SBI Chairman wants budget to be investment, consumption-oriented

SBI Chairman said the demand that got slowed down due to demonetisation is expected to pick up in two-three months.

Chennai, Jan 30: Allocation of money for infrastructure, capital infusion, activation of the new laws are the major expectations of the banking sector from the union budget 2017, said State Bank of India Chairman Arundhati Bhattacharya on Monday.

She also said the budget should be consumption and investment-oriented as not much of private investment coming in.

Speaking to reporters here, Bhattacharya said allocation of funds for infrastructure, additional capital infusion for government banks, and operationalisation of laws to cut the non-performing loans are some of major expectations of the banking sector. She also said the sector is looking at the operationalisation of legal actions like the Bankruptcy Codes, amendment to Sarfaesi Act and the Debt Recovery Tribunal Act to derive the intended benefits.

On the demonetisation issue, Bhattacharya said normalcy in cash availability is expected to be back by the end of February. She said the demand that got slowed down due to demonetisation is expected to pick up in two-three months. However she declined to share the amount of demonetised currency the SBI has received.

IANS