INSUBCONTINENT EXCLUSIVE:
Nirmala Sitharaman (Photo: Twitter @FinMinIndia)
Finance Minister Nirmala Sitharaman said on Saturday that the Indian economy has moved
away from the twin-balance sheet problem of banks and corporates to twin-balance sheet advantage because of the concerted efforts of the
Modi government.
Profit of public sector banks increased to Rs 1.04 lakh crore in 2022-23, tripling from what it was in 2014, the minister
said while inaugurating the corporate office of Punjab - Sind Bank here.
The twin-balance sheet problem refers to deterioration in
financial health of banks and corporates at the same time.
"As a result (of various initiatives of the government) I'm glad to say the
problems of twin-balance sheets have gone away like the Reserve Bank observing it is a twin-balance sheet advantage that the Indian economy
is benefiting from,", Sitharaman said.
The minister said the term twin-balance sheet was heard after a long time and according to the
Reserve Bank, the Indian economy is now benefiting from the twin-balance sheet advantage.
She said performance of public sector banks have
improved on account of various initiatives taken by the Modi government since 2014
There was an improvement in all critical parameters like return on asset, net interest margin and provisioning coverage ratio, she
added.(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is
auto-generated from a syndicated feed.)First Published: Jul 01 2023 | 2:02 PMIST
