India needs major banks to meet economic shift: Finance Minister

27 Sep 2021 CW Team

As the economy shifts to a different plane altogether, India will require more large lenders, such as the State Bank of India (SBI), said Finance Minister Nirmala Sitharaman on Sunday, keeping the government's message that Covid-19 vaccinations are leading to national recovery.

Sitharaman told the Indian Banks' Association (IBA) in Mumbai that they need to scale up banking to meet changing needs in light of recent economic and industry realities.

Sitharaman said that many new challenges have arisen as a result of the economy's shift to a different plane and the way the industry is adapting. It became clear that India requires not only more, but also larger banks.

Four or five additional banks, such as the State Bank of India (SBI), are required in India . In light of the recent shifting realities of the economy and industry, they need to scale up banking to meet changing requirements.

The National Asset Reconstruction Company Limited (NARCL), which received cabinet approval 10 days ago, is not a bad bank.

Nirmala Sitharaman, the Finance Minister, announced on Thursday a formal government guarantee on the securities receipts that the planned bad bank will issue to banks as it takes on non-performing assets from their books.

Sitharaman informed that the government will provide a guarantee of Rs 30,600 crore.

In Budget 2021-22, the Finance Minister said that the high level of provisioning by public sector banks for their stressed assets necessitates measures to clean up the bank books. The warranty will last for five years.

Image Source

Also read: Govt draws roadmap to make India a $1 trillion digital economy

Infrastructure Transport

06 May 2026

Pune To Build Nine Km Link Road Between Highways

The Pune Municipal Corporation (PMC) has decided to appoint an expert to plan the development of a nine km long, 60 metre wide road from Khadi Machine chowk to Wadki chowk as an extension to the Katraj-Kondhwa road to link the Mumbai-Satara and Pune-Solapur national highways. The scheme is intended to divert heavy vehicle traffic away from the city and improve access between the two arterial routes. The project has been prioritised by the PMC and forms part of a larger set of schemes in which 19 roads have been identified for development at a combined cost of Rs 9.82 billion (bn) to address c..

Barabanki Bahraich Six Lane Highway Approved in Uttar Pradesh

The Uttar Pradesh government has approved construction of a new six-lane highway linking Barabanki and Bahraich as part of National Highway 927, and the cabinet has cleared the project. The alignment will pass through Mustafabad and Kaiserganj and extend for about 101.5 km, creating a key corridor for local and long-distance movement. The National Highways Authority of India will oversee the work and has signalled the scheme is intended to strengthen regional connectivity and cross-border access to Nepal. The project carries an estimated total cost of Rs 69,690 million, equivalent to Rs 69.69..

Toll At Kharegaon Likely As Highway Upgrade Nears Completion

A section of the highway at Kharegaon has undergone an upgrade and is approaching completion, and authorities have indicated plans for a toll to be introduced once works finish. The project has focused on strengthening the carriageway, improving drainage and upgrading intersections to enhance safety and capacity. Officials have said the toll will be used to recover construction costs and fund ongoing maintenance. The upgrade included resurfacing of the pavement, widening of certain stretches and installation of modern signage and lighting to reduce accident risk. Contractors completed most ma..