FM Sitharaman asks PSBs to push deposit drive by taking 'concerted efforts' following RBI's consistent war

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Key Points

Finance Minister Nirmala Sitharaman chaired a meeting in Delhi to review Public Sector Banks' performance..

Sitharaman urged banks to focus on efficient customer service, rural outreach, and increasing credit flow for initiatives like PM Surya Ghar Muft Bijli Yojana..

Collaboration against fraud and cyber risks was also emphasized, along with implementing new credit assessment models for MSMEs.PTIFinance Finance Minister Nirmala Sitharaman reviewed the performance of Public Sector Banks (PSBs) on Monday focusing on key financial parameters such as deposit mobilization, digital payments, cybersecurity, and the implementation of new credit products and schemes...

The report highlighted that in FY23, the banking sector, particularly All Scheduled Commercial Banks (ASCBs), registered the highest absolute growth in both deposits and credit since 1951-52...

Moreover, Das highlighted a shift in household savings, noting that while bank deposits remain the dominant financial asset, their share is declining as households increasingly invest in mutual funds, insurance, and pension funds...

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