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Willing to help in reviving growth but government's stimulus is key: Message from top bankers

Bankers make it clear that economic stimulus is needed to increase economic growth

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Chanda Kochhar
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Bankers under the aegis of Indian Banks’ Association on Friday assured Union Finance Minister Arun Jaitely that they will participate in opportunities that will emerge to support economic growth. However, they clearly said that they are anxiously waiting for the government to announce package to stimulate economic growth that has decelerated to its slowest pace in three years.

ICICI Bank managing director & CEO Chanda Kochhar at the outset congratulated the government for the achievement of robust macro-economic parameters that are prevailing currently and the structural reforms that are being taken.

However, Kochhar appealed to the government to look at the areas where current Indian standards are in excess of requirement and how they should be aligned with the global standards and benchmarks. She noted that this is necessary when India aligns to the global standards and benchmarks like Bassel norms.

Further, Kochhar emphasised the need to work towards timely and productive resolution of stressed assets. "Lot of tools are available to the banking industry but what is important is to use these tools in a case specific basis rather than using them as one solution fits all. We have to try and arrive at resolutions in a manner that really preserves the underlined values of the assets," she opined.

According to Kochhar, joint efforts of the government, regulator, banks and the judiciary will be required in resolving these assets and therefore strengthening the banking sector.

The Punjab National Bank managing director and CEO Sunil Mehta observed that private investment is not only dependent on rate cuts but also on macro-economic environment and other facilitators. ‘’Rate cut will facilitate the private investment but this cannot be the only factor as there are other factors too,’’ he viewed.

On boosting the growth and increase in job creation, Mehta said "The  government is working on a plan and we will come to know soon."

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