Public Sector Banks, PSBs have shown strong performance in the First Half of 2024-25 with 11 per cent Year-on-Year growth. The aggregate business stood at 236.04 lakh crore rupees. The Finance Ministry said that major banking reforms were undertaken in the last few years.
These include the Implementation of Enhance Access and Service Excellence (EASE), enactment of the Insolvency and Bankruptcy Code (IBC), and putting in place a robust Governance Framework. The Finance Ministry said that these measures have led to sustained financial health and robustness of the banking sector as a whole which is reflected in the current performance of the PSBs.
The global credit portfolio grew by 12.9 per cent and the deposit portfolio grew by 9.5 per cent Year on Year. PSBs have also shown significant progress in adopting new-age technologies like AI, cloud, and Blockchain and put in place necessary systems and controls to tackle cyber security risks.
