FinMin asks PSBs to seek ideas for achieving USD 5-trillion economy

The Finance ministry has asked public sector banks (PSBs) to initiate a month-long consultation process with officers starting from branch level to seek suggestions for achieving a USD 5-trillion economy in five years.

The suggestions emanating from a month-long campaign beginning on Saturday will be used as inputs to prepare a road map for the future growth of the banking sector.

According to a communication by the ministry to the heads of PSBs, it will be a bottom-up consultative process from the branch level onwards which will involve discussions at the branch or regional level, state level and national level.

The consultation process is aimed at aligning the banking sector with national priorities, stimulating ideas and inculcating a sense of involvement among bankers at the branch level, it said.

The campaign envisages not only performance review but synchronisation of banking with region-specific issues and their growth potential.

It also aims to find out role of PSBs as active partners in the Indian growth story for the next five years. The country has set a goal of achieving a USD 5-trillion economy by 2024-25.

It will also find solution for enhanced ease of living making banks more responsive to customers and challenges before banks and their preparedness in areas such as cybersecurity and data analytics.