Sitharaman meets reps of RBI, SBI, SEBI, ICICI, PNB & more; Talks financial sector & capital markets

New Delhi: The Union Minister of Finance & Corporate Affairs, Nirmala Sitharaman, held her second Pre-Budget Consultation meeting with the stakeholders from financial sector and capital markets in connection with the forthcoming General Budget 2020-21 in New Delhi today. Earlier today, FM Sitharaman also met with representatives of IIM, ISB, Apple, Paytm, Jio and others to discuss fintech, startups and digital economy.

The main areas of discussion during the meeting included increasing credit off take from Banks, governance changes in PSBs with special focus on PJ Nayak Committee recommendations, creation of well functioning bond markets, benefits of partial credit guarantee scheme, alternative investment funds in real estate sector, and measures for alleviating stress among NBFCs, among others.

Along with the Finance Minister, the meeting was attended by Anurag Thakur, Minister of State (MoS) for Finance and Corporate Affairs, Finance Secretary, Rajeev Kumar, Atanu Chakraborty, Secretary, Economic Affairs ,  Ajay Bhushan Pandey, Revenue Secretary, Pramod Chandra Mody, Chairman, CBDT, P.K Das, Chairman, CBIC, Dr K.V. Subramanian, CEA and other senior officials of the Ministry of Finance.

With a view to give boost to Indian markets, representatives of the financial sector & capital markets submitted several suggestions concerning enhancing credit off take from banks, PSBs governance, risk capital issues, improving functioning and alleviation of stress among NBFCs, alternative Investment funds, mutual funds, commercial papers and standardisation of Bond features, promoting leasing by reducing GST, reduction of GST rates on term insurance for increasing its penetration, and to provide easier credit to digitally active users by streamlining KYC norms. Suggestions were also received for enhancing support from private banks to the Stand Up India Scheme.

Major stakeholders of the financial sector and capital markets participated in the meeting, including N. S. Vishwanathan, Deputy Governor, Reserve Bank of India (RBI), Rajnish Kumar, Chairman, State Bank of India (SBI), Supratim Bandopadhyay, WTM (F) PFRDA, Madhabi Puri Buch, Whole Time Member, SEBI, L. V. Prabhakar, Executive Director, Punjab National Bank,  M.R. Kumar, Chairman, LIC, Uday Kotak, MD & CEO, Kotak Mahindra Bank Ltd,  S.L. Jain, Executive Director, Bank of Baroda, Ashok Swarup, MD, Head of Government affairs and Business Development, CITI Bank, Rashesh Shah, CEO, Edelweiss, Rakesh Diwan, Senior General Manager, The Muthoot Group, Chandra Shekhar Ghosh, MD & CEO, Bandhan Bank, N.S. Venkatesh,  Chief Executive, Association of Mutual Funds in India (AMFI), N.S. Kannan,  CEO, ICICI Prudential Life Insurance Company Limited, Navin Ashok Kumar Chandani, Chief Business Officer, Bank Bazaar, Raman Aggarwal, Co-Chairman, Finance Industry Confirm Development council (FIDC), Prasanna Balachander, Group Head Global Markets, ICICI Bank Ltd, Rahul Shukla,  Group Head, Corporate Banking and Confirm Business Banking, HDFC Bank Ltd, Milind Kamble, Chairman, DICCI, Prashant Tripathy, MD and CEO of Max Life Insurance, among others.

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The ID Staff

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