Finance Minister Arun Jaitley today said banks are heart and soul of country’s economy and the role of banks will increase as India expands and grows.
Addressing Annual General Meeting of Indian Banks Association through video conferencing in New Delhi, Mr Jaitley said, banks support individuals, companies and contribute to nation building.
The Minister stated that the pace of financial inclusion is among the fastest in India. He added that runaway success of Jan Dhan Yojana, Mudra Yojna and marketing of low-cost pension schemes were achieved by Indian banks.
He said purchasing power in India has kept on increasing year after year and macroeconomic factors have remained positive. He stressed on the need to look at India’s economic scenario keeping in mind the global situation.
The Minister elaborated that the challenges being faced, like unpredictability of oil prices, are external. He further said that trade wars is also a challenge even though India is not an active participant.