Work with state govts to push ‘one district, one product’ agenda: Sitharaman

Finance minister Nirmala Sitharaman called for a simple approach between public sector banks so that exporters are not made to run between one bank to another scouting for a better offer.

Union minister for finance Nirmala Sitharaman said on Wednesday she has requested banks to work with state governments to push the ‘one district, one product’ agenda.

Union finance minister Nirmala Sitharaman interacts with bankers in Mumbai on Wednesday (PTI)

Sitharaman also asked the banks to have regular interaction with export promotion agencies, chambers of commerce and industry to understand and address the requirement of exporters in a timely manner.

Sitharaman, who is on a two-day visit to Mumbai, said there should be some kind of a simple approach between public sector banks so that exporters are not made to run between one bank to another scouting for a better offer, according to news agency PTI.

“The nature of banking is also changing today. We see even from industry inputs that people are able to raise finances even outside of the banking system. After several decades, Independent India has only depended through the banks for funds which businesses would want,” news agency ANI posted on Twitter quoting the finance minister.

The finance minister also met heads of public sector banks (PSBs) to review their financial performance.

“CASA (Current Account Saving Account) deposits are piling up in eastern states. Banks should give facility of greater credit expansion in that region so that the credit flow for business development in that region can be better promoted,” Sitharaman further said.

The finance minister outlined that the industries have come to recognise that they've avenues outside of the banks, while the banks themselves have raised revenues from the markets

Taking a dig at opposition Congress and its Rahul Gandhi, who she claimed alleged that the Centre was selling government assets, Sitharaman clarified that monetization of public assets doesn't mean selling them off. She said their ownership will continue to remain with the Centre.