Profits of Public Banks Tripled to Over Rs 1 Lakh Cr in 9 Yrs: Nirmala Sitharaman

New Delhi: Profits of public sector banks have tripled in the last nine years to Rs 1.04 lakh crore, said Finance Minister Nirmala Sitharaman on Saturday. She attributed it to initiatives taken by the government. According to her the net profit of public sector banks (PSBs) has almost tripled to Rs 1.04 lakh crore in FY 2023 from Rs 36,270 crore in FY 2014.

The Finance Minister said this at the inauguration ceremony of the corporate office of Punjab and Sind Bank in Delhi.

“Banks should not sit back and revel in success. They should follow best corporate governance practices, adhere to regulatory norms, ensure prudent liquidity management and continue to focus on having robust asset-liability and risk management,” she said.

She reiterated that the performance of the public sector banks has improved because of initiatives taken by the Modi government since 2014.