<p>
Finance and Corporate Affairs Minister Nirmala Sitharaman said that India requires four or five more big banks like the State Bank of India to boost the economy of the country.</p>
<p>
&ldquo;The way in which the economy is shifting to a different plane altogether, the way in which industry is adapting, so many new challenges keep arising. To address these challenges, we need not just more, but bigger banks,&rdquo; she said while addressing 74th Annual General Meeting of the Indian Banks&rsquo; Association (IBA) in Mumbai.</p>
<p>
<strong>Also read: <a href="https://www.indianarrative.com/economy-news/india-expected-to-grow-at-this-fiscal-year-adb-116430.html">India expected to grow at 10% this fiscal year: ADB</a></strong></p>
<p>
According to the official press statement, the minister also underlined the need for bankers to adapt in line with fast changes in technology. &ldquo;What we think is latest today will be outdated in a year or so, we have to thus acquire resources to constantly update ourselves.&rdquo;</p>
<p>
Thanking the IBA for being able to establish the National Asset Reconstruction Company Ltd. and India Debt Resolution Company Ltd that will be able to restructure and sell the non performing assets, Sitharaman also said that the NARCL is not a bad bank.</p>
<p>
&ldquo;It is a formulation which is intended to clean up banks&#39; assets and dispose of NPAs in a speedy manner. Banks are now able to raise money from the market, hence the burden on govt. to recapitalize banks will be less, this is how we want banks to function &ndash; a lot more professional, with a changed mindset,&rdquo; she said.</p>
The Committee to Protect Journalists (CJP) has urged the Pakistani authorities to "swiftly and impartially…
A total of 179 terrorist incidents were recorded in Khyber Pakhtunkhwa (KP) province of Pakistan…
External Affairs Minister S Jaishankar on Friday met ASEAN Senior Officials in the national capital…
The Taiwan Ministry of National Defence (MND) on Friday said that the country is in…
Several human rights activists and Baloch leaders announced the launch of a social media campaign…
India and the Netherlands held the 12th Foreign Office Consultations (FOC) on Thursday in Hague…