Union Finance Minister Nirmala Sitharaman has emphasized that the health of banks directly influences overall economy and financial stability of households. Speaking at an event in Mumbai, the Union minister stated that the banks must practice prudence in lending to generate profits while minimizing risks. She cautioned against both over-lending, which can lead to asset quality stress, and under-lending, which can hinder profits and economic growth.
The Finance Minister urged banks to adopt advanced technologies and invest in cybersecurity professionals, who are essential for protecting against cyber threats.
Lauding the financial sector regulators for their world-class performance and increased transparency, the Union Minister emphasised the need to recognize their contributions as also the importance of constructive criticism. She also encouraged banks and financial institutions to participate in the Prime Minister’s internship scheme by providing internships to deserving youth.
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