Bank non-performing assets at multi-year low, profits rising: Finance Minister

• The Banking Regulation Bill amends several provisions of five Acts in the banking sector.
• Union Finance Minister Nirmala Sitharaman stated that 19 sections of these Acts would be impacted by the amendments.
• The new legislation aims to improve governance standards, provide consistency in bank reporting to the Reserve Bank of India, ensure better protection for depositors and investors, improve audit quality in public sector banks, and increase the tenure of directors in cooperative banks.
• The government is committed to taking stringent actions against wilful defaulters and has supported 68 lakh street vendors through the PM Svanidhi loan scheme.
• 98% of the 6,01,328 villages in India have a bank or post office with banking facilities.