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Public sector banks may surpass 1.30 lakh crore in profits in FY24: Department of Financial Services [Video]

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Small Business Growth

Vivek Joshi, Secretary of the Department of Financial Services (DFS), shared insights into the financial outlook for public sector banks (PSBs), in an interview with CNBC-TV18. The bureaucrat expressed optimism regarding PSB profits, projecting them to potentially exceed ₹1.30 lakh crore in the current fiscal year (FY24).

Joshi deemed the estimated profits for FY24 as “conservative” and anticipates a continuation of this in FY25, with figures likely to mirror the preceding fiscal year. However, he acknowledged potential challenges on the horizon for banks in FY25, citing geopolitical factors that may impact the sector.

One of the concerns highlighted by Joshi is the slower growth in current account savings account (CASA) for PSBs, with a noticeable decline from 41.9% to 40.1% compared to the previous fiscal year, indicating a potential loss of market share to private banks.

In terms of fundraising, Joshi expects PSBs to secure ₹65,000 crore in the financial year FY24. The government has …

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