Finance Minister Nirmala Sitharaman on Saturday said that due to the concerted efforts of the Modi government, the Indian economy has moved away from the twin-balance sheet problem of banks and corporates towards twin-balance sheet profits.
Inaugurating the corporate office of Punjab and Sind Bank here, the minister said the profit of public sector banks is set to increase to Rs 1.04 lakh crore in 2022-23, which is three times that of 2014. The twin-balance sheet problem refers to the deterioration in the financial health of banks and corporates at the same time.
“As a result (of the government’s various initiatives) I am happy to say that the twin-balance sheet problems have been overcome, as the Reserve Bank has seen that it is the benefits of a twin-balance sheet that the Indian economy can benefit from.” Has been.” Sitharaman said.
The minister said that the term twin-balance sheet was heard after a long time and according to the Reserve Bank, the Indian economy is now benefiting from twin-balance sheet benefits.
He said that since 2014, the performance of public sector banks has improved due to various initiatives taken by the Modi government. All key parameters such as return on assets, net interest margin and provisioning coverage ratio have improved, he added.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI,