Close X
Wednesday, November 27, 2024
ADVT 
India

FM Sitharaman tells bank chiefs to step up growth rate of deposits

Darpan News Desk IANS, 19 Aug, 2024 03:56 PM
  • FM Sitharaman tells bank chiefs to step up growth rate of deposits

New Delhi, Aug 19 (IANS) Finance Minister Nirmala Sitharaman, at a review meeting held on Monday, asked the chiefs of public sector banks to accelerate the growth rate of their deposits to match the quicker pace at which the credit is growing.

The growth rate of deposits is 3 to 4 per cent slower than the pace at which credit is growing in recent months which is seen as posing a risk of asset-liability mismatch in the banking system.

According to sources, the Finance Minister reviewed the financial performance of banks and progress made in the implementation of various social welfare schemes of the government such as the PM Vishwakarma Yojana, PM Awas Yojana, PM Surya Ghar Muft Bijli Yojana.

FM Sitharaman also took stock of the status of non-performing assets of the banks and the efforts made in the recovery process.

The Finance Minister is keen that banks raise more deposits from the public and step up lending for government schemes announced in Budget 2024-25.

Addressing the media after a post-budget meeting with the RBI’s Central Board of Directors earlier this month, the Finance Minister said that banks must focus on the core business of raising deposits and lending.

She pointed out that the RBI has given enough liberty to banks on fixing interest rates and they should come out with innovative portfolios to attract deposits so that more funds are available for lending to spur economic growth and create more jobs.

She said while investors were increasingly turning to the stock markets, banks also needed to come up with schemes to attract more deposits.

The finance minister further stated that instead of focusing only on big deposits, banks with their vast network of branches must focus on raising smaller deposits which come in “trickles” but are the “bread and butter” of the banking system.

MORE India ARTICLES

Inaugural Punjab Hockey League to begin on June 29

Inaugural Punjab Hockey League to begin on June 29
Matches are scheduled to take place at prominent venues such as the Olympian Surjit Singh Hockey Stadium in Jalandhar, the Balbir Singh Sr. International Hockey Stadium in Mohali, Olympian Prithipal Singh Hockey Stadium in Ludhiana and Namdhari Hockey Stadium, Jiwan Nagar, with each match hosted by one of the participating teams.

Inaugural Punjab Hockey League to begin on June 29

AAP caused terrible fractures to Punjab's health services: Bajwa

AAP caused terrible fractures to Punjab's health services: Bajwa
Punjab Leader of the Opposition, Partap Singh Bajwa, on Thursday slammed the Aam Aadmi Party-led state government for causing irreparable damage to the healthcare system of the state. Citing a news report, Bajwa said six doctors posted in government hospitals have resigned in less than two months in Bathinda.

AAP caused terrible fractures to Punjab's health services: Bajwa

Three associates of gangsters Bishnoi, Goldy Brar arrested in Punjab

Three associates of gangsters Bishnoi, Goldy Brar arrested in Punjab
Punjab Police have averted possible target killings with the arrest of three shooters associated with gangsters Lawrence Bishnoi and Goldy Brar, Director General of Police Gaurav Yadav said on Thursday. Those arrested have been identified as Karandeep Singh, alias Kannu, Raghuveer Singh and Kulwinder Singh, alias Bittu.

Three associates of gangsters Bishnoi, Goldy Brar arrested in Punjab

Punjab Police destroy 83 kg heroin, 10,000 kg poppy husk

Punjab Police destroy 83 kg heroin, 10,000 kg poppy husk
The Punjab Police on Wednesday destroyed over 83 kg heroin, 10,000 kg poppy husk, 100 kg ganja, 4.52 lakh pills and capsules at 10 locations in the state, marking the International Day against Drug Abuse and Illicit Trafficking.

Punjab Police destroy 83 kg heroin, 10,000 kg poppy husk

Boundaries of three Uttar Pradesh cities to be expanded: Official

Boundaries of three Uttar Pradesh cities to be expanded: Official
The Yogi Adityanath government in Uttar Pradesh has decided to expand the boundaries of the state's three big cities -- Varanasi, Gorakhpur and Prayagraj, an official said. According to a government spokesperson, a number of villages will be included in the Development Authorities of these cities.

Boundaries of three Uttar Pradesh cities to be expanded: Official

Weddings now $130 bn industry in India, a family spending over Rs 12 lakh on average

Weddings now $130 bn industry in India, a family spending over Rs 12 lakh on average
Touted as the largest wedding destination worldwide, at least 80 lakh to 1 crore weddings are happening in the country every year.

Weddings now $130 bn industry in India, a family spending over Rs 12 lakh on average