Finance Minister Nirmala Sitharaman said on Saturday that the Indian economy has moved away from the twin-balance sheet problem of banks and corporates to twin-balance sheet advantage because of the concerted efforts of the Modi government.
Profit of public sector banks increased to Rs 1.04 lakh crore in 2022-23, tripling from what it was in 2014, the minister said while inaugurating the corporate office of Punjab & Sind Bank here.
The twin-balance sheet problem refers to deterioration in financial health of banks and corporates at the same time.
"As a result (of various initiatives of the government) I'm glad to say the problems of twin-balance sheets have gone away like the Reserve Bank observing it is a twin-balance sheet advantage that the Indian economy is benefiting from,", Sitharaman said.
The minister said the term twin-balance sheet was heard after a long time and according to the Reserve Bank, the Indian economy is now benefiting from the twin-balance sheet ...