Banks are catalysts of economic revival: FM Nirmala Sitharaman

Mumbai: Finance Minister Nirmala Sitharaman on Wednesday said banks are going to be the catalysts for economic revival.

"At this stage, the catalysts for economic revival, the catalysts who have the pulse of every one of their customers, are banks," the finance minister said.

She was speaking after launching PSB Alliance-Doorstep Banking Services.


The minister further said banks have to introspect on their core business and also focus on welfare.

"You don't forget your core activity, which is lending and making money out of it and that is a legitimate activity. You will do that and also being public sector, do some things which are welfare related as announced by the government," she said.

She emphasised that even private sector banks will have to contribute towards implementation of government schemes.

She said all bank staffers should know the details of government schemes which are to be implemented through the lenders.

"It is your duty to know about the schemes that the government passes to customers through you. I would want to be sure that your staff at every level has at least some idea of what are the government schemes being passed through you to citizens," Sitharaman said.

This awareness is going to make banks more accessible to customers who want to avail those schemes, she added.