Reforms keep middle class in mind, says FM Sitharaman
Finance minister Nirmala Sitharaman on Sunday said the government’s approach to reforms is sensitive to the needs of the middle class, which have been kept in mind while implementing various reforms in the banking sector.
“As a result, today, public sector banks’ health has improved so they are able to raise money on their own in the markets. It indicates that depositors and their monies are safe in all our banks,” she said.
Addressing beneficiaries of the deposit insurance scheme, Sitharaman said there had been a lot of distress calls since 2019 from depositors whose money was stuck because there was a regulatory control on banks. “They (depositors) waited for five years or even more because either the bank had to be liquidated, or some kind of amalgamation, and the wait for the depositor was eternal,” Sitharaman said.