Indian banks' net profit exceeded Rs 3 lakh crore in FY24, with public and private sectors contributing Rs 1.4 lakh crore and Rs 1.7 lakh crore, respectively.

Indian banks' net profit surpassed Rs 3 lakh crore for the first time in FY24, according to PM Modi, who praised the banking sector's "remarkable" turnaround. The profit increase, which saw public sector banks contribute Rs 1.4 lakh crore and private sector banks contribute Rs 1.7 lakh crore, surpassed the combined net profit of listed IT services companies. PM Modi attributed the improvement in the health of banks to the government's policies, which helped increase credit availability for the poor, farmers, and MSMEs.

May 19, 2024
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