FM`s last meeting with RBI before Lok Sabha polls |
Finance Minister Arun Jaitley held the post-budget meeting of the Central Board of the Reserve Bank in Delhi and said India needs fewer banks and mega banks which are strong to help the needs of common man. He said economies of scale are of great help in the banking sector. RBI will hold meetings with banks on the issue on the 21st of this month. Last year State Bank of India has merged within itself 6 other nationalised banks giving it the economies of scale and more funds in hand for the public. Mr Jaitley said there has been a reasonably high growth as far as revenues are concerned in the last 5 years. RBI Governor Shaktikanta Das said transmission of rate cut by banks is also an important issue.
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