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Focus on Core Banking, mobilise deposits & lending funds, FM to Banks

Finance Minister Nirmala Sitharaman has asked banks to focus on ‘core banking’. She said this while addressing the media after holding a meeting with the Central Board of Directors of the Reserve Bank of India in New Delhi on Saturday. She asked banks to prioritise their vital business which is mobilising deposits and lending funds.The Finance Minister noted that the Banking Regulations amendments which the government is bringing in were long awaited. She mentioned that the amendments include important realignments related to the cooperative banking sector. The Minister emphasised that the introduction of nomination provisions is a customer-friendly step, ensuring that customers have the choice to nominate individuals and that nominees can easily claim their rightful entitlements. The Finance Minister highlighted that one of the most significant amendments involves the reporting of data. She added that this act seeks to redefine the reporting dates for banks for regulatory compliance to the 15th and last day of every month instead of the second and fourth Fridays.

RBI governor Shaktikanta Das, who was also present in the meeting said that banks are free to decide rates of interest as he informed that interest rates on deposits and lending are deregulated.
The Banking Laws (Amendment) Bill 2024 was introduced by the Union Minister of State for Finance Pankaj Choudhary in the Lok Sabha yesterday. The bill seeks to amend the Reserve Bank of India Act 1934, the Banking Regulation Act 1949, the State Bank of India Act 1955, the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970 and the Banking Companies (Acquisition and Transfer of Undertaking) Act 1980.

 


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