Finance minister asks public sector banks to provide assistance to sunrise sectors: Key points – Times of India
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NEW DELHI: Finance minister Nirmala Sitharaman on Wednesday met the heads of public sector banks (PSBs) and reviewed the financial performance and progress made by them in supporting the pandemic-hit economy.
The minister took stock of the banking sector and progress on the restructuring 2.0 scheme announced by the Reserve Bank of India (RBI).
Sitharaman also declared the results of Ease 3.0 (Enhanced Access and Service Excellence) Index for 2020-21 and launched the Ease 4.0.
Ease is a common reform agenda for PSBs aimed at institutionalising clean and smart banking.
Here are the key points from Sitharaman’s address:
* Nature of banking is changing rapidly, industry has also realised the changing requirements of the sector: FM
* Requested the public sector banks to address the needs of exporters: FM
* Banks have been directed to interact with Export Promotion Agencies as well as with bodies of industry and commerce so the requirements of exporters can be timely well-addressed: FM
* Banks have been also been directed to interact regularly with Federation of Indian Exporters Organisation so the exporters don’t have to shuttle between various bankers: FM
* With changed times, now industries have option of raising funds even from outside banking sector: FM
* Banks themselves are raising funds through various avenues. These new aspects need to be studied to target credit where it is needed: FM
* Sunrise sectors need banking support and we have asked banks to identity and provide the requisite financial assistance to them: FM
* Collectively PSBs have done very well. Today they are able to show clear profits: FM
* Individually also several banks have done very well. They have shown that they are now in a position to go to the market to raise money for their growth capital requirements: FM
* Even though PSBs were caught up in extending DBT beneficiaries during pandemic, the amalgamation work has not suffered and the process has been completed.
* All banks are sufficiently endowed and customer service has not suffered even during the pandemic: FM
* Fintech is one sunrise sector which can provide technological help to banks as well as can benefit from help from banking sector: FM
* Logistics, export needs of North Eastern states needs to be looked after individually. As Prime Minister has suggested banks need to cater to demand of organic fruit sector of North east, market reach for north eastern products: FM
The minister took stock of the banking sector and progress on the restructuring 2.0 scheme announced by the Reserve Bank of India (RBI).
Sitharaman also declared the results of Ease 3.0 (Enhanced Access and Service Excellence) Index for 2020-21 and launched the Ease 4.0.
Ease is a common reform agenda for PSBs aimed at institutionalising clean and smart banking.
Here are the key points from Sitharaman’s address:
* Nature of banking is changing rapidly, industry has also realised the changing requirements of the sector: FM
* Requested the public sector banks to address the needs of exporters: FM
* Banks have been directed to interact with Export Promotion Agencies as well as with bodies of industry and commerce so the requirements of exporters can be timely well-addressed: FM
* Banks have been also been directed to interact regularly with Federation of Indian Exporters Organisation so the exporters don’t have to shuttle between various bankers: FM
* With changed times, now industries have option of raising funds even from outside banking sector: FM
* Banks themselves are raising funds through various avenues. These new aspects need to be studied to target credit where it is needed: FM
* Sunrise sectors need banking support and we have asked banks to identity and provide the requisite financial assistance to them: FM
* Collectively PSBs have done very well. Today they are able to show clear profits: FM
* Individually also several banks have done very well. They have shown that they are now in a position to go to the market to raise money for their growth capital requirements: FM
* Even though PSBs were caught up in extending DBT beneficiaries during pandemic, the amalgamation work has not suffered and the process has been completed.
* All banks are sufficiently endowed and customer service has not suffered even during the pandemic: FM
* Fintech is one sunrise sector which can provide technological help to banks as well as can benefit from help from banking sector: FM
* Logistics, export needs of North Eastern states needs to be looked after individually. As Prime Minister has suggested banks need to cater to demand of organic fruit sector of North east, market reach for north eastern products: FM
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