Union Finance Minister Arun Jaitley on Tuesday said public sector banks were expecting stronger credit growth this financial year on the back of stronger growth in the economy.
“We are passing through a phase of good growth in the economy,” the Minister said at a press briefing following the annual review of public sector banks. “Consumption has moved up and there is growth in investment activity, so naturally the banking sector will also grow,” he added.
Stating that the NPAs with the public sector banks were declining, Mr Jaitley said, “The last quarter saw PS banks with a net profit. On the basis of the last quarter and what their expectations are looking ahead, the good news is that NPAs are on the decline because recoveries have picked up.”
The government has launched a Financial Inclusion Index to rank States.
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