Public sector should participate in banking, insurance: PM Modi

3 months ago 7

PM Modi speaking on aspects relating to financial services in this year's budget. (File photo: ANI)

NEW DELHI: Prime Minister

Narendra Modi

on Friday encouraged the

public sector

to participate effectively in banking and insurance.
Speaking virtually on aspects relating to

financial services

in this year's budget, Modi said that the government is committed to strengthening the banking sector. For this, the Centre will continue with its reforms process.
"There is still great scope for the banking and insurance sector. Decisions made by the government in

Union Budget 2021

for privatisation of two public sector banks (PSBs), raising foreign direct investment (FDI) limit to 74 per cent in insurance and to bring LIC IPO have all been taken keeping this in mind," he added.
Emphasising that ensuring transparency and trust of investors and depositor's, PM said that the fintech market is likely to grow to Rs 6 lakh crore.

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