Finance Ministry official touts record growth in Indian banking sector

Agartala: M Nagaraju, Secretary of the Department of Financial Services, recently highlighted the robust health of the Indian banking industry during a trip to Tripura. Speaking in Agartala on May 26, he noted that banks across the public and private sectors are achieving an annual growth rate of 15.90 percent, marking the highest performance in the history of the country's banking system.

Nagaraju also pointed to a significant improvement in asset quality, noting that non-performing assets have fallen to a low of 0.40 percent. This reduction reflects a trend of strengthening financial stability across national institutions.

While in Tripura, the official attended two credit outreach events focused on expanding financial inclusion. These programs resulted in the sanctioning of 604 crore rupees in loans for approximately 8,000 beneficiaries. These funds are intended to support local entrepreneurs and small businesses, aiming to boost economic activity and increase access to formal financial services throughout the state.