For the first time, the banking sector achieved a profit of Rs 3 lakh crore in the fiscal year 2023-24. Prime Minister Narendra Modi commended banks for this remarkable achievement, noting that their condition has significantly improved over the last decade.
PM Modi added that this progress has facilitated access to credit for the poor, farmers, and MSMEs.
In a social media post, PM Modi said, “In a remarkable turnaround in the last 10 years, India’s banking sector net profit crosses Rs 3 lakh crore for the first time ever.”
Slamming the Congress party, PM Modi stated that the UPA’s phone banking policy led to significant losses and an increase in NPAs for banks.
“When we came to power, our banks were reeling with losses and high NPAs due to the phone-banking policy of UPA. The doors of the banks were closed for the poor.”
“This improvement in the health of banks will help improve credit availability to our poor, farmers and MSMEs,” the PM added.
For the first time, banks’ profits surpassed Rs 3 lakh crore in FY 2023-24, marking a 39% year-on-year growth.
During this period, public sector bank profits rose to Rs 1.4 lakh crore, a 32% increase year-on-year, while private banks reported Rs 1.7 lakh crore in profits, a 42% increase over the last financial year.
Over the past decade, banks experienced a substantial transformation, with strengthened balance sheets and a notable decrease in non-performing assets (NPAs), resulting in increased profits.
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