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Public sector banks confident of withstanding macro shocks, says govt
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banking sector, the finance ministry said on Thursday. The asset quality of India's state-run banks has improved with gross non-performing assets — the measure of a bank's bad loans — at 4.97% in March 2023, the ministry said in a statement released after a meeting between the finance minister and heads of various state-run banks.
The finance minister has asked banks to ensure there is a fair and transparent recognition of non-performing assets and to take steps to improve deposits, the ministry added. The government has also asked banks to increase credit to the rural and agricultural sector and ensure so-called priority sector lending targets are achieved across all sub-categories, according to the ministry's statement.
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