India’s Finance Minister Stresses Transparency and Risk Management in Public Sector Banks
India’s Finance Minister, Nirmala Sitharaman, has called upon the chiefs of public sector banks (PSBs) to implement a transparent and fair system in identifying bad loans and to instill robust risk management strategies. This appeal was made during a review meeting, in which she underscored the criticality of complying with regulatory frameworks, concentrating on risk management, and diversifying the business base to maintain growth and profitability.
Emphasis on Macroeconomic Trends and Business Sentiments
Sitharaman acknowledged the improvement in macroeconomic trends and business sentiments, despite the challenges posed by international banking sector advancements. She accentuated the necessity for increased credit in rural, agricultural, and sectoral areas to comply with Priority Sector Lending (PSL) norms and targets. A special mention was made towards the support for street vendors through the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme.
Push for Digital Onboarding and Enhanced Customer Service
The Finance Minister also advocated for a special campaign to bring PM SVANidhi…
