Business

RRBs Profit Surges To A Record ₹7,571 Crore In FY24: Govt To Rajya Sabha

Regional Rural Banks (RRBs) posted a record net profit of ₹7,571 crore in 2023-24, Parliament was informed on Tuesday.

Minister of State for Finance Pankaj Chaudhary said in a written reply to the Rajya Sabha that RRBs have shown steady improvement in financial indicators.

“RRBs have achieved their highest-ever consolidated net profit. They have also improved key financial parameters like CRAR, deposits, advances, NPA, and the credit-to-deposit (CD) ratio,” he said.

The total balance sheet size of RRBs grew from ₹7,04,556 crore in 2021-22 to ₹8,40,080 crore in 2023-24.

Their net NPA declined from 4.7% to 2.4% during the same period. The CD ratio improved from 64.5% to 71.4%.

The government has reviewed RRBs’ financial inclusion efforts.

It assessed their performance under schemes like Pradhan Mantri Jan Dhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, and Atal Pension Yojana.

Chaudhary also highlighted the Centre’s Modified Interest Subvention Scheme (MISS).

Under MISS, the government provides banks with a 1.5% interest subvention for short-term working capital loans up to ₹3 lakh at 7% per annum.

Farmers who repay on time receive a 3% incentive, reducing the effective interest rate to 4%.

In the Union Budget 2025-26, the government announced an increase in the loan limit under MISS from ₹3 lakh to ₹5 lakh for Kisan Credit Card (KCC) loans.

The Jan Samarth portal serves as a one-stop digital platform for 15 government-backed loan and subsidy schemes.

It streamlines loan applications using digital evaluation. Banks and financial institutions have also launched online platforms and mobile apps to speed up loan processing and reduce paperwork.

Also Read: Mumbai Police Deny Kunal Kamra’s Request For More Time; Second Summons To Be Issued

Ajaypal Choudhary

Recent Posts

India Develops Indigenous 32-Bit Microprocessors for Space Missions

India has achieved a significant breakthrough in space technology with the development and deployment of…

22 mins ago

PLI Auto Scheme Boosts India’s Automotive Manufacturing And Global Integration

The Ministry of Heavy Industries has highlighted the Performance-Linked Incentive (PLI) Auto Scheme as a…

37 mins ago

India’s Food Processing Industry Sees Robust Growth Under Make in India Initiative

India’s food processing industry is witnessing impressive growth, largely driven by the government’s Make in…

58 mins ago

UAE Pardons 500 Indian Prisoners: A Milestone In Diplomatic Efforts

In a recent diplomatic achievement, the UAE pardoned 500 Indian prisoners, taking the total number…

2 hours ago

French Embassy Shares Ghibli-Style Image Of Macron & PM Modi; Celebrates Bilateral Ties

The French Embassy in India joined the latest trend by posting a Studio Ghibli-inspired illustration…

3 hours ago

India’s Ports Modernisation Efforts Accelerate Under Maritime India Vision 2030

Ports and Shipping Minister Sarbananda Sonowal informed the Lok Sabha today that the government has…

3 hours ago