India Ratings improves outlook for banking sector, forecasts 10% credit growth

India Ratings improves outlook for banking sector, forecasts 10% credit growth

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new Delhi. Leading rating agency India Ratings and Research (Ind-Ra) has upgraded India’s banking sector outlook from ‘Stable’ to ‘Improving’ for 2022-23. The rating agency believes that the country’s banking sector has been helped by better credit demand and strong book-keeping.

The agency has estimated the credit growth of banks to be 10 percent for the next financial year 2022-23. Apart from this, the gross NPA (GNPA) ratio of banks is estimated to be 6.1 percent in the next financial year.

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India Ratings said, “We have improved the overall outlook for the banking sector for the next financial year from stable to improved. At present, the health of the banking sector is at its best in decades. The recovery in the health of banks started in 2019-20 and is expected to continue in 2022-23 as well.

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Banking sector outlook improves due to better credit demand
The rating agency said that important financial parameters of the banking sector will continue to improve. The outlook for the banking sector has improved due to improvement in the books of banks and better credit demand. India Ratings believes that public sector banks will explore growth opportunities in various sectors and they will benefit from debt recovery. His profit is the highest in the last six years.

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