Mumbai : Stressing the need for bigger banks in the country, Finance Minister Nirmala Sitharaman stressed the need for bigger banks in the country of the size of SBI to cater the requirements.
While addressing the Annual General Meeting of the Indian Banks Association (IBA), she said that the economy of the country was shifting to a different plane and the way industry is adapting, many new challenges would emerge.
To meet the growing requirements the country need to scale up banking in light of shifting recent realities of economy and industry. She suggested to ponder to make the immediate and long term future of Indian banking .
The banks should also keep on upgrading themselves to provide better services to the customers.
She exhorted IBA to do digitized location-wise mapping of all bank branches for every district of the nation.
As two-thirds of nearly 7.5 lakh panchayats have optical fibre connection, the Finance Minister said that IBA should conduct an exercise to decide where banks should have a physical presence and where they can serve customers even without physical branch.
Sitharaman also stressed for according due priority to customers engaged in exports as it was crucial to achieving exports target.
The export target of the government for
US$ 400 billion within a year can be accomplished only when the banks are going to be nimble. She asked the banks to identify export customers and
understand nature of their business and
the countries to which they are exporting for achieving the target.
She noted that government has set an export target of US$ 2 trillion by 2030, out of which $ 1 trillion is merchandise exports and US$ 1 trillion is service exports.
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