Reviewing the performance of state-owned lenders, he exuded confidence that formalisation of the economy would help India achieve sustainable growth of 8 per cent.
"FM, Shri @arunjaitley exhorted the banks to ensure all steps at their end to ensure clean lending & effective action in cases of fraud & wilful default, to justify the trust reposed in banks. Banks must strive to be seen always as institutions of clean & prudent lending," the Finance Ministry said in a tweet.
The meeting is taking place in the backdrop of the 'Alternative Mechanism' (AM) deciding to merge three public sector banks -- Bank of Baroda, Vijaya Bank and Dena Bank -- with a view to create a global-size lender which would be stronger and sustainable.
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