PM Modi Praises PSU Banks For Transforming Banking Sector & Achieving Substantial Profit Growth

Prime Minister Narendra Modi has praised the significant role of Public Sector Undertaking (PSU) banks in transforming the banking sector. In response to a MyGovIndia post on social media platforms, which highlighted the substantial profits of PSU banks, Mr Modi underscored their achievements. According to data from MyGovIndia, the State Bank of India (SBI) reported a profit of more than ten thousand 800 crore rupees in 2013-14, which soared to over 61 thousand crore rupees in 2023-24. Similarly, Bank of Baroda’s profits rose from over four thousand five hundred crore rupees a decade ago to over 17 thousand crore rupees in 2023-24. Other PSU banks have also demonstrated remarkable growth over the past ten years. Apart from this, the Nifty PSU Bank index surged by 82 per cent in the past year, outperforming the BSE Sensex index, which grew by 21 per cent, and the NIFTY 50, which increased by 25 per cent.