Mumbai: Union Finance Minister Nirmala Sitharaman Said on Sunday that many districts of the country lack banking presence despite high level of economic activity in those areas.
Addressing the group banking industry lobby of the Indian Banks’ Association (IBA), Sitharaman asked lenders to step up efforts to deepen presence.
Giving lenders the option to decide which locations need a banking presence through a brick-and-mortar model and where a step-down presence would help, Sitharaman clarified that she is not against digitization and efforts Huh.
He said that the books of the banks are now much cleaner and this will help the government as the recapitalization requirements are reduced.
The finance minister also said that the upcoming National Asset Reconstruction Company should not be called a “bad bank” as it is called in the US.
He said banks should be agile and understand the requirement of each unit to achieve the export target of $400 billion.
Addressing the group banking industry lobby of the Indian Banks’ Association (IBA), Sitharaman asked lenders to step up efforts to deepen presence.
Giving lenders the option to decide which locations need a banking presence through a brick-and-mortar model and where a step-down presence would help, Sitharaman clarified that she is not against digitization and efforts Huh.
He said that the books of the banks are now much cleaner and this will help the government as the recapitalization requirements are reduced.
The finance minister also said that the upcoming National Asset Reconstruction Company should not be called a “bad bank” as it is called in the US.
He said banks should be agile and understand the requirement of each unit to achieve the export target of $400 billion.
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