The health of public sector banks (PSBs) which have been reeling under non-performing assets for the last few years seem to be restoring as 13 PSBs have reported profits in the first half of the ongoing financial year, Hindustan Times.
The development was shared with media-persons by Union Minister for Finance Nirmala Sitharaman after her meeting with the chief of PSBs today (28 December). She said that the efforts and reform measures taken up by the Government have helped the PSBs to return to profit.
Sitharaman also shared that the gross NPAs of PSBs had recorded a notable reduction from a figure of Rs 8.96 lakh crore in March 2018 to Rs 7.27 lakh crore in September 2019. She also shared that with the resolution of the high-profile Essar Steel case under the constructs of the Insolvency and Bankruptcy Code (IBC) has led to recovery of Rs 38,896 crore for the PSBs.
Sitharaman also added that the recovery from the resolution of Essar Steel adds to the Rs 4.53 lakh crore recovered by the PSBs over the past four-and-a-half years.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.