Tue Dec 03 15:30:34 UTC 2024: ## India’s Public Sector Banks Report Record Profits, FM Sitharaman Announces
**New Delhi, [Date]** – Union Finance Minister Nirmala Sitharaman today announced that India’s public sector banks have recorded a combined profit of ₹85,520 crore in the first half of the current fiscal year. This follows a decade of reforms, she said, emphasizing the sector’s robust health and independence from government funding.
Speaking in the Lok Sabha, Sitharaman highlighted the banks’ ability to raise capital independently through bonds and loans, showcasing their improved financial health and professional management. She contrasted this positive trend with global banking instability in some countries, crediting the Reserve Bank of India (RBI) and the Ministry of Finance for maintaining stability in the Indian banking sector since 2014.
The Finance Minister also used the occasion to introduce and subsequently pass the Banking Laws (Amendment) Bill, 2024. The bill, containing 19 amendments across several banking acts, aims to improve customer convenience and strengthen governance within the sector. Specific improvements include enhanced nomination processes and greater investor protection.
Furthermore, Sitharaman detailed the expansion of the Prime Minister Vidyalakshmi scheme, which now offers education loans up to ₹7.5 lakh with a 75% credit guarantee. Students from households earning up to ₹8 lakh annually can access loans exceeding this amount, with interest subventions available based on income levels. A full interest subvention will be granted to those with annual incomes up to ₹4.5 lakh.
First Piper 