New Delhi: Finance Minister Nirmala Sitharaman on Monday said that banks need to focus more on being customer-friendly so that the process of getting loans can be easier for borrowers.
However, the Minister made it clear that banks need not be flexible with credit underwriting requirements assuming no downside risk on an offer.Read more: Woman gets Rs 1,500 per hour for watching porn videos for research
According to the Finance Minister, to make the loan process easier for borrowers, banks need to pay more attention to the facilities of their customers. Read more: Post Office Scheme: Invest Rs 417 everyday to become a millionaire, do this
During the day-long meeting, the Finance Minister assessed various topics including credit growth, asset quality, capital needs and financial inclusion under the government’s outreach programs along with the performance of the lenders.
The conference comes at a time when the Reserve Bank of India (RBI) has increased the repo rate – the key interest rate at which it lends money to commercial banks – by 90 basis points from May 4, as the central bank continues to compete. struggle for high inflation without affecting economic growth.
Sitharaman said, “Banks need to become more and more client friendly. However, it should not get to the point of taking adverse risks. You don’t need to take it. However, you should consider the ease of your customers and become more comfortable.’
Commenting on this, SBI Chairman Dinesh Khara said that the digitization effort of the bank is accelerating for the benefit of the customers. With this, customers will get freedom from their banking troubles.