Sitharaman said, public banks should act fast on frauds, willful defaulters
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Banks have written off non-performing assets (NPAs) worth Rs 11.17 lakh crore during the six years till FY 2021-22. The debt related to NPA write-off gets removed from the bank’s books.
New Delhi. Finance Minister Nirmala Sitharaman has asked public sector banks (PSBs) to act swiftly against frauds and willful defaulters to bring down bad loans. Sources gave this information. Along with this, the Finance Minister has also asked public sector banks to take steps to increase the pace of growth. Banks have written off non-performing assets (NPAs) worth Rs 11.17 lakh crore during the six years till FY 2021-22. The debt related to NPA write-off gets removed from the bank’s books. This also includes bad debts for which full provisioning has been made after completion of four years.
In a recent meeting with Public Sector Bank heads, the Finance Minister asked the bank heads to strengthen risk management activities and focus on mitigating cyber security risks. It emerged in the meeting that HDFC Ltd. After the merger of HDFC Bank with HDFC, there will be increased competition for deposits for public sector banks. Apart from this, another area of concern for banks is the pressure on net interest margin due to higher interest rates. Banks have been asked to focus on high yielding advance categories.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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