Finance Minister Nirmala Sitharaman Addressing the 74th Annual General Meeting on Sunday Indian Banks Association (IBA) Banks will benefit from a vibrant economy going forward, however, India needs not only more but bigger lenders to meet the changing requirements due to the new challenges that have emerged recently.
According to Sitharaman, the way the economy is shifting to a different plane altogether and the way the industry is adapting, many new challenges have emerged. It emerged that India not only needed more, but bigger banks,” Sitharaman said. We need 4-5 more SBIs in this country,” she said.
A few days back, Finance Minister Nirmala Sitharaman announced the setting up of National Asset Reconstruction Company Limited (NARCL), mandated to resolve India’s bad debt crisis within five years, after which the government would issue a guarantee. will end. The cabinet had approved a government guarantee of Rs 30,600 crore for security receipts issued by NARCL to buy bad loans of lenders.
Highlighting NARCL, Sitharaman thanked the Indian Banks Association for setting up the National Asset Reconstruction Company Limited (NARCL). He further said that NARCL is not a “bad bank” as in the United States, as it is purely bank operated.
He also highlighted the need to scale up banking to meet the changing requirements in the light of the recent changing realities of the economy and industry.
“The long-term future of Indian banking is going to be largely driven by digital processes. Beyond amalgamated banks, different banks which are not amalgamated, the system of different banks should be in such a way that they are able to talk to each other,” she said.
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