The new policy of disinvestment of public sector enterprises covered the financial sector as well, and private enterprises were being promoted wherever possible, he noted. Equity capital infusion“Still, along with this, an effective participation of the public sector in banking and insurance is still needed by the country. Mr. Modi argued that the financial sector was critical to achieve the Atma Nirbhar Bharat vision, which included the creation of modern infrastructure. The government was committed to carrying out further reforms in the banking sector. Mr. Modi also urged financial sector entities to create innovative financial products for farmers, small vendors and micro, small and medium enterprises.

Source: The Hindu February 26, 2021 08:25 UTC