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Finance Ministry Asks banks to explore Fintech Partnership

Published on June 27, 2022
Current Context: In order to expand the business, Public sector banks need to explore fintech partnerships and co-lending opportunities as per Finance Ministry.
Finance Ministry Asks banks to explore Fintech Partnership
  • Apart from that lenders were asked to focus on technology and data analytics to push their lending.
  • Besides public sector lenders need to strengthen IT security systems and cybersecurity to check fraud.
  • As per RBI’s latest data, growth in lending by PSBs has improved significantly to 7.8% in March 2022 from 3.6% earlier.
  • In addition to that, banks were asked to expedite non-performing assets (NPAs) resolution and focus on the recovery of bad loans.
  • Earlier, to improve the financial health of PSBs, the government implemented a comprehensive 4Rs strategy -- recognition of NPAs transparently.

Question:

Q.1 As per RBI date the lending in Public sector banks has increased to ________ in March 2022.
a. 3.2%
b. 7.8%
c. 6.1%
d. 5.3%
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