Credit must be given to RBI and Finance Ministry for stable banking system: FM Nirmala Sitharaman
Nirmala Sitharaman on Tuesday said that Indian banks have remained healthy, adding that we can not afford to have struggling banks. The minister was presenting the Banking Laws (Amendment) Bill in the Lok Sabha.
She added that the credit must go to the Reserve Bank of India and the Finance Ministry for the banking system to not have collapsed. «Banks have collapsed in countries having a sound system too,» said Sitharaman.
The finance minister said that the state of banking was different in 2014 and the changes in the last 10 years are being seen. She added that India should be proud as banks are being professionally manages. «Banks do not come to the government to say recapitalise me as they are now capable of raising capital and issue bonds,» she said.
She said that the banks today banks have facilities like internet banking and mobile banking, which is available from Arunachal Pradesh to Rajasthan. «NBFCs gave the last mile connectivity which was not there earlier,» said Sitharaman.
Nationalisation of banks
Sitharaman said that the total branches of scheduled commercial banks have gone up form 3,792 to 1,65,501 in September 2024 from 2014. «Out of this 85,116 branches are Public Sector Banks and are available within five kilometers even in rural branches,» said the finance minister.
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