Applauding FE Best Banks, Pranab underlines financial inclusion, banking reforms
Coaxing banks to continue to strive for excellence, Mukherjee said the most important aspect of the FE Best Banks award, now in its 15th year, was that it set benchmarks for others to try and live up to. Recognising the role played by public sector banks, which account for nearly three-fourths of bank lending, the FM said in the last quarter there had been a 10-20 per cent growth in the topline of banks and a profit growth of more than 25 per cent.
Referring to the crisis in global banking, Mukherjee said this highlighted the need to take a serious look at the fragmented regulatory system in global financial markets. “The issues of financial stability and the banking system,” Mukherjee said, “have now become an integral part of policy discussions and macroeconomic objectives in the developed and the developing world.”
It is, he said, “a testimony to our consistent view that reforms in global standards have to be adapted to local conditions”.
All the FE Best
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