State Bank of India and other public sector lenders on Sunday completed the first round of bottom-up ideation exercise for further streamlining the banking sector to help the nation become a USD 5-trillion economy in five years.
Banks embarked on a month-long campaign beginning Saturday on the direction of Department of Financial Services, Ministry of Finance with the aim to generate suggestions and ideas from the branch level for preparing a road map for the future growth of the banking sector.
The move by the Finance Ministry is aimed at re-invigorating sagging economy in which banking sector has important role to play especially in boosting consumption through higher credit flow to the productive sectors.
Some suggestion were with regard to government and regulators which will be taken up at later stage of the exercise, he said, adding, all these suggestions will be collated over the next week and will be placed at the state-level meeting.
Gupta further said, the primary objective of this meeting was to identify and finalise ways and means to increase credit to various sectors of the economy, enhance the use of technology to bring about innovation.
