NEW DELHI: Finance Minister Nirmala Sitharaman said on Saturday that the Indian economy has evolved from a bank-corporate double balance sheet problem to a double balance sheet advantage due to the concerted efforts of banks and corporations Modi government.
profit of public banks increased to 1.04 lakh crore rupees in 2022-23, a tripling from 2014, the minister said as he inaugurated the Punjab & Sind Bank headquarters here.
The double balance problem relates to deterioration financial health of banks and company at the same time.
“Due to various government initiatives, I am pleased to say that the double balance sheet problems have disappeared as the Reserve Bank states that the Indian economy is reaping a benefit from the double balance sheet.” sitharaman called.
The minister said the term ‘twin balance sheet’ had been around for a long time and according to the Reserve Bank the Indian economy is now reaping the benefits of the ‘twin balance sheet’.
She said the performance of public sector banks has improved since 2014 due to various Modi government initiatives. There has been an improvement in all critical parameters such as return on assets, net interest margin and provisioning ratio, she added.
profit of public banks increased to 1.04 lakh crore rupees in 2022-23, a tripling from 2014, the minister said as he inaugurated the Punjab & Sind Bank headquarters here.
The double balance problem relates to deterioration financial health of banks and company at the same time.
“Due to various government initiatives, I am pleased to say that the double balance sheet problems have disappeared as the Reserve Bank states that the Indian economy is reaping a benefit from the double balance sheet.” sitharaman called.
The minister said the term ‘twin balance sheet’ had been around for a long time and according to the Reserve Bank the Indian economy is now reaping the benefits of the ‘twin balance sheet’.
She said the performance of public sector banks has improved since 2014 due to various Modi government initiatives. There has been an improvement in all critical parameters such as return on assets, net interest margin and provisioning ratio, she added.
