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Finance Minister Nirmala Sitharaman said on Saturday that the problem of ‘twin-balance sheet’ of banks and corporate in the Indian economy has gone away. he/she also added that due to the concerted efforts of the Modi government, the benefits of the ‘twin-balance sheet’ are now reaping. Inaugurating the corporate office of Punjab and Sind Bank here, he/she said that the profit of public sector banks has increased to Rs 1.04 lakh crore in 2022-23, which is three times as compared to 2014. The ‘twin-balance sheet’ problem means that the financial health of banks and corporates will decline at the same time.
The problem ended with the efforts of the government.
In this situation, both the borrower and the lender are under stress. On the other hand, if the borrower is in a position to repay it, then it is a ‘twin-balance sheet’ advantage. Sitharaman said, “I am happy to say that due to various initiatives of the government, the problem of twin-balance sheet has been resolved.
The position of public sector banks strengthened
Now the Reserve Bank believes that the twin-balance sheet is benefiting the Indian economy. ”he/she said that since 2014, the performance of public sector banks has improved due to various initiatives of the Modi government. All key parameters such as return on assets, net interest margin and provision coverage ratio have improved, he/she added.
Profit of banks tripled in nine years
Finance Minister Nirmala Sitharaman on Saturday said that the profit of public sector banks (PSBs) is set to increase to Rs 1.04 lakh crore in 2022-23, which is three times as compared to Rs 36,270 crore in 2014, due to the policies of the government. he/she has highlighted the ‘need to continue with this momentum to give impetus to the economy’. The Union Minister said, “Banks should not sit back and celebrate success. They should adhere to best corporate governance practices, regulatory norms, ensure prudent liquidity management and continue to focus on strong asset-liability and risk management.”
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