TMI BlogThe Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley reviews the Annual Performance of the Public Sector Banks (PSBs) in New DelhiX X X X Extracts X X X X X X X X Extracts X X X X ..... The Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley reviews the Annual Performance of the Public Sector Banks (PSBs) in New Delhi - News and Press Release Dated:- 26-9-2018 - News - The Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley reviews the Annual Performance of the Public Sector Banks (PSBs) in New Delhi; Continued improvement noticed in banking in te ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rms of highest ever recovery in the last Quarter, pick-up in credit growth to 13.5%, growth in MSME lending to 10.5%, the highest Provision Coverage Ratio in over five years, and higher operating profits;. Recovery of ₹ 1,80,000 crore targeted in the remaining part of the Current Financial Year (FY) 2018-19, up from ₹ 74,562 crore in last FY; Mobilising over ₹ 18,500 crore throug ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h monetisation of banks Non-core assets in the current FY for strengthening their capital base;Complete rationalisation of foreign operations of PSBs by March 2019, with closure/consolidation of 57 branches/offices The Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley reviewed the performance of the Public Sector Banks (PSBs) with their Chief Executives and other Whole-time D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irectors in New Delhi. Shri Rajiv Kumar, Secretary, Department of Financial Services (DFS), Ministry of Finance set the agenda for enhanced credit growth, focus on recovery and financial inclusion among others. After highlighting the process systemic reforms under taken, he emphasized the need for structural changes to establish Brand PSB. Shri M.K. Jain, Deputy Governor, RBI also joined the Mee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting. While sharing the regulatory concerns, he pledged all support and encouraged bankers to work in cohesion. The review took note of the continued improvement in banking in terms of highest ever recovery in the last quarter, pick-up in credit growth to 13.5%, growth in MSME lending to 10.5%, the highest Provision Coverage Ratio in over five years, and higher operating profits. After deliber ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ating on how to sustain this momentum, a number of action points were identified for implementation in the remainder part of the current Financial Year (FY) 2018-19. Highlights include: Targeting recovery of ₹ 1,80,000 crore, up from ₹ 74,562 crore in last FY Mobilising over ₹ 18,500 crore through monetisation of banks Non-core assets in the current FY for strengthenin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g their capital base Complete rationalisation of foreign operations of PSBs by March 2019, with closure/consolidation of 57 branches/offices PCA banks would pursue their Quarterly Performance Milestones, including improvement in their lending risk profiles through a 6% reduction in Credit RWA to Advances Ratio and 8% reduction in Cost to Income Ratio. Banks performance was on track during Q ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. Banks would complete action by December 2018 on fraud detection and initiation of action in respect of NPAs with outstanding of above ₹ 50 crore. Banks would put in place by December 2018 effective monitoring, vigil on early warning signals, and timely action before accounts turn NPA. These include- Independence of stock audit from branches Timebound closure of stock audit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... observations Regular review of CIC reports on borrowing entities and promoters Timely settlement / resolution plans before account turns NPA Invocation of personal guarantee before account turns NPA Comprehensive recovery action within Q3: Transfer NPAs above ₹ 50 crore to Stressed Asset Management verticals Integrated case databases for all NPAs, with MI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... S Completion of documentation in DRT and SARFAESI filings Create database of auctionable properties and proactively publicise End-to-end OTS platform for all online offline OTS proposals by March 2019 EASE and financial inclusion efforts are also to be intensified. For EASE, banks were advised to modernise more branches to enable self-service for customers in digital m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ode. The goals set for financial inclusion were as under: Opening Jan Dhan accounts with RuPay cards to cover all adults Coverage of uncovered families under Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana Deployment of Bank Mitras in 8,808 villages, reactivation of Bank Mitras in 5,798 villages, opening of branches in 72 LWE-affected districts and of 12 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4 branches / Business Correspondents in Aspirational Districts by October 2018 Onboarding of PSBs on National Common Mobility Card for One Nation One Card Activation of all 13,639 Aadhaar Enrolment Centres in PSB premises by October 2018 - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... 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