New Delhi: Finance Minister Nirmala Sitharaman on Saturday said that a clean, reliable and robust financial sector was needed to achieving India's ambitious target of becoming a $5-trillion economy.
Presenting the Union Budget 2020, Sitharaman said a robust mechanism was in place to monitor the health of all commercial banks. She asserted that depositors' money was absolutely safe.
She said that Rs 3.50 lakh crore capital had been infused in public sector banks in the past years. However, she acknowledged that there was a need for greater private capital in banks.
The finance minister further said that the government had planned an amendment to facilitate separation of government pension trust from the Pension Fund Regulatory and Development Authority (PFRDA).
The government's balance holding in IDBI Bank will be also be sold to private retail investors, she said.
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