Fin Min Asks Public Sector Banks To Provide Assistance To Sunrise Sectors

Nirmala Sitharaman asks the public sector banks(PSBs) to provide the necessary help to the sunrise sector as the PSBs are performing well and they can manage to help.

Finance Minister Nirmala Sitharaman, met the heads of public sector banks (PSBs) and reviewed the financial performance and progress made by them in supporting the pandemic-hit economy of the country.

Nirmala Sitharaman took stock of the banking sector and the progress on the restructuring 2.0 scheme announced by the Reserve Bank of India (RBI).

Praising the GST officers for their non-stop attempts during the pandemic and maintain collection thrust at over Rs. 1 Lakh crore per month Nirmala Sitharaman stated that GST collections at Rs 1.10 lakh crore will be the new normal.

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 institutionalizing clean and smart banking.

Among varied topics in her address she mentioned, “Collectively PSBs have done very well. Today they are able to show clear profits. Individually also several banks have done very well. They have shown their position in the market and the ability to advance capital has expanded. Even though PSBs were caught up in extending DBT beneficiaries during the pandemic, the amalgamation work has not suffered and the process has been completed.”

She further added, “Fintech is one sunrise sector which can provide technical help to banks as well as can benefit from help from the banking sector.”