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Government praises Public Sector Banks


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The public sector banks in India have shown remarkable performable in this financial year. The profit of all the banks have increased and NPA has decreased significantly. Recently, the official X (formerly twitter) account of mygov has praised public sector banks for their unprecedented performance.

Public sector banks’ cumulative profit crossed Rs 1.4 trillion in the financial year ended March 2024, recording a growth of 35 per cent over the previous year on a high base of Rs 1 trillion. Out of the total profit of Rs.141,203 crore earned during the FY24, market leader State Bank of India (SBI) alone contributed over 40 per cent of the total earnings, as per the published numbers on exchanges. SBI earned a profit of Rs 61,077 crore 22 per cent higher than the previous financial year (Rs 50,232 crore).

The NPA of public sector banks has decreased significantly. The government has implemented a comprehensive 4R strategy: Recognising NPAs transparently, Resolution and recovery, Recapitalising PSBs, and Reforms in the financial ecosystem.

The share price of SBI is Rs 854.30 as of 19 June 2024. The share price of BoB is Rs 284.80 as of 19 June 2024. The share price of PNB is Rs 128.68 as of 19 June 2024. The share price of Canara Bank is Rs 121.24 as of 19 June 2024. The share price of Union Bank is Rs 147.25 as of 19 June 2024.

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