AMN / NEW DELHI
Finance Minister Arun Jaitely Saturday said that strong banking system is important for the country’s economy.
Addressing a function organised on the occasion of platinum jubiliee celebration of UCO bank in New Delhi, Mr Jaitley said, the government has taken huge step to infuse 2.12 lakh crore rupees in Public sector banks for their recapitalisation.
Mr Jaitley said, everyone including the government and management of banks must work together to restore the credibility of the banks which most important asset.He said, despite slowdown in world economy, India continued to grow at a reasonable base.
He said, in the last three years, India remains the largest and fastest growing economy in the world. The Minister said, India perhaps is the only economy which had the courage to undertake structural changes at a time when the world economy was slowing down.
On the occasion, Mr Jaitley also launched UCO Pay Plus Mobile App for opening of accounts and UCO secure App for safe and secured financial transactions.
Secretary, Financial Services Rajeev Kumar asked UCO Bank to work on its bad loan problems after the Reserve Bank of India initiated prompt corrective action against it.