Bank Deposits in Gujarat Surge 15.42% : SLBC Report

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Bank Deposits in Gujarat Surge 15.42%: SLBC Report

| Updated: June 21, 2024 10:57

The State Level Bankers’ Committee (SLBC) in Gujarat, with Bank of Baroda as the convenor, said that while bank deposits in Gujarat surged to an impressive 12.42 lakh crore During the fiscal year 2023–24, non-performing assets (NPAs) have also witnessed a decline. Gujarat’s banking landscape reflects both growth and resilience While navigating the economic recovery, collaborative efforts need to be stepped up to address emerging challenges and sustain positive trends.

The role of SLBC is to focus on addressing constraints hindering district-level economic development. It plays a pivotal role in coordinating efforts among banks, government agencies, and stakeholders by confirming and ratifying actions initiated.

Gujarat’s gross NPAs in banks declined to Rs. 35,850 crore during the first quarter of FY2024. This represents a significant 16% reduction compared to the corresponding quarter of FY2023. This is a positive indication of improved asset quality, resilience, and adaptability within Gujarat’s banking system. The improved recovery reflects the stringent measures of the Reserve Bank of India (RBI) and continued efforts by banks to sustain the positive trend. The decline in NPA is excellent news from the scary news of 2021, when as many as 71% of loans under Pradhan Mantri MUDRA Yojana (PMMY) were reported to have turned NPA in Gujarat in the year 2020–21.

The Reserve Bank of India defines non-performing assets in India as any advance or loan, where the borrower is not able to repay the installment or service the interest for more than 90 days. When money lent by the Bank ceases to generate income, it becomes NPA. When an account becomes NPA, it reflects not only the economic but also the sociological condition of the borrowing class.. Pradhan Mantri MUDRA Yojana (PMMY) is a scheme for providing loans of up to 10 lakh to small/micro enterprises. Classified as MUDRA loans, it’s aim is to facilitate easy and collateral-free microcredit. Mudra Loan is meant for entrepreneurs with age between 18 and 65 years old without any past loan defaults and with a good repayment history.

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