Finance Minister Nirmala Sitharaman addressed the 74th Annual General Meeting of the Indian Banks Association (IBA) on 26 September. As the meeting began, Rajkiran Rai G, Chairperson of IBA, said, “From the opening in 1946 with 23 members, IBA has seen many important transformations in these 75 years.” Union Minister of State for Finance Bhagwat Kishanrao Karad stated, “The IBA has progressed from 22 banks in 1946 to 244 banks. I congratulate IBA for its agreement and fulfilment of decisions taken by the administration in the interest of bank clients.”

“The government has declared several packages like the Aatmanirbhar Bharat scheme during the ongoing Coronavirus pandemic. I support all banks for carrying these schemes to the public and also for managing the economy well,” he added.

FM Nirmala Sitharaman began her address and said IBA has been in association with Indian economic development. Moving forward, you will get benefits from the vibrant economy India is becoming and also contributing to it. PM Modi has also told us that there is a need to change and reset our mindset and ways of living. This reset is what is going to hold in our minds.

The prominent challenge bankers have faced during the pandemic was the centre’s schedule of the merger of banks. This happened during the corona pandemic; banks were racing to help those even in remote areas. I appreciate bankers for making sure that the mergers did not create any inconvenience to customers. You assured that systems of different banks talked to each other, securing there were no differences, Sitharaman said.

I want IBA to think about how Indian banking has to be in the urgent and long-term future. Through a justified approach and digital technologies, we can improve access to banking in every region. IBA should take the lead and balance the government’s efforts for financial inclusion by providing access to financial services in under-served areas. In the end, Sitharaman thanked IBA for building the National Asset Reconstruction Company and Debt Reconstruction Company Limited working together. They will be able to restructure and sell the NPAs.