Need five big banks like SBI in the country ઃ Nirmala

(PTI) Mumbai, Ta. 3

Despite the increase in economic activity in the country, there are still some districts in the country where there are no branches of banks, Finance Minister Nirmala Sitaram said in a statement. He appealed to the banks to open branches in such districts. He further said that the country still needs five big banks like SBI.

Addressing the 9th general meeting of the Indian Banks Association, he said that despite the high level of economic activity in these districts, the banking system is not available.

Sitaram has asked banks to increase their presence in such districts. He said it was up to the banks to open branches or set up outpost units in such districts.

He wondered why banks have not opened their branches in such districts despite the high level of economic activity. It may be mentioned that the policy makers had set a target of having one bank in every village with a population of 2000.

A few years ago, the RBI also adopted a liberal policy of opening branches. He appealed to IBA members to create a digital map to see in which district the bank does not have a branch.