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Asserting that the fundamentals of many Public Sector Banks (PSBs) have improved in recent months, Rajiv Kumar, Secretary, Department of Financial Services (DFS) on Thursday said he expects some of them to come out of the RBI’s Prompt Corrective Action (PCA) framework this fiscal.
As on date, as many as 11 out of 21 banks are under the central bank’s PCA framework.
Kumar was speaking to reporters after inaugurating Canara Bank’s digital banking branch CANDI in the Capital.
Kumar said that PSBs’ recovery from NPAs have improved in the June quarter, their operating profits have gone up, and their overall asset quality has gone up. Also, provision coverage ratio of banks have reached a healthy level of 63.8 percent, he said.
Kumar also highlighted that credit growth in banking system was up 12.8 per cent in April-June this fiscal.
Meanwhile, Canara Bank Chairman TN Manoharan said that the bank plans to have a CANDI branch (digital banking branch) in each of its 21 circles across the country by March 2019. With the launch of the CANDI branch in Delhi on Thursday, Canara Bank has now four CANDI branches in the country, said Manoharan.
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