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Public Sector Banks with Low Branches and Net Profit; Ministry of Finance figures

New Delhi
In keeping with the Union Finance Ministry, the variety of public sector financial institution branches within the nation has slowed down since 2014. Dr. The figures are within the reply given by the Finance Ministry to a query raised by V Sivadasan MP. In the course of the yr 2013–2014, 1206 City Branches and 2969 Rural Branches have been newly opened. However with Modi’s rise to energy, the numbers have dwindled.

Throughout 2014–2015, solely 1025 city branches and 1916 rural branches have been opened. From 2018, as an alternative of opening branches, the prevailing ones will probably be closed. In 2018, 346 city branches have been closed and in 2019, 135 have been closed. In 2020, 368 city and 105 rural branches have been closed. In 2020 alone, 463 branches have been closed. From thirty first March to thirty first December 2021 515 branches have been closed. He stated it was a harmful pattern to impose unscientific mergers on banks and scale back the variety of branches. V Sivadasan MP identified. Public sector banks’ internet revenue additionally fell sharply. The MP stated in a press release that the figures from the Finance Ministry have been a testomony to the much-hyped Modinomics’ collapse of public sector banks.

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