Finance Minister Nirmala Sitharaman on Tuesday said that the public sector banks are safe, stable and healthy and have performed "exceptionally well" in recent years earning Rs 85,520 crore profit in the first six months of the current fiscal.

Finance minister Nirmala Sitharaman on Tuesday said the Indian banking system is critical to the growth of the nation and the government in the last 10 years has been extremely cautious so that banks remain stable.

Earlier in the day, FM Nirmala Sitharaman introduced the Banking Laws (Amendment) Bill in the Lok Sabha, emphasizing that the proposed modifications aim to improve customer convenience.

The bill seeks to improve governance and also ensure better protection for depositors and investors, the minister said

Finance Minister Nirmala Sitharaman said on Tuesday that the Banking Laws (Amendment) Bill will strengthen governance in Indian banking sector besides enhancing consumer's and customer's convenience.

Bill, 2024, aims to enhance governance and customer convenience in the banking sector. It proposes amendments to several banking laws, allowing up to four nominees per account, and transferring unclaimed dividends to the IEPF.