.
The scheme is the biggest fiscal component of the Rs 20-lakh crore Aatmanirbhar Bharat Abhiyan package announced by Finance Minister Nirmala Sitharaman last month.
Kotak Mahindra Bank whole-time director and president Gaurang Shah said the retail, a low-cost liability base, is key sustenance factor of the banks.
