Banking sector in India should focus on supporting growth: Arun Jaitley

Deeper participation of Banks is necessary to ensure that process of socio economic growth gets a bigger push, said Jaitley

“Banks in India need to give top priority to support the growth possibilities in the country” said Finance Minister, Arun Jaitley. He further added that the sector has, performed very well in the context of a “non supportive global economic environment, but it needs to show more progress in the coming year”.

Speaking at the 69th AGM of Indian Bank Association (IBA) in Mumbai, the FM said that the world now looks at India as a country with a hugely positive outlook. The banking sector should take it as an opportunity for not only its own growth but also make deeper impact on India’s growth story.

 Talking about banks’ role in economic inclusion, Jaitley said, “a tool of financial inclusion, is being hailed as a path breaking banking effort by not only in India but also by most credible experts at global forums and the launch of GST has demonstrated to the world, the will of the Indian Government to continue with high impact economic reforms in the country.” He said that the deeper participation of Banks is necessary to ensure that process of socio economic growth gets a bigger push in both public and private sector.

He further added that the government was making all possible efforts to boost “economic growth along with social security” through various enabling legislations and institutional cum administrative reforms. And the decision making process is being made more efficient and responsive.


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