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Below is the Views On Implications for Public Sector Banks from the Union Budget By L Viswanathan, Partner, Cyril Amarchand Mangaldas
`The Economic Survey the both celebrated the achievements of India’s public sector banks as well as highlighted the need to develop the banking sector in proportion to the size of the economy as well as weed out inefficiencies. The announcement of “appropriate measures” to usher in more transparency and improve professionalism in public sector banks is especially welcome in the 50th year of bank nationalisation.
The measures to strengthen public sector banks that the Economic Survey highlighted include use of technology, AI and machine learning tools including creation of a common data base for processing of credit facilities by the public sector banks which would put them in an advantageous position. It visualizes creation of a fintech hub for PSB’s for using credit data. It suggests use of credit analytics for corporate loans using learnings from use of such tools for retail loans.
Accordingly, measures to this end will be awaited and will also help build a more robust and inclusive financial system.`
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