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The report said that strong demand from textile and cement sectors had improved gross advances to private sector by 7.3 percent on a quarterly basis and 16.4 percent on a yearly basis despite retirement of credit in chemical and pharmaceutical sectors.February 28 report of Moody’s on the banking system’s outlook, says, 9.2 percent of gross advances of the country’s banking industry are non-performing loans (NPLs).
The central bank’s quarterly performance review of the banking sector for the quarter of current fiscal year 2017-18 that ended on 31st December said improving asset quality, stable liquidity, robust solvency and slow pick-up in private sector advances were the key developments during the last quarter of CY17.
The asset base of the banking sector had expanded by 4.5 percent during the quarter.
During past five year period (2010-16), the NPLs relative to gross advances have declined from 15 to 9 percent.
The country’s banking sector witnessed unprecedented growth after 2001 due to low interest rate and product innovation in consumer financing.
Information and Communication Technologies (ICT) have brought about a revolutionary change in the financial sector.
This revolution finds manifestations today in shape of innovative banking products and services such as Automated Teller Machines (ATMs), internet banking, tele-banking and so on.
In this way, they promote the development of agriculture, trade and industry.
It is difficult to see how, in the absence of banks, could small savings be stimulated or even made possible.
The online banking has accelerated financial inclusion gradually changing the financial landscape in the country.
The banking industry, however, faces tough competition unleashed in the global arena.