Nirmala Sitharaman, the Union Finance Minister, said on Saturday that the public sector banks’ (PSBs’) net earnings have nearly tripled from Rs 36,270 crore in FY 2014 to Rs 1.04 lakh crore in FY 2022–23.
“The ‘Twin-Balance Sheet Problem’ was something we inherited in 2014 when we took office. We discuss the balance sheets of the banks, corporations, and MSMEs under the heading of the “Twin Balance Sheet.” The economy suffers when all these balance sheets are in danger, which is what occurred back then. But now that the government has implemented a number of reform initiatives, we have a “Twin Balance Sheet Advantage,” the Union finance minister remarked during the opening of Punjab & Sind Bank’s new corporate office at the NBCC Complex.
“Banks are now making good profits, their net worth has risen and they are also expanding their businesses. This benefits the economy,” she added.
Addressing a gathering, the Union finance minister congratulated the bank for shifting its corporate office to the bank’s own state of the art premises in East Kidwai Nagar and for posting a historic and highest ever Net Profit of Rs 1,313 crore for FY 2022-23.
She also appreciated the bank for upgrading its digital platform and for achieving the priority sector as well as financial inclusion targets with the intent of serving the society at large for the last 115 years by way of welfare of weaker sections, farmers, financing of women entrepreneurs and micro and small businesses.
