NEW DELHI: The consolidated balance sheet of scheduled commercial banks (SCBs) has registered double-digit growth in 2021-22, after a gap of seven years, the Reserve Bank of India said. The RBI on Tuesday released a report on ‘Trend and Progress of Banking in India 2021-22’, saying the double-digit improvement was led by credit growth.
Further, the report said credit growth accelerated to a 10-year high in the first half of the current financial year 2022-23 (April-March). “The gross non-performing assets (GNPA) ratio of SCBs has been declining sequentially from its peak in 2017-18 to reach 5.8 per cent at end-March 2022, led by lower slippages as well as reduction in outstanding GNPAs”, the RBI said.
Also, the report said an acceleration in income and a contraction in expenditure boosted the profitability of such banks in 2021-22. Moreover, about Non-Banking Financial Companies, the report said the sector maintained comfortable liquidity buffers, adequate provisioning and a strong capital position during 2021-22, while asset quality also improved. (ANI)