Jaitley reaches out to banks hoping to boost economic growth

Finance Minister Arun Jaitley, however, said no discussion took place on bank recapitalisation.

By: PTI | New Delhi | Published: June 6, 2016 3:15 pm
arun jaitley, congress, rahul gandhi, BJP, elections 2016, finance minister, FM minister jaitley, india news Union Finance Minister Arun Jaitley. (Express Photo)

Finance Minister Arun Jaitley on Monday said the government will offer three parameters to banks, including empowerment of banks legally, protecting decisions on commercial issues and finding oriented ways to solve problems, to boost economic growth.

Addressing the media after a meeting with the Chief Executive Officers of Public Sector Banks and Financial Institutions on quarterly performance review, he listed a turnaround road map on how banks, presently facing nearly 3.6 lakh crore worth Non-Performing Assets (NPAs), can become part of India’s growth story.

Jaitley said the key discussion topics were credit flow, position of Non-Performing Assets and banks expansion.

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Throwing light on the key challenges faced by the banking sector, he said the banks have a positive approach on the road sector as there is a lot of activity going on in this particular sector, adding the banks feel that many of the steel and infrastructure companies are making a good move in the market.

The Finance Minister, however, said that no discussion took place on bank recapitalisation in today’s meeting.

Earlier on Sunday, Jaitley had said the government is sufficiently empowering the banks to recover their dues but added that they would have to maintain their credit lending facility so that lending for growth continues.

“Banks must also now start supporting growth, which is extremely important,” he added.

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