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.