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- Finance Ministry has planned to closely monitor Public sector banks (PSBs) achievements on 16 key performance indicators (KPIs) at the branch, region, State and national level.
- This step was taken in the backdrop of PSBs market share declining while that of private banks is rising.PSBs accounted for 63% of the outstanding credit of scheduled commercial banks against 67% as of June-end 2017.
- The fall comes in the backdrop of these banks facing asset quality issues since 2015.Further,Non-Banking Financial Companies(NBFCs) are also borrowing from banks and are able to attract customers in spite of higher interest rates.
- The 16 KPIs includes indicators such as Credit for infrastructure, Farm sector, Blue economy, Housing, MSMEs, Stand-Up India scheme, Education, Exports, Green economy, Cleanliness activities, Financial inclusion and women’s empowerment among others.
- The banks will then be benchmarked against the 18 PSBs’ average.If found lagging,specific action will be taken after consultation at various levels to improve their performance.
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