PSBs safe, stable; performed exceptionally well in recent years: Sitharaman

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PSBs safe, stable; performed exceptionally well in recent years: Sitharaman - Business Standard

Quick Summary:

The Bill, which amends the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, was later passed by the Lok Sabha by a voice vote.

Finance Minister Nirmala Sitharaman on Tuesday said that the public sector banks are safe, stable and healthy and have performed "exceptionally well" in recent years earning Rs 85,520 crore profit in the first six months of the current fiscal.

Replying to a debate on the Banking Laws (Amendment) Bill, 2024, the minister said that all the Public Sector Banks have turned profitable.