No Loss of Public Sector Banks in April-December 2021, says the Government

The government says public sector banks have not suffered any losses in April-December 2021

New Delhi:

A public sector bank has not suffered any losses in April-December this year and achieved a net collective profit of Rs 48,874 crore in that period, the government said in Parliament on Tuesday.

“The PSB has not incurred any losses in the current fiscal year until December 31, 2021. Within the aforementioned three quarters of the current fiscal year, all PSBs had a net profit of Rs 48,874 crore,” the State Minister said. Finance Bhagwat Karad said this in a written reply to the Rajya Sabha.

Responding to a query on profits earned by the PSB since 2010, the minister, citing data from the Reserve Bank, said that public sector banks had a net profit of Rs 31,820 crore in 2020-21.

However, between 2015-16 and 2019-20 there were collective losses for five consecutive years.

The highest number of net losses in 2017-18 was 85,370 million, followed by 66,636 million in 2018-19; 25,941 million in 2019-20; 17,993 million in 2015-16 and 11,389 million in 2016-17.

From 2009-10 to 2014-15, PSB made a profit from their books.

Asked if the number of PSB branches has decreased over time, Karad said, “No.”

From March 31, 2010 to March 31, 2021, the number of PSB branches increased by 58,650 (including 13,596 metropolitan and 14,959 suburban branches) to 84,694 (including 16,369 metropolitan and suburban 23,347).

In a response to government steps to encourage customers to take digital payments, Karad said, “Promoting digital payment is one of the government’s priorities to facilitate seamless banking and hassle-free transactions.”

Among the steps the government has taken, the RBI has advised banks to stop charging bank account holders for the transfer of funds through the NEFT system, either as an Internet bank or through mobile banking applications, starting online. January 1, 2020

Also, any charges, including the merchant discount rate, will not apply from January 1, 2020, to payments made by prescribed electronic means, such as a RuPay debit card, BHIM-UPI and BHIM-UPI QR code.

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