Prime Minister Modi was happy to see the progress of banking sector in 10 years, net profit up to Rs 3 lakh crore in 2023-24

Business News Desk – On one hand, the world's superpowers are facing the pressure of economic recession, while on the other hand, India's economy is running at a fast pace. Positive signals are being received from rating agencies and IMF regarding India's economy. At the same time, a good news has come out regarding the Indian banking sector. Prime Minister Narendra Modi has tweeted about the changed picture of the Indian banking sector in 10 years.

Banking sector created history
The Indian banking sector has earned a net profit of Rs 3 lakh crore for the first time in the financial year 2023-24. The net profit of public and private sector listed banks increased by 39% to cross Rs 3.1 lakh crore. While the net profit of banks in FY 2023 was Rs 2.2 lakh crore. While private sector banks earned a net profit of Rs 1.4 lakh crore, private sector banks earned a net profit of Rs 1.7 lakh crore.

The picture of Indian banks has changed in 10 years!
While tweeting on the record profits of the banking sector, PM Modi wrote that unprecedented changes have been seen in India's banking sector in the last 10 years. He wrote that before the NDA government came to power, Indian banks were under heavy pressure of NPAs. Indian banks were struggling with huge losses and high NPAs due to the phone-banking policy of the UPA. The doors of banks were closed for the poor. He said that this improvement in the health of Indian banks will help in providing easy loans to the poor, farmers and MSMEs. Let us tell you that now the condition of private sector as well as public sector banks of India has also improved. Net profits of public sector banks have increased.