SME Times is powered by   
Search News
Just in:   • Goyal urges textile industry to focus on speed, skill and scale  • Goyal reviews the Amended Technology Up-gradation fund Scheme  • Stage set for pvt investment cycle  • Service rendered by govt, not its agency, only exempt from GST  • Cochin Airport ventures into hydropower production 
Last updated: 13 Sep, 2021  

nirmala-sitharamanTHMB.jpg Public sector banks are stable now after PCA: FM

Nirmala Sitharaman
   Top Stories
» Goyal urges textile industry to focus on speed, skill and scale
» Goyal reviews the Amended Technology Up-gradation fund Scheme
» Stage set for pvt investment cycle
» PM interacts with domestic vaccine manufacturers
» Goyal calls for free trade within rules-based multilateral trading system
SME Times News Bureau | 13 Sep, 2021
India's public sector banks are stable now after the prompt corrective actions (PCA) when it was caught in turbulence, said Union Finance Minister Nirmala Sitharaman.

Speaking at the Tamilnad Mercantile Bank's (TMB) centenary celebrations in Tuticorin in Tamil Nadu on Sunday, Sitharaman said prior to 2014, the public sector banks were facing various problems.

The public sector banks were laden with huge non-performing assets (NPA) which was a serious concern for the future of the banking sector itself.

Sitharaman said a problem in the banking sector would impact the entire economic activity.

According to her, the government infused additional capital into public sector banks.

It was then prompt corrective action was taken and the public sector banks are back on the rails now, she said.

Even as the banking sector was in turbulence, TMB was carrying out its business efficiently, Sitharaman added.

Appreciating TMB, which was started as a Nadar community bank in 1921 and now gained universal acceptance, Sitharaman said the way forward is digitisation.

She said technology related solutions take away a lot of other problems. And even without a branch in a place, banking services can be offered now through digitisation.

Referring to TMB's deposit base of Rs 41,000 crore and advance portfolio of Rs 32,000 crore, Sitharaman said: "If that is the rapidity with which you are using the money to make more businesses work, it is possible to be more efficient if you adopt complete technology related solutions."

According to her, using financial technology one can cross populate data and one can assess credit rating which is possible only with digitisation.

According to K.V. Rama Moorthy, MD & CEO, TMB, as a part of their Centenary celebrations, the bank is kick-starting multiple initiatives, starting with the issuance of a special postage stamp and postal cards.
 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 25 Oct, 2021
  Daily Poll
COVID-19 has directly affected your business
 Yes
 No
 Can't say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter