Reforming the banking system

27 JUN,2022 | MEDC


The government recently took stock of credit growth and the performance of public sector banks (PSBs) in a bid to reform the domestic banking system. Banks have been asked to put up branches in unbanked villages across the country and PSBs have been asked to expedite the resolution of NPAs. Finance ministry officials have taken note of the NPAs of PSBs of over Rs 100 crore and evaluated their capital raising plans as well as efforts to improve investor relations. The progress made by PSBs on setting up 75 digital banking units, as announced by the Finance Minister in the Union Budget, was also looked at. India needs comprehensive banking sector reform, especially pertaining to PSBs. This will constitute an important milestone in the emergence of financial state capacity in India, which will, ultimately, have a range of positive implications on the growth of every other sector in our economy.

 

*Picture Credit: Google

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