The Union Minister of Finance and Corporate Affairs, Arun Jaitley reviewed the performance of the Public Sector Banks (PSBs) with their Chief Executives and other Whole-time Directors in New Delhi. Rajiv Kumar, Secretary, Department of Financial Services (DFS), Ministry of Finance set the agenda for enhanced credit growth, focus on recovery and financial inclusion among others.
After highlighting the process & systemic reforms under taken, he emphasized the need for structural changes to establish Brand PSB. M.K. Jain, Deputy Governor, RBI also joined the Meeting. While sharing the regulatory concerns, he pledged all support and encouraged bankers to work in cohesion.
The review took note of the continued improvement in banking in terms of highest ever recovery in the last quarter, pick-up in credit growth to 13.5%, growth in MSME lending to 10.5%, the highest Provision Coverage Ratio in over five years, and higher operating profits.
