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September 19, 2024 9:36 PM

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Banking sector plays crucial role in making Viksit Bharat by 2047 – Ms Sitharaman

Union Minister of Finance and Corporate Affairs, Ms Nirmala Sitharaman, today said the banking sector will have to play a crucial role in driving the agenda of making India a developed nation by 2047. She was speaking at an event organized in Pune to mark the 90th Foundation Day of the Bank of Maharashtra. The Minister emphasized the importance of supporting the MSME sector and acknowledged the bank’s recent implementation of a ‘Cash Flow-Based Lending’ model, designed to provide tailored assistance to small businesses based on their cash flow and business cycles.
She stressed the need for infrastructure funding, expanding access to formal banking services, and ensuring comprehensive insurance coverage for all citizens. The Minister said public sector banks play a crucial role in taking government insurance schemes to the poorest of the poor.