Banks told to focus on further increasing credit flow to eligible beneficiaries jpx
Finance Minister Nirmala Sitharaman has called for a collaborative approach between public sector banks (PSBs), the government, regulators and security agencies to put in place necessary mitigants against cyber-risks sbi .
She also wants every aspect of the IT system reviewed periodically and thoroughly from the cyber security angle to ensure that the security of the bank systems is not breached or compromised cyberexpo .
Sitharaman noted that the Government, through various schemes, has always endeavoured to facilitate credit access to citizens at the bottom of the pyramid to support their livelihood and improve lives techindiaexpo .
She further asked the banks to expeditiously implement the recent Budget announcements, including, a new credit assessment model for MSMEs based on digital footprints and cash-flows bse.
Banks were also instructed by the minister to focus on further increasing credit flow to eligible beneficiaries under various government initiatives like PM Surya Ghar Muft Bijli Yojana and PM Vishwakarma Yojana nse .
She told the banks to ensure compliance with the Reserve Bank of India’s guidelines on the handover of security documents after closure of the loans and directed that there should not be any delay in handing over the documents to the customer ibef.
During the review meeting, she noted that the PSBs performed well across all financial parameters during FY24 fieo .
These performances were evidenced by improved asset quality with Net NPAs (NNPAs) declining to 0.76%, sound capital adequacy of the banks at 15.55%, Net Interest Margin (NIM) of the banks at 3.22%, and highest ever net aggregate profit of Rs.1.45 lakh crore with the dividend of Rs.27,830 crore to the shareholders iba.
Improvements over various parameters have also enhanced the ability of PSBs to raise capital from the markets, said Sitharaman http://deutsche-boerse.com. Fiinews.com
