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Formalisation Of Economy Would Help India To Sustain 8% Growth, Says FM Arun Jaitley

JAVED SAIFI | 0
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| September 25 , 2018 , 19:50 IST

Finance Minister Arun Jaitley on Tuesday attended the annual review meeting of public sector banks (PSBs) and has asked banks to ensure clean lending and effective action in cases of fraud and wilful default.

Reviewing the performance in the meeting attended by 21 chief executives of PSBs, Jaitley said that the formalisation of the economy would help India to achieve a sustainable growth of around 8 per cent.

In a tweet, Finance Ministry said, "Finance Minister Arun Jaitley exhorted the banks to ensure all steps at their end to ensure clean lending and effective action in cases of fraud and wilful default, to justify the trust reposed in banks. Banks must strive to be seen always as institutions of clean and prudent lending.

"The formalisation of the Indian Economy coupled with inclusive growth through massive financial inclusion has unlocked purchasing power which will drive India’s growth. This should help India sustain a growth rate of around 8 per cent," it added.

Also Read: FM Arun Jaitley Assures Support To NBFCs And SMEs 

Jaitley also said that there is a need to trust the banking system for meeting the needs of the economy and asked banks to, in turn, ensure clean lending to justify the trust reposed in them.

"Banks must strive to be seen always as institutions of clean and prudent lending," he said at the annual review meeting of the public sector banks here.

Jaitley said the Insolvency and Bankruptcy Code (IBC), Goods and Services Tax (GST), demonetization and digital payments had enabled better assessment of financial capacity and risks which, coupled with inclusive growth, had unlocked the purchasing power which would drive India's growth.

Jaitley underscored the need to have trust and confidence in the banking system as a necessary precondition for meeting the needs of the economy.

"With the recent amendment to the Prevention of Corruption Act, there now need not be any apprehension in the minds of bankers in supporting investments that are in the best interests of the economy, the nation and the banks," Jaitley said.

He noted that the perception regarding the health of PSBs had become more positive as banks had posted positive results in terms of resolution, recovery, provisioning and credit growth.

(With Inputs From IANS)

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