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With limited time on their hands the new Government has presented a balanced Budget. Though on the face of it, this may not look like a Budget with blockbuster announcements, but the Finance Minister has provided budgetary supports across sectors and also addressed the needs of the the weaker sections of the society, expanding the purview of the banking system.
We are happy that the Finance Minister focused on the need for more banking licences in both universal and differentiated bank model. The fact that the government wants to put in place the authorisation of universal banks in the private sector and the preparation of a mould for the differentiated banks shows there is a clear intent of reaching out to the hinterland of the country. The Government’s positive view on micro, small and medium Enterprises (MSME) sector, which is one of the highest contributors to the GDP, is encouraging. The sector is expected to look up as the Government is aiming to make funds easily available for them.
With the Financial Inclusion Mission’s target of a proposed ‘two bank accounts in each household’ (who will also be eligible for credit), the Government has taken a right step in unlocking the potential of our rural India story.
MD, Muthoot Finance Ltd
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