Growth of deposits, advances of PSBs improves to 9.3%, 15.8% in FY23
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Union Minister of State for Finance Bhagwat Kisanrao Karad has said that the growth of deposits and advances of public sector banks (PSBs) has improved from 8.2% and 9.8% in FY2021-22 to 9.3% and 15.8% in FY2022-23, respectively. He stated that the PSBs take all commercial and business-related decisions as per their board approved policies.
The Minister also said that as per the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and 1980, and the State Bank of India Act, 1955, the general superintendence, direction and management of the affairs and business of the PSBs vests in its Board.
Minister also underlined that as per inputs received from PSBs, several steps have been taken by them to address the rising competition in the deposits segment, enhance their ability to generate high-yield advances and strengthen their CASA acquisition, increase coverage of early warning signals and identify high-risk borrowers, and improve operational efficiency and customer experience.
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