India needs more SBI sized banks: FM Sitharaman

Nirmala Sitharaman addresses the 74th Annual General Meeting of the banking industry lobby grouping Indian Banks' Association

 

Nirmala Sitharaman, the Finance Minister of India said on Sunday that several districts in the country are lacking the banking presence.

 

Despite, the economic activity was happening at high levels in those regions.

 

Sitharaman was addressing in the 74th Annual General Meeting of the banking industry lobby grouping Indian Banks' Association.

 

Finance Minister said, to serve the growing needs of India in order to make a smart recovery after a interference created by Covid-19 pandemic.

 

She further asked the lenders to boost the efforts of deepening their presence across the nation.

 

Sitharaman stated that since banks'' books are much cleaner which will assist the government as the recapitalisation requirements declines.

 

Sitharaman further added the coming National Asset Reconstruction Company should not be called a "bad bank" as it is called in the United States of America.

 

The Indian Finance Minister Nirmala Sitharaman said that banks need to be quick and should understand every unit's need to achieve the USD 400 billion exports goal.

India Scanner News Network

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