Significant announcements for banking and finance in Budget 2022: SBI chairman

The introduction of the central bank digital currency, digital banking push, amendments to strengthen the bankruptcy law, and more credit lines for small businesses, were among key focus areas for the banking sector in Union Budget 2022.

While presenting her fourth budget, Finance Minister Nirmala Sitharaman said the Union budget has been made to ensure the development of every sector keeping in mind the vision for the next 25 years.

State Bank of India (SBI) chairman Dinesh Kumar Khara said that there were significant announcements for banking and finance in this years’ Budget.

“On the banking and finance side, the announcements are significant. The budget proposes to set up 75 Digital Banking Units (DBUs) in 75 districts of the country by Scheduled Commercial Banks. This proposal is in sync with our ongoing digital banking initiatives. The most significant announcement of the budget is higher allocation to Capital expenditure and extension of ECLGS – particularly the specific support to hospitality & related sectors. The Budget is a very well-crafted statement of intent, drawing from the experience and enhancing growth prospects of India in post COVID world.”said SBI chairman.

He further added that the budget continues to strike a balance between the challenges posed by the recurring COVID-19 waves and the need to contain the economic damage due to pandemic. The budget achieves this delicate balance quite well. “The emphasis going forward is on seven parallel tracks – PM GatiShakti, Inclusive Development, Productivity Enhancement & Investment, Sunrise Opportunities, Energy Transition and Climate Action and Financing of Investments,” SBI chairman said.

However, no mention was made on promises of privatisation of public sector banks (PSUs) announced by FM Sitharaman in the last budget.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.


Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Source link

Leave a Comment

Your email address will not be published. Required fields are marked *

%d bloggers like this: