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Banking Experts Hope for FDI Limit Increase, Reduction of Government Stake in PSBs in This Year’s Budget

    26 January , 2022         Fdiindia

Banking Experts Hope for FDI Limit Increase, Reduction of Government Stake in PSBs in This Year’s Budget

Many banking sector experts have expressed the need to increase the limit on foreign direct investments (FDIs) and contemplate reducing the government’s stake in public sector banks in this year’s Union Budget.

The Union Budget for FY 2022-23 will be presented in the Parliament on February 1, 2022, by Union Finance Minister Nirmala Sitharaman.

“Policy measures to address the governance, management, and operational issues faced by public-sector banks is expected. A roadmap to reduce the government’s stake in public sector banks and consolidation is also expected,” said Dr. Arun Singh, Global Chief Economist, Dun & Bradsheet, pointing out that government should consider initiatives to lower its stake in public sector banks.

He also added that the government should consider permitting financial institutions to claim 100% tax deductions for doubtful and bad debt provisions. He said this measure is crucial as stressed accounts are expected to rise in number.

“My expectation from the budget is bolder move forward in transformation of public sector banking industry.  The economy is rapidly transforming with deeper penetration and adoption of technology,” said Saurabh Tripathi, Managing Director and Senior Partner, Boston Consulting Group.

“Banking sector is set to have a fundamental makeover requiring institutions that have very strong tech, analytics and design capabilities.  This transformation is very tough in the operating framework and constraints of public sector.  Partial privatization where the government takes down the stake to below 51% is one way forward,” he added.

“It will test the resolve of the government.  There is an easy way out to let the public sector banks slide into oblivion with slow decline and eventually sold off in crisis.  Much like Air India.  That will just deny Indian consumers and businesses better banking and Indian tax payers would be footing the heavy bill for the inefficiencies it sustains over long periods,” he further said.

Archana Elapavuluri, Founder of Pickright Technologies, stressed that the focus should be on digital payments and banking to make all accounts under Jan Dhan Yojana operational.

“On a macro-level, technology should help the government achieve the vision of transforming India into a digital economy. This change is necessary to improve the overall economic efficiency of the country by reducing the role of cash in economic transactions, and ensuring people have access to better financial services and credit,” she said.


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