Prime Minister Narendra Modi has praised the “remarkable” turnaround in the health of India’s banking sector after net profit crossed Rs 3 lakh crore for the first time in FY24. The net profit of listed public and private sector banks rose 39% to Rs 3.1 lakh crore from Rs 2.2 lakh crore in FY23.

Public sector banks generated a record Rs 1.4 lakh crore in net profit during the year – an increase of 34% over the year-ago period – while private sector banks increased their net profit by 42% to nearly Rs 1.7 lakh crore compared to Rs 1.2 lakh crore a year ago.

In a social media post, Mr. Modi said, that this improvement in the health of banks will help improve credit availability to the poor, farmers and MSMEs.