New Delhi: Minister of Finance Nirmala Sitharaman on Wednesday met with the Head of the Public Sector Bank (PSB) and reviewed the financial performance and progress made by them in supporting the economic-hit economy.
The minister took the banking sector stock and progress in the 2.0 restructuring scheme announced by the Reserve Bank of India (RBI).
Sitharaman also stated the results of the ease of 3.0 (increased access and service excellence) for 2020-21 and launched the convenience of 4.0.
The convenience is the general reform agenda for PSB which aims to institutionalize clean and smart banking.
Here are the important points of the Sitharaman address: * The nature of the banking changes rapidly, the industry is also aware of changes in the requirements of this sector: FM * asks public sector banks to address the need for exporters: FM * Bank has been directed to interact with export promotion agents and with the body Industry and trade so that exporters can be handled on time: FM * Banks have also been directed to interact regularly with the Indian exporters’ federation so that exporters do not have to shuttle between various bankers: FM * with changing times, now the industry has the option to improve Funds even from outside the banking sector: FM * Bank itself maintains funds through various roads.
These new aspects need to be learned to target credit where needed: FM * Sunrise sector requires banking support and we have asked the bank to identity and provide financial assistance needed to them: FM * collectively has been very well done.
Today they can show clear advantages: FM * individually some banks have done it very well.
They have shown that they are now in a position to go to the market to raise money for their growth requirements for their growth: FM * Even though PSB is trapped in expanding the beneficiary of DBT during a pandemic, the work of merger has been suffered and the process is complete.
* All banks are quite blessed and customer service has not suffered even during a pandemic: FM * Fintech is one of the sunrise sectors that can provide technology assistance to the Bank and can benefit from assistance from the banking sector: North Export Needs, FM * Eastern countries need to be maintained individually.
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