Piyush Goyal vows to clean up banking sector

May 17:Interim Finance Minister Piyush Goyal vowed to quickly put on track the banking sector, which has been marred by scandals and bad debts that threaten to have repercussions for the broader economy. Goyal, who was earlier this week given temporary charge of the finance ministry until Arun Jaitley recovers after undergoing a kidney transplant, met heads of public sector banks here on May 17. "We will ensure very orderly growth of the industry and highest levels of probity and accountability that is expected of public sector banks," he said after the meeting.
Goyal, considered a close associate of Jaitley, has not made a big show of getting additional charge of the finance ministry and largely operates from Rail Bhawan. Jaitley, he said, was "recovering very well". "Yesterday I had an occasion to talk to him and take his guidance. He has given me some issues (which) I am following," he said.
Goyal, who is the minister for railways and coal, said the priority is "to ensure that we can quickly get entire banking system on its feet and shed the legacy that was inherited by this government in 2014." The legacy he referred to was apparently the indiscreet loans given under the previous UPA government. Many companies, especially in the power, steel and telecom sectors, have been unable to pay down their debts due to sectoral issues and slowing economy.
To compound the problem, there has been a string of scandals that have come to light over the past couple of months, hurting the image of banks - the heart of the economy. "With the intelligent efforts of all my colleague bankers, lakhs of employees of public sector banks and all the stakeholders of banking system working and under the guidance of RBI, we will ensure very orderly growth of the industry and highest levels of probity and accountability that is expected of public sector banks," Goyal said. He, however, did not elaborate on the steps discussed in the meeting. Agencies
Source: Vishwas News


  
  

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