PM Narendra Modi (File photo)

PM Narendra Modi (File picture)

For the primary time, banks’ income surpassed Rs 3 lakh crore in FY 2023-24, marking a 39% year-on-year development.

For the primary time, the banking sector achieved a revenue of Rs 3 lakh crore within the fiscal yr 2023-24. Prime Minister Narendra Modi recommended banks for this outstanding achievement, noting that their situation has considerably improved during the last decade.

PM Modi added that this progress has facilitated entry to credit score for the poor, farmers, and MSMEs.

In a social media publish, PM Modi mentioned, “In a outstanding turnaround within the final 10 years, India’s banking sector internet revenue crosses Rs 3 lakh crore for the primary time ever.”

Slamming the Congress celebration, PM Modi acknowledged that the UPA’s cellphone banking coverage led to important losses and a rise in NPAs for banks.

“After we got here to energy, our banks had been reeling with losses and excessive NPAs as a result of phone-banking coverage of UPA. The doorways of the banks had been closed for the poor.”

“This enchancment within the well being of banks will assist enhance credit score availability to our poor, farmers and MSMEs,” the PM added.

For the primary time, banks’ income surpassed Rs 3 lakh crore in FY 2023-24, marking a 39% year-on-year development.

Throughout this era, public sector financial institution income rose to Rs 1.4 lakh crore, a 32% improve year-on-year, whereas personal banks reported Rs 1.7 lakh crore in income, a 42% improve during the last monetary yr.

Over the previous decade, banks skilled a considerable transformation, with strengthened stability sheets and a notable lower in non-performing property (NPAs), leading to elevated income.

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