Canara Bank was top lender to public sector cos in FY23

Canara Bank was top lender to public sector cos in FY23: Finance Minister Nirmala Sitharaman informed Parliament that during the fiscal year 2022-23, Public Sector Banks (PSBs) extended loans amounting to ₹4.12 trillion to state-backed corporations and public sector undertakings.

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Responding to questions by member of parliament, Velusamy P, Sitharaman informed the Lok Sabha that Canara Bank led the lending during 2022-23 to government backed entities at ₹187,813 crore during the recently concluded fiscal year, followed by Punjab National Bank ( ₹70,142.5 crore), State Bank of India ( ₹66,523.2 crore), Bank of India ( ₹25,147 crore), Bank of Baroda ( ₹15,706.8 crore), Union Bank of India ( ₹12,584.8 crore), Bank of Maharashtra ( ₹10,822.7 crore), Indian Bank ( ₹9,021 crore), Indian Overseas Bank ( ₹7,490 crore), Central Bank of India ( ₹3,949 crore), UCO Bank ( ₹2,939.4 crore), Punjab and Sind Bank ( ₹87.7 crore).

Canara Bank took the lead in lending ₹187,813 crore to government-backed entities.

The top five PSBs – Canara Bank, State Bank of India, Punjab National Bank, Bank of Baroda, Canara Bank and Union Bank of India.

Meanwhile, the finance minister informed the Lok Sabha that public sector banks (PSBs) will have to take steps to adopt a focused approach on ease of service delivery and customer protection, follow regulatory norms, adopt robust risk management practices, focus on increasing rural, agriculture and sectoral credit to meet the Priority Sector Lending targets.