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News:
- Government is committed in ensuring viability and success of every Public Sector Banks(PSBs).
Important facts:
2. Recently, RBI seeks more power, such as ability to appoint and dismiss the heads of PSBs in its reply to Parliamentary standing committee on finance.
3. In its response Minister of Finance said that the government is open to the idea to provide more power to RBI to effectively regulate and manage public sector banks.
4. According to Finance Mister Piyush Goyal, the public’s money is 100% safe and secure in PSBs.
5. Mr Goyal called PSBs as engines which take financial inclusion to grassroots level of the economy.
6. Mr. Goyal also informed that PSBs come up with a plan to take up the credit needs of ‘genuine, deserving, well-performing and good companies.’
- first, PSBs will assess the needs of the firms with borrowings between Rs 200 crore and Rs 2,000 crore.
- then They will take up accounts with borrowings of upto Rs 200 crore, which would cover MSMEs.
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