By TIOL News Service

NEW DELHI, NOV 20, 2014: THE Union Finance Minister, Mr Arun Jaitley, said that the Government has taken steps to streamline the process of appointment of Chief Executive Officers (CEOs) and Executive Directors (EDs) of the Public Sector Banks(PSBs) to introduce objectivity in the process. This will play a major role in making them a professional organisation, he added. Mr Jaitley said that the functioning of Public Sector Banks (PSBs) and the decision making process must be influenced by professional reasons and not collateral ones. He said that any external influence would be considered as a disqualification. The Finance Minister complemented the bankers for their excellent performance with regard to the implementation of the Pradhan Manti Jan Khan Yojana (PMJDY) in a time bound manner. The Finance Minister was addressing the Chief Executive Officers(CEOs)/CMDs of PSBs and FIs here today at the Quarterly Review Meeting of Public Sector Banks(PSBs) and other Financial Institutions(FIs), and the meeting of the Steering Committee of the Pradhan Mantri Jan Dhan Yojna (PMJDY).

The Finance Minister further said that global growth is quite patchy and direction of global investment is still unclear. Shri Jaitley said that there is great opportunity for India to attract foreign investment and large numbers of international entrepreneurs are showing their keen interest in India. Shri Jaitley said that their capital is comparatively less costly than ours and once it starts flowing than it will definitely impact us positively. Shri Jaitley further asked the bankers to take necessary corrective measures in order to bring down their Non Performing Assets (NPAs). Mr Jaitley asked them to honestly analyse the reasons for the same and take necessary corrective measures accordingly. Mr Jaitley also asked the bankers to take steps to increase the credit flow to various sectors of the economy since credit is lifeline of an economy. Mr Jaitley said that in the second quarter, credit growth is going to pick-up as large number of projects are queuing up for credit.