Public Sector Banks' Profit Tripled To Rs 1 Lakh Crore In 9 Years: Nirmala Sitharaman

Nirmala Sitharaman said that banks need to "build on laurels" by following the best corporate governance principles.

Finance Minister Nirmala Sitharaman on Saturday said the public sector banks' profit in the last nine years has tripled to Rs 1.04 lakh crore due to initiatives taken by the government and underlined the need for continuing the momentum to fuel economy.

The net profit of public sector banks (PSBs) has almost tripled to Rs 1.04 lakh crore in FY23 from Rs 36,270 crore in FY2014.

Inaugurating the corporate office of Punjab and Sind Bank in Delhi, the minister said that banks need to "build on laurels" by following the best corporate governance principles.

"Banks should not sit back and revel in success. They should follow best corporate governance practices, adhere to regulatory norms, ensure prudent liquidity management and continue to focus on having robust asset-liability and risk management," she said, stressing that the Indian economy has moved away from the 'twin balance sheet problem' to 'twin balance sheet advantage'.