Finance Ministry To Hold Two-Day PSB Manthan And Unlock Next-Gen Reforms
All 12 public sector banks had earned a total profit of Rs 1.41 lakh crore in FY24: Reports
NEW DELHI: The Union finance ministry is likely to hold a two-day PSB Manthan to brainstorm with the top leadership of public sector banks and unlock next-generation reforms, while continuing with the EASE journey. The two-day brainstorming session, beginning September 12, would see participation of top management of public sector banks (PSBs), according to sources.
The last such Manthan was held in April 2022, with the entire leadership of PSBs under the guidance of the Department of Financial Services (DFS) to take Enhanced Access & Service Excellence (EASE) reforms to the next level. The EASE is based on the recommendations made by PSB Whole Time Directors (WTDs) and senior executives in 'PSB Manthan' held in November 2017.
In the last manthan, six working groups were formed to look into the functioning of public sector banks (PSBs) and suggest ways to improve customer service, digitisation, HR incentives, corporate governance and collaboration. The latest round of PSB Manthan would be held in the backdrop of PSU banks' cumulative profit rising to a record level of Rs 1.78 lakh crore in the fiscal year ended March 2025, registering a growth of 26 per cent over the previous year.
All 12 public sector banks had earned a total profit of Rs 1.41 lakh crore in FY24. The year-on-year increase in profit in absolute terms rose by about Rs 37,100 crore in FY25. Out of the total profit of Rs 1,78,364 crore earned during FY25, market leader State Bank of India (SBI) alone contributed over 40 per cent of the total earnings, as per the published numbers on stock exchanges. SBI logged a net profit of Rs 70,901 crore in FY25, 16 per cent higher than the previous fiscal (Rs 61,077 crore).