Public Sector Banks Boosted by New Banking Laws Amendment Bill

Finance Minister Nirmala Sitharaman announces that public sector banks have thrived, reporting a Rs 85,520 crore profit in recent months. Amendments in the Banking Laws aim to enhance bank governance and investor protection, proposing changes like increased nominee options for account holders and prolonged director tenures.

Finance Minister Nirmala Sitharaman assured the nation on Tuesday that public sector banks are flourishing, having amassed a profit of Rs 85,520 crore in the first half of the current fiscal year.

Addressing the Lok Sabha, Sitharaman emphasized the stability and health of these banks, attributing their success to cautious strategies implemented since 2014.

The Banking Laws (Amendment) Bill, 2024, seeks to modernize governance in the banking sector through an assortment of revisions, including extended directorship tenures and improved investor protections.

(With inputs from agencies.)