Indian Banks Association meeting:Finance Minister Nirmala Sitharaman said – 4 or 5 big banks like SBI are needed in the country, there is still lack of banking facilities in many parts
Finance Minister Nirmala Sitharaman Said At The AGM, Said India Needs 4 5 Big Banks Like SBI, Lack Of Banking Facilities In Many Parts Of The Country
TPN24 Desk 
Finance Minister Nirmala Sitharaman believes that the country not only needs more number of banks but also bigger banks. Speaking at the 74th Annual General Meeting (AGM) of the Indian Banks' Association, he said that the country's economy is moving in a new direction and the way the industry is adapting to new things, many challenges have arisen.
Need 4 or 5 more banks like SBI The
Finance Minister said that India needs 4 or 5 more banks like the State Bank of India (SBI). We need to expand banking to meet the realities that have changed in the backdrop of recent changes in the economy and industry. He said that today the books of the banks are cleaner. In such a situation, they can lift money from the market, this will reduce the burden of recapitalization of banks on the government.
According to the Finance Minister, banks need to be fast-paced. They have to understand the requirement of each unit so that the export target of $400 billion can be achieved. He said the National Asset Restructuring Company should not be called a 'bad bank' as it is called in the US.
Need to adopt the small-scale model in the streets,
he said that in many districts the level of economic activity is very high, but the banking facilities are very less. There they should further improve their efforts to increase their presence. He told the banks that they have the option to decide where they need to establish a banking presence through the small-scale model in the street.
The banking sector changed a lot after Kovid-19 The
Finance Minister said that if we look at the circumstances after Kovid-19, then India's banking sector looks quite unique, which has adopted digitization well. While banks in many countries were unable to reach their customers during the pandemic, the digitization of Indian banks helped us transfer money to small, medium, and large account holders through DBT and digital mechanisms.
Nirmala Sitharaman pays tribute to the bank workers who lost their lives due to Kovid-19. Said that in the time of Corona, it was a big challenge for the bankers to complete the work of the merger of banks. This work happened at a time when the banks were engaged in helping the people of remote areas of the country during the Corona epidemic. "I commend the bankers for ensuring that the merger does not cause any inconvenience to the customers," she said.
