Department of Financial Services (DFS) Secretary M Nagaraju on Friday advised public sector banks to maintain preparedness amid the ongoing crisis in West Asia and adapt to the evolving global situation, the finance ministry said in a release.
“Banks were advised to maintain preparedness and adaptability to the recent crisis in the Middle East and the evolving global situation,” the release said.
The secretary also assessed the performance of PSU banks and progress across key operational, financial and strategic priorities during FY26.
Aggregate business of PSU banks reached approximately Rs 283.3 trillion as on March 31, while aggregate net profit increased to around Rs 1.98 trillion, recording the highest-ever annual net profit in history, the finance ministry said in the release. Asset quality also remained robust, with the gross non-performing assets (GNPA) ratio reaching a historic low of 1.93 per cent and net non-performing assets (NNPA) declining to 0.39 per cent, reflecting continued strengthening of balance sheets and prudent risk management practices, the release added.
“Progress under major financial inclusion initiatives, including Pradhan Mantri Jan Dhan Yojana, social security schemes, Pradhan Mantri Mudra Yojana, PM Vishwakarma and digital lending initiatives, was also reviewed,” the release said. “Public sector banks continue to play a pivotal role in expanding financial access and strengthening last-mile delivery of banking services across the country.”
The meeting was attended by Sanjay Lohita, special secretary at DFS, other senior officials of DFS, State Bank of India Chairman C S Setty, managing directors and chief executive officers, and executive directors of other PSU banks.