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4w ago

Sitharaman to Meet Public Sector Bank Chiefs After RBI Eases Rates

She will press banks to channel their record Rs1.78 lakh crore profit into productive-sector lending

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Overview

  • Finance Minister Nirmala Sitharaman will meet PSB heads on June 27 to review their FY25 performance and discuss government lending initiatives.
  • The gathering follows the RBI’s June 6 decision to cut the repo rate by 50 basis points to 5.5% and reduce the cash reserve ratio by 100 basis points to 3%.
  • Public sector banks posted a combined net profit of Rs1.78 lakh crore in FY25, marking a 26% increase over the previous year.
  • State Bank of India led PSB earnings with a Rs70,901 crore profit, accounting for over 40% of the total and rising 16% year on year.
  • Discussions will cover boosting credit to productive sectors to support 6.5% GDP growth and progress on schemes from the Kisan Credit Card to Jan Suraksha social security programs.