IBC 2018: Indian banks have limited capability to assess risk, says NITI Aayog vice chairman

New Delhi, Aug 23: Speaking on 'India Vision 2030 and Banking' at the Indian Banking Conclave 2018, NITI Aayog's vice chairman Rajiv Kumar called for fundamental changes in the Indian banking system.

Asserting that he has been associated with the banking sector for a long time, Kumar said the momentum of economic growth would be determined by Start up and Stand up.

Kumar said that in the coming years it would be key to see how the banking sector supports the agro sector. He said Indian commercial banks, as of now, have limited capabilities to assess risk.

It seems the banks are scared of 3 Cs - CVC, CBI and CAG because of which commercial banks are not able to expand in the right way, he said. They play safe game, he added.

Kumar further said that suggestions by the PJ Nayar Committee's report for the banking sector were good. He also said that RBI is not aware of the ground realities.