Finance Ministry Urges Public Sector Banks to Enhance Spending Practices Amid Global Instability

India's finance ministry has called on public sector banks to practice financial prudence and bolster resilience amidst global uncertainties. During a review meeting, officials highlighted strong financial performances and urged banks to maintain robust governance, embrace technology, and enhance customer services.

India's finance ministry has urged public sector banks to exercise financial restraint and maintain resilience as global uncertainties continue. During a recent performance review, Financial Services Secretary M Nagaraju encouraged banks to extend proactive support under ECLGS 5.0 and improve grievance management systems.

Banks were advised to stay prepared for challenges arising from the Middle East and global dynamics. The analysis showed PSBs achieving record net profits and maintaining strong asset quality, while efforts to bolster financial inclusion and digital strategies were examined. A focus on technological integration was emphasized to enhance customer services.

Additionally, a nationwide initiative returned Rs 6,800 crore to claimants, highlighted in a new coffee table book launched at the meeting. The Department of Financial Services also unveiled its revamped, accessible website in 23 languages, underscoring inclusive digital services.