(MENAFN- KNN India) New Delhi, Nov 7 (KNN) Finance Minister Nirmala Sitharaman on Thursday called on banks to reinforce system-driven lending processes and draw lessons from past episodes of stress in the financial sector to ensure discipline in credit deployment.

Speaking at the 12th SBI Banking and Economics Conclave in Mumbai, Sitharaman said,“We have many self-reliant practices which need to be followed.”

She also underlined the role of financial inclusion in achieving the government's vision of Viksit Bharat by 2047, noting that banks and financial institutions had played a key role in expanding access to formal finance.

The minister reiterated the government's intention to build large, globally competitive banks, saying consultations with the Reserve Bank of India (RBI) and industry stakeholders were underway.

“Work has already commenced. We are discussing with the RBI. We are discussing with banks,” she said, reported PTI.

Sitharaman encouraged lenders to expand credit access for industry and expressed confidence that demand buoyed by recent GST rate reductions would help catalyse a robust investment cycle.

Highlighting infrastructure development as a core government priority, she noted that public capital expenditure has risen fivefold over the past decade, supporting long-term economic capacity and growth prospects.

(KNN Bureau)

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