Current context: The Finance Ministry has taken an initiative to seek feedback on several issues from the PSBs (Public Sector Banks) and to prepare a roadmap for the coming years.
a. Core Investment Companies
b. NBFCs
c. Public Sector Banks
d. Credit Rating Agencies
- The ministry has asked banks to align themselves to the national priorities and involve all their approximately 1 lakh branches in the exercise.
- Some of the national priorities to which banks need to align include Jal Shakti Mission, doubling farm income, housing for all, ease of living, corporate social responsibility, education loans, and financial inclusion.
- The State-level Bankers’ Committee will discuss the issues received from the feedback and it will be followed by a national-level interaction in September.
- A similar exercise was conducted by the Union Bank of India on areas of enhancing credit to small businesses, doubling farmers’ income etc.
- The exercise, termed as “bottom-up consultative process” for PSBs, will also provide a direction to the banks for the next five years.
Question:
Q.1 The “bottom-up consultative process” was an initiative of Finance Ministry to take feedbacks from?a. Core Investment Companies
b. NBFCs
c. Public Sector Banks
d. Credit Rating Agencies
