Finance Minister Nirmala Sitharaman
Finance Minister Nirmala Sitharaman on Thursday said officials of regional rural banks should strengthen their local contacts to fulfil the resolve of a developed India. She also called upon all bank officials to work in coordination to provide benefits to common people through government schemes.
The Minister of Finance gave this order.
She was chairing the review meeting of regional rural banks (RRBs) of the central-western region in Udaipur. According to the official statement, Sitharaman told the meeting that RRB officials should strengthen their local contacts to fulfil a developed India’s resolve to increase banking access.
Banks will have to work like this
He called on all bank officials to work in coordination to provide benefits to the people through government schemes. The president of the Regional Rural Banks of the Central-Western region and the general directors of their sponsoring banks participated in this review meeting.
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According to the statement, the meeting included discussions to prepare an effective action plan to address the challenges faced by banks and also reviewed the annual action plan and progress of banks during the last financial year. Department of Financial Services Secretary M Nagaraju, Additional Secretary MP Tangirala and Reserve Bank of India (RBI) Executive Director Jayant Kumar Das were also present at the meeting.
Banks should take advantage of this RBI relaxation
Let us tell you that earlier this week, the Finance Minister held a performance review meeting with the heads of public sector banks (PSBs) and asked them to improve deposit growth. Over the last few months, loan growth has been 3-4 per cent lower than deposit growth, creating an asset-liability imbalance for banks. Sitharaman had then said that the Reserve Bank of India (RBI) had given freedom to banks in terms of interest rates and by using this freedom they should make deposits more attractive.
