NEW DELHI — President Droupadi Murmu said on Thursday that the reforms carried out by the government over the last 10 years have made public sector banks more robust, profitable, and capable of driving the nation’s economic growth.
Addressing the joint session of Parliament, the President said that a lot of reforms have been carried out in the last 10 years that are benefitting the nation today.
She pointed out that SBI is at a record level of profit now, and that LIC (Life Insurance Corp of India) is far more robust and the profits of public sector banks in the financial year 2023-24 rose 35 per cent compared to the previous year.
She said that the government’s reforms have made India’s banking sector among the strongest in the world. She mentioned the implementation of laws such as IBC (Insolvency and Bankruptcy Code) in this regard. The non-performing assets of public sector banks are also falling, she pointed out.
In Q4FY24, State Bank of India (SBI), the country’s largest lender, reported a 24 per cent rise in net profit at INR 20,698 crore for the quarter ended on March 31, 2024, aided by strong loan demand. SBI reported a net profit of INR 16,695 crore in the year-ago period.
Life Insurance Corporation of India reported a net profit at INR 13,762 crore for the March quarter of the financial year 2023-24.
In the January-March quarter of the financial year 2023-24, banks reported robust credit growth, with a strong 15-25 per cent growth.