New Delhi: Finance Minister Arun Jaitley said on Saturday that Indian taxpayers are now making sacrifice for the good health of the Public Sector Banks (PSBs) and its responsibility of the banks to perform and give back to economy.
Addressing the function organised to mark the occasion of the Platinum Jubilee (75th Anniversary of Foundation Day) of UCO Bank in Delhi, Mr Jaitley said that Government has come out with Rs 2.11 lakh crores recapitalising of PSBs at a cost of taxpayers. They have make sacrifices to make the improvement of the Bank’s health so that the economy could gain better results.
He said that strong banking is essential for the strong economy and now, its bank’s responsibility to perform properly and give momentum to the economy. “Lending by banks impacts how growth will move. Credit growth has increased. With capital infusion, credit growth will further increase,” he said.
He said, “When the global economy slowed down, India continued to grow at a steady rate. We continued to grow as the fastest economy for three years. And it will do better as the worldwide commodity prices are regaining their positions.”
Finance Minister Arun Jaitley, “Once the worldwide economy will overcome from the slowdown, Indian economy will further improve and that will be the testing time for the banks where they have to prove themselves. It is a challenge for the banks to bring normalcy in the banking system.”
On the occasion, Finance Minister also launched the mobile app of the bank ‘Ucopay Plus’ which will provide most the services online.
Speaking on the occasion, Financial Services Secretary Rajeev Kumar urged UCO Bank to work on its bad loan problems after the Reserve Bank of India initiated prompt corrective action against it.
Ravi Kishan Takkar, Managing Director and CEO, UCO Bank also assured the government that the bank and its employees are working on the NPA challenges.
