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FM asks Banks to be more customer friendly

February 22, 2022

FM asks Banks to be more customer friendly
Finance Minister Nirmala Sitharaman on Monday said that banks need be to be more customer-friendly in their approach so that credit availing becomes hassle-free.

Ms Sitharaman said this during a post-budget discussion with industry representatives in Mumbai, making it clear that banks don’t need to be lenient on credit underwriting standards by taking any adverse risks on a proposal.
 
During the connection, there was an idea from a start-up representative for credit to be available hassle-free, to which State Bank of India’s executive Dinesh Kumar Khara said a start-up’s worries are more on the equity side and guaranteed full support in lending if sufficient equity is on the table.
 
Stressing the person asking the question a lady operating an innovative enterprise, Ms Sitharaman had a couple of ideas for the banking community and furthermore revolted against their attitude.
 
“At first, Mr Khara offered an extremely bland answer. And after being prompted to be provoked to some degree, he went into discussing a scheme which has a lot of government support, the credit guarantee fund trust for micro and small ventures (CGTMSE),” she said.
 
“Banks should be much more customer-friendly. Not to the extent of taking adverse risks which you don’t have to take, yet you should be significantly more friendly to clients,” the minister said.

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