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Finance Minister Urges PSU Banks to Boost Credit Growth, Maintain Profits

  Finance Minister Nirmala Sitharaman, in a meeting with heads of Public Sector Banks (PSBs) on Friday, urged them to leverage the Reserve Bank of India’s recent  50 basis points rate cut  to accelerate lending towards the productive sectors of the economy. Sources reported that the Finance Minister asked PSBs to maintain the profitability momentum in  FY26 , building on their strong performance last year. The cumulative net profit of 12 PSBs surged to  Rs 1.78 lakh crore in FY25 , marking a 26% rise compared to the previous fiscal. In absolute terms, this meant a profit increase of about  Rs 37,100 crore . Sitharaman also emphasised the importance of financial inclusion, directing banks to onboard more customers under government schemes to ensure broader credit outreach. On  June 6 , the RBI’s monetary policy committee, led by Governor Sanjay Malhotra, cut the benchmark repo rate by  50 basis points to 5.5% . The minister highlighted that PSBs sh...
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Blackstone’s ASK to Hire 70 Bankers Amid Surge in India’s Wealth Management Sector

 Blackstone's ASK to hire 70 bankers amid surge in India's wealth sector | Company News - Business Standard

Blackstone Inc.’s ASK Group plans to strengthen its foothold in India’s booming wealth management sector by hiring 70 new private bankers. This expansion will increase the ASK Private Wealth unit’s total banker strength to 175 by March next year, up from about 105 at present, as confirmed by Rajesh Saluja, CEO and co-founder of the business, in an interview this week.
India is witnessing a sharp rise in its wealthy population, driving a surge in demand for wealth management services. This has led to the emergence of several new firms competing to manage these assets, while established players like ASK Private Wealth, Bain Capital-backed 360 One WAM Ltd, and PAG-backed Nuvama Wealth Management Ltd are rapidly expanding their teams to retain market leadership.
Experts believe that the wealth management space in India will see intense competition in the coming years, with firms vying to acquire and retain high-net-worth individual (HNI) clients. Blackstone’s ASK Group aims to capitalise on this rising demand by nearly doubling its team size to cater effectively to the growing client base.

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Finance Minister Urges PSU Banks to Boost Credit Growth, Maintain Profits

  Finance Minister Nirmala Sitharaman, in a meeting with heads of Public Sector Banks (PSBs) on Friday, urged them to leverage the Reserve Bank of India’s recent  50 basis points rate cut  to accelerate lending towards the productive sectors of the economy. Sources reported that the Finance Minister asked PSBs to maintain the profitability momentum in  FY26 , building on their strong performance last year. The cumulative net profit of 12 PSBs surged to  Rs 1.78 lakh crore in FY25 , marking a 26% rise compared to the previous fiscal. In absolute terms, this meant a profit increase of about  Rs 37,100 crore . Sitharaman also emphasised the importance of financial inclusion, directing banks to onboard more customers under government schemes to ensure broader credit outreach. On  June 6 , the RBI’s monetary policy committee, led by Governor Sanjay Malhotra, cut the benchmark repo rate by  50 basis points to 5.5% . The minister highlighted that PSBs sh...
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