NEW DELHI: Public cash is "extremely safe" in state-owned banks, Finance Minister Piyush Goyal stated lately in opposition to the backdrop of several cases of frauds, together with the $2 billion rip-off at PNB, unearthed not too long ago.
Speaking to journalists after assembly several heads of PSBs, he stated the federal government is open to the query of giving extra powers to the Reserve Bank for effectively regulating public sector banks.
"Public money is extremely safe in PSU banks. Government stands behind them 100 per cent," Goyal stated.
He said alternatively that he was once now not "sure" as to how secure the public cash is with private firms which have large income tax dues.
He stated the frauds had been perpetrated by means of private firms and now not the PSBs.
In reference to contemporary advice by means of RBI Governor Urjit Patel that the central financial institution lacked powers to effectively maintain the PSBs, Goyal stated RBI has powers, but when additional powers are wanted the federal government was once open to the idea.
He additionally stated that PSBs would reinforce credit score wishes of genuine firms, and focus on MSME sector.
Various investigating companies are probing the over $2 billion fraud allegedly dedicated by means of diamond jeweller Nirav Modi and his friends. Several other scams too have surfaced within the contemporary past involving PSBs.
Speaking to journalists after assembly several heads of PSBs, he stated the federal government is open to the query of giving extra powers to the Reserve Bank for effectively regulating public sector banks.
"Public money is extremely safe in PSU banks. Government stands behind them 100 per cent," Goyal stated.
He said alternatively that he was once now not "sure" as to how secure the public cash is with private firms which have large income tax dues.
He stated the frauds had been perpetrated by means of private firms and now not the PSBs.
In reference to contemporary advice by means of RBI Governor Urjit Patel that the central financial institution lacked powers to effectively maintain the PSBs, Goyal stated RBI has powers, but when additional powers are wanted the federal government was once open to the idea.
He additionally stated that PSBs would reinforce credit score wishes of genuine firms, and focus on MSME sector.
Various investigating companies are probing the over $2 billion fraud allegedly dedicated by means of diamond jeweller Nirav Modi and his friends. Several other scams too have surfaced within the contemporary past involving PSBs.
Public money extremely safe in PSU banks: FM Piyush Goyal
![Public money extremely safe in PSU banks: FM Piyush Goyal]()
Reviewed by Kailash
on
June 20, 2018
Rating:
