Finance minister Nirmala Sitharaman on Monday said that the country’s 12 public sector banks (PSBs) recorded a 50% jump in their profitability in the second quarter of FY23 from a year before, asserting that the steps taken by the government in the past few years to reduce bad loans and bolster their balancesheets are showing “tangible results”.Together, the PSBs announced a net profit o...

Ahead of the crucial festive season, the finance ministry will hold a meeting with chiefs of state-run banks on Tuesday to review the lenders’ credit disbursement and broader financial performance, official and banking sources told FE.The meeting, convened by the Department of Financial Services, will also take stock of the lenders’ asset quality, with focus on large bad loans, their impleme...

The finance ministry on Monday advised public sector banks (PSBs) to continue to support economic growth by extending adequate credit to the industry even as it asked the PSBs to accelerate bad loan recovery, sources said.The meeting with chiefs of public-sector banks (PSBs) remained inconclusive as finance minister Nirmala Sitharaman could not attend the meeting, which was chaired by the minister...

Finance minister Nirmala Sitharaman will huddle with chiefs of public-sector banks (PSBs) on April 23 to review the performance of various lenders, with specific focus on credit flow into critical sectors of the economy, sources told FE.The meeting, convened by the department of financial services (DFS), comes at a time when the government wants banks to satiate the growing credit appetite of a fa...

The employees belonging to nine public sector banking unions have gone on a two-day strike against privatization. Given that the banks were already closed for the weekend, this means many people wouldn’t have had access to branch banking services for four days at a stretch.In her budget speech, finance minister Nirmala Sitharaman had proposed to privatize two public sector banks (PSBs). Over and...