Public Sector Banks Set New Benchmarks with Record Profits and Dynamic Growth

The finance ministry rescheduled its meeting with public sector banks to May 6, aiming to review their exemplary financial progress and discuss targets for key government schemes. State-owned banks showcased remarkable growth, achieving the highest net profit of Rs 1.29 lakh crore and demonstrating improved asset quality and business growth.

The finance ministry has announced the deferment of its meeting with the heads of public sector banks (PSBs) to May 6. The meeting's agenda focuses on evaluating financial progress and setting targets for pivotal government initiatives.

Originally meant for April 17, the postponed meeting aims to review key schemes such as Jan Dhan Yojana and Mudra Scheme for the upcoming financial year. Key figures like Financial Services Secretary M Nagaraju are set to lead these discussions.

Public sector banks have marked a significant milestone, reporting a net profit growth of 31.3% and achieving an unprecedented Rs 1.29 lakh crore in the current fiscal year. Improved asset quality and a lower net NPA ratio highlight the enhanced financial health of these institutions.

(With inputs from agencies.)