MUMBAI : Finance Minister Nirmala Sitharaman said on Wednesday that banks will be the catalysts for economic recovery.
“At this stage, the catalysts for economic reactivation, the catalysts that have the pulse of each of its clients, are the banks,” said the finance minister.
He spoke after launching PSB Alliance-Doorstep Banking Services.
The minister further said that banks should introspect their core business and also focus on wellness.
“Do not forget your main activity, which is to lend and withdraw money from it and that is a legitimate activity. You will do it and, furthermore, as a public sector, you will do some things related to welfare as announced by the government.” she said.
He emphasized that even private sector banks will have to contribute to the implementation of government schemes.
He said that all bank staff should know the details of the government schemes that will be implemented through the lenders.
“It is your duty to be aware of the schemes that the government transmits to clients through you. I would like to be sure that your staff at all levels have at least some idea of what the government schemes are being transmitted through. you to the citizens. ” Sitharaman said.
This awareness will make banks more accessible to customers who want to make use of those schemes, he added.
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