PSBs lent ₹4,12,227.10 crore to public sector in 2022-23: FM

livemint.com:

₹4,12,227.1 crore to state-backed corporations and public sector undertakings during 2022-23, down from ₹4,93,379.2 crore in the previous year, finance minister Nirmala Sitharaman informed the Parliament in a written response on Monday. Responding to questions by member of parliament, Velusamy P, Sitharaman informed the Lok Sabha that Canara Bank led the lending during 2022-23 to government backed entities at ₹1,87,813 crore during the recently concluded fiscal year, followed by Punjab National Bank ( ₹70,142.5 crore), State Bank of India ( ₹66,523.2 crore), Bank of India ( ₹25,147 crore), Bank of Baroda ( ₹15,706.8 crore), Union Bank of India ( ₹12,584.8 crore), Bank of Maharashtra ( ₹10,822.7 crore), Indian Bank ( ₹9,021 crore), Indian Overseas Bank ( ₹7,490 crore), Central Bank of India ( ₹3,949 crore), UCO Bank ( ₹2,939.4 crore), and Punjab and Sind Bank ( ₹87.7 crore).

Meanwhile, the finance minister informed the Lok Sabha that PSBs will have to take steps to adopt a focused approach on ease of service delivery and customer protection, follow regulatory norms, adopt robust risk management practices, and focus on increasing rural, agriculture and sectoral credit to meet the Priority Sector Lending targets. In a meeting held between the top PSB bank executives and top finance ministry officials, including the finance minister, on 6 July, it was decided that the sponsor banks of the Regional Rural Banks (RRBs) will take steps for technological upgradation of the RRBs to make them more efficient, Sitharaman said in a written reply.