FM Sitharaman's presser highlights: Launch of EASE 4.0 Index, 'PSBs have collectively done well'

FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on August 25 addressed a press conference after her two-day visit to Mumbai.

She interacted with top officials of the Confederation of Indian Industry (CII) and launched the EASE 4.0 Index - a reform agenda for 2021-22 for public sector banks (PSBs).

Sitharaman also met chief executive officers of state-run banks to review annual financial performance of the lenders.

The government has directed banks to interact with Export Promotion Agencies as well as industry and commerce bodies so that the requirements of the exporters can be addressed in timely manner, the Finance Minister said.

She also responded to comments made by Congress leader Rahul Gandhi, who had criticised the Centre's National Asset Monetisation Pipeline programme.

"The Congress party had monetised the New Delhi railway station in 2008.  Why didn't Rahul Gandhi tear down the monetisation plan for New Delhi railway station?" Sitharaman said.

Also read: FM Sitharaman launches National Monetisation Pipeline scheme, to monetise assets worth Rs 6 lakh crore by 2024-25

Revenue secretary Tarun Bajaj, who also present at the media briefing, said direct listing of companies on overseas platforms is under consideration.

Here's what the Finance Minister said at the media briefing:

> "Banks have been directed to interact regularly with Federation of Indian Exporters Organisation so the exporters don't have to shuttle between various bankers."

> "Lot of sunrise sectors require a lot of funding, need to facilitate that. Banks should take the befit of technology. Have asked banks to look at the area of fintech."

> "Banks have expressed concerns on CASA deposits piling up in eastern areas. Credit flow need to be better promoted in Eastern states of country. Credit flow is not happening in eastern states if country."

Also read - FM Nirmala Sitharaman's meeting with bankers: Key points discussed

> "Collectively PSBs have done very well PSBs have shown that they are in a position to come to the market and raise funds."

> "Bare minimum presence of the government will be there in strategic sectors. Banks and financial services were identified as strategic sectors. Will look at amalgamation or selling government stake in insurance companies over and above bare minimum presence."

> "Have given details out on oil bonds. Its is not Centre vs State on fuel prices. Centre and State will have to sit together to discuss fuel issue." Sitharaman had on August 16 said the current BJP-led government is paying for a reduction in prices of petroleum products during the Congress-led United Progressive Alliance (UPA) regime, due to the interest and principles having to be repaid on oil bonds from that period.