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Public sector banks are stable now after PCA: FM
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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.
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