Chennai: Union Finance Minister Nirmala Sitharaman has instructed them not to increase unnecessarily on the fast growing business of banks in the country. Sitharaman said that banks should consider all aspects while expanding their business.
Actually Nirmala Sitharaman went to attend the 116th Foundation Day of City Union Bank in Tamil Nadu. While during the program, he said that institutions like banks should consider both their strengths and weaknesses thoroughly before expanding. Sitharaman instructed the banks to understand their central powers and provide many beneficial services for the common people.
In his address, Sitharaman said that “For organizations like banks, the trend of expansion of business is going on. All they want is that the scale of my business should continue to increase. Today it is doubled. Tomorrow should triple. Today is in a state Tomorrow should be in many states, but in the meantime these institutions do not gauge their basic strength and weakness. “
Finance Minister Sitharaman said that institutions like the Reserve Bank of India have an important role in the expansion of the bank. Banks have to get approval from the regulator to open a new branch. He said that the name of the word “bank” has come under suspicion in the country. In such an environment, City Union Bank has been doing its work for the last 115 years.