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PSBs gross NPAs improved, down to Rs 7.9 lakh cr: FM Sitharaman

Finance Minister Nirmala Sitharaman on Friday said the profitability of public sector banks has improved and total gross non-performing assets have come down to Rs 7.9 lakh crore at end-March 2019 from Rs 8.65 lakh crore at end-December 2018.

twitter-logo PTI        Last Updated: August 30, 2019  | 17:31 IST
PSBs gross NPAs improved, down to Rs 7.9 lakh cr: FM Sitharaman
The minister also said that to avoid Nirav Modi like frauds in the PSBs, the SWIFT messaging system has now been linked with the core banking system.

Finance Minister Nirmala Sitharaman on Friday said the profitability of public sector banks has improved and total gross non-performing assets have come down to Rs 7.9 lakh crore at end-March 2019 from Rs 8.65 lakh crore at end-December 2018.

She also said liquidity support to NBFCs and housing finance companies has improved as the partial credit guarantee scheme has been executed. An infusion of Rs 3,300 crore has already been made and another Rs 30,000 crore is in the pipeline.

Addressing her second press conference to announce steps to boost the economy, the finance minister said the reforms initiated in the public sector banks (PSBs) have started showing results as 14 of them posted a profit in the first quarter of the current fiscal.

The minister also said that to avoid Nirav Modi like frauds in the PSBs, the SWIFT messaging system has now been linked with the core banking system.

Also read: Indian Railways bans single-use plastic; to be implemented from October 2

Also Read: Nirmala Sitharaman press conference LIVE: Bank mergers aimed at economic growth, says Finance Minister

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