Tribune News Service
New Delhi, January 7
Despite the rising threat of Omicron infections, bankers on Friday expressed confidence over the ability of financial institutions to meet any stress scenarios in future.
It is not time yet to rest on our achievements and that our collective efforts must strive towards supporting sectors that face interruption due to continued onslaught of pandemic — Nirmala Sitharaman, Finance Minister
The public sector banks (PSBs) are adequately capitalised and supported by various policy measures they are prepared to provide the required impetus to the economy for coming out of the pandemic-induced stress, the bankers told Union Finance Minister Nirmala Sitharaman and senior ministry officials during a review meeting here.
The bankers also pointed out the improvement in the repayment culture in the country leading to the PSBs performing well in the recent past.
Sitharaman reviewed the performance of PSBs with their CMDs via virtual mode. The meeting was also attended by Union Minister of State for Finance Bhagwat Kisanrao Karad and Secretary, Department of Financial Services Debasish Panda, along with other senior officials.
Sitharaman assessed various steps taken by the PSBs in implementing pandemic-related measures and their readiness to tackle possible future disruptions.
The Finance Minister said, “It is not time yet to rest on our achievements and that our collective efforts must strive towards supporting sectors that face interruption due to continued onslaught of pandemic,” said an official statement.
The minister noted that the business outlook was improving despite the headwinds from global development and Omicron spread. But, contact-intensive sectors may require more support to help them fight against the pandemic, she added.
The public sector banks recorded net profit of Rs 31,820 crore in FY21, which was the highest in the past five financial years, aided by recovery of Rs 5.50 lakh crore during the past seven fiscal years.
The Finance Minister also thanked the bankers for their extraordinary support right from the onset of the pandemic.
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