“Banks in India need to give top Priority to support the growth possibilities in the country . The sector has, no doubt. performed very well in the context of a non supportive global economic environment, but , it needs to show more progress in the coming year” said Union Finance Minister, Shri Arun Jaitley.

Speaking at the 69th AGM of Indian Bank Association ( IBA) in Mumbai.,Union Finance Minister said that the government was making all possible efforts to boost economic growth along with social security in an unprecedented manner through the enactments of various enabling legislations and institutional cum administrative reforms. The decision making process is being made more efficient and responsive . Shri Jaitley said that the world now looks at India a country with a hugely positive outlook .The banking sector should take it as an opportunity for not only its own growth but also make deeper impact on Indias’ growth story.

Shri Jaitley said that Jan Dhan Yojana , a tool of financial inclusion, is being hailed as a path breaking banking effort by not only in India but also by most credible experts at global forums and the launch of GST has demonstrated to the world ,the will of the Indian Government to continue with high impact economic reforms in the country. He said that the deeper participation of Banks is necessary to ensure that process of socio economic growth gets a bigger push in both public and private sector.

Shri Jaitley complimented IBA for in being a partner in India’s growth story since independence . The event was attended by heads of various banks and top executives of Bank of counties besides Ms. Anjuli Chib Duggal, Secretary, Department of Financial Services Government of India ..

Banking support for economic growth: banks must deepen participation in financial inclusion and reform to amplify inclusive growth. Banks should prioritise supporting national economic growth by aligning lending and operations to facilitate socio economic development. The government is implementing enabling legislation and institutional and administrative reforms to improve decision making efficiency; banks are urged to deepen participation in financial inclusion initiatives and coordinate with reform measures so that banking intermediation amplifies inclusive growth across public and private sectors.