Wed Dec 04 11:50:47 UTC 2024: ## India’s Public Sector Banks Report Record Profits, FM Sitharaman Announces
**New Delhi** – India’s public sector banks are in robust health, Finance Minister Nirmala Sitharaman declared in the Lok Sabha today. She announced that these banks reported a combined profit of ₹85,520 crore in the first half of the current fiscal year, highlighting their efficient management and independence from government funding.
Sitharaman emphasized the significant transformation of the banking sector since 2014, noting the move towards professional management and the banks’ ability to raise capital independently through bonds and loans. She credited the Reserve Bank of India (RBI) and the Finance Ministry for maintaining the stability of the Indian banking system, contrasting the situation with global banking instability in some countries.
In addition to the profit announcement, the minister introduced and subsequently passed the Banking Laws (Amendment) Bill, 2024. This bill, containing 19 amendments to various banking acts, aims to improve customer convenience and strengthen governance within the sector, particularly concerning nominations and investor protection.
The minister also highlighted the Prime Minister Vidyalakshmi scheme, offering student loans up to ₹7.5 lakh with a 75% credit guarantee, and provisions for higher loan amounts and interest subventions for students from lower-income families.
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