Political News

Finance Ministry asks banks to seek ideas from branches

The Union Finance Ministry has urged public sector banks to start a month-long consultation process with officers starting from branch level to seek suggestions for achieving a US$ 5 trillion economy in five years.

As per a communication by the ministry to the heads of PSBs, it will be a bottom-up consultative process from the branch level onwards which will involve discussions at the branch or regional level, state level and national level.

It said the consultation process is aimed at aligning the banking sector with national priorities, stimulating ideas and inculcating a sense of involvement among bankers at the branch level.

According to the communication, the campaign envisages not only performance review but synchronisation of banking with region-specific issues and their growth potential.

It also aims to find out role of PSBs as active partners in the Indian growth story for the next five years. The country has set a goal of achieving a USD 5-trillion economy by 2024-25.

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