PSBs asked to measure customer service quality – Times of India
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MUMBAI: Public sector banks (PSBs) will be assessed for customer service, which will be measured on the basis of customer service ratings. They will also focus on the younger generation’s banking needs and draw up plans for meeting all-round customer requirements.
Senior officials of the finance ministry, including the minister of state for finance Bhagwat Kishanrao Karad met with the CEOs of public sector banks on Monday for an annual performance review and to set the agenda for the next phase of reforms under EaseNext.
Each public sector bank will sign a memorandum of understanding (MoU) with the finance ministry focusing on performance parameters which will now include their usage of data analytics, tech investment for end-to-end digital systems and strengthening of IT systems. Banks are also expected to collaborate with fintech players for digital transactions and co-lending.
Public sector banks have consolidated the turnaround achieved in FY21 with a 109% increase in net profit. PSBs also reported a 9.8% increase in credit growth. Bank of Maharashtra has reported the highest increase in gross advances, with a credit growth of 25.6%. Its deposit growth at 16% was the highest among PSBs.
Under other performance parameters for FY23, banks have been asked to improve their credit deposit ratio by growing their loan book. They have also been asked to increase their share of low-cost deposits by opening more current accounts.
Senior officials of the finance ministry, including the minister of state for finance Bhagwat Kishanrao Karad met with the CEOs of public sector banks on Monday for an annual performance review and to set the agenda for the next phase of reforms under EaseNext.
Each public sector bank will sign a memorandum of understanding (MoU) with the finance ministry focusing on performance parameters which will now include their usage of data analytics, tech investment for end-to-end digital systems and strengthening of IT systems. Banks are also expected to collaborate with fintech players for digital transactions and co-lending.
Public sector banks have consolidated the turnaround achieved in FY21 with a 109% increase in net profit. PSBs also reported a 9.8% increase in credit growth. Bank of Maharashtra has reported the highest increase in gross advances, with a credit growth of 25.6%. Its deposit growth at 16% was the highest among PSBs.
Under other performance parameters for FY23, banks have been asked to improve their credit deposit ratio by growing their loan book. They have also been asked to increase their share of low-cost deposits by opening more current accounts.
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