Nirmala Sitharaman said – Banks should be more customer friendly, there should be no relaxation in credit standards

Nirmala Sitharaman said – Banks should be more customer friendly, there should be no relaxation in credit standards

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new Delhi. Union Finance Minister Nirmala Sitharaman said on Monday that banks should pay more attention to the facilities of the customers so that the process can be made easier for the borrowers. However, the Finance Minister made it clear that banks should not take any laxity in the matter of Credit Underwriting Standards for giving loans to customers.

In a meeting between industry representatives and the Finance Minister, a startup founder related to the banking business suggested a hassle-free loan. On this, SBI Chairman Dinesh Kumar Khara said that the concern of the startup is more equity and he assured to give loan if there is enough equity.

Later, he also referred to the Government’s Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE). To this, Sitharaman said that the woman asking the question is running an innovative enterprise. He gave some suggestions for the banking community and also talked about their stand.

Need to take care of customer’s convenience
The Finance Minister said, “Banks need to become more and more customer friendly. But it should not be to the extent of taking adverse risks. You don’t need to take it. But you need to keep in mind the convenience of the customers and be as friendly as possible.

Khara said that the process of digitization is increasing in the bank and the whole process is being digitized. This will make things easier. He said that the bank will be completely digital in the next two months. Given the reliable cash flows, the growth of credit to small business segments can reach the personal loan figure.

Now the balance sheet of companies is in better shape
Revenue secretary Tarun Bajaj, who has also worked in the Department of Financial Services, said banks need to be aware of the need to lend more and support economic growth. He said that the balance sheets of the companies are now in a better position.

Tags: bank, Nirmala sitharaman

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