New Delhi
Finance Minister Nirmala Sitharaman has advised banks to be more customer-friendly. In a meeting with industry officials on Monday, she said banks need to adopt a policy so that those interested can get loans easily. However, Sitaraman also made it clear that the bank does not have to be flexible in terms of credit underwriting standards with any adverse risk in applying for a loan.
Significantly, the Modi government at the Center is putting special emphasis on startups to bring the economy, which was crippled by the Corona pandemic, back on track. She asked the financial institutions to pay special attention so that the startups do not have any problem in getting loans. During the meeting, Dinesh Kumar Khara, Chairman, State Bank of India (SBI), the country's largest financial institution, assured that there would be no problem for startups' loans if the required documents were in place. He also mentioned the Credit Guarantee Fund Trust of the center for Small and Medium Enterprises. At the meeting, a startup founder drew the attention of the finance minister to the problem of getting a loan.
In the last few years, there have been several major bank frauds in the country. The names of some big industrialists are also involved with it. After Vijay Malia, Nirab Modi, Mehul Choksi, the bank fraud of around Rs. 23,000 crore of ABG Shipyard has come to the fore. Opposition parties have been sharply attacking the Center over the issue. They allege that the country's banking system has completely collapsed under the present central government.
Meanwhile, the amount of non-performing assets (NPAs) in state-owned banks is steadily increasing. As a result, many banks are unable to take risks in lending. As a result, the supply of cash in the market is not going to increase.
Speaking on the occasion, the Finance Minister said, “Banks need to be much more customer friendly. Instead of taking risks, you don't have to take risks, but you have to be much more friendly to your customers.”
Revenue Secretary Tarun Bajaj told the meeting that banks need to be aware of the need to lend more and contribute to economic growth. He also said that the balance sheets of corporate houses are now in good condition. Notably, the young Bajaj has also worked in the Financial Services Department.
Correspondent
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