Finance Minister Nirmala Sitharaman outside Parliament before presenting the Union Budget. On the back of host of measures taken by the government to improve financial health of the banks in the country, the bad loans in public sector banks' (PSBs) declined to ₹7.27 lakh crore at the end of September 2019, reports LiveMint.
The information was given by Finance Minister Nirmala Sitharaman on Monday (10 February) who reportedly said, "The government has instituted comprehensive reforms in PSBs to improve, governance, underwriting, monitoring and recovery, and has leveraged technology in all aspects of banking, resulting in reduction in their NPAs."
She also informed that bad loans of PSBs stood at ₹7.27 lakh crore at the end of September 2019, down from ₹8.96 lakh crore at the end of March 2018.
She further added, "Record recovery of ₹2.03 lakh crore over the one-and-half year period ending September 2019, 12 out of 18 PSBs reporting profit in the first half of the current financial year, and the highest provision coverage ratio in seven-and-half years."
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