New Delhi, June 19 (UNI) Finance minister Piyush Goyal assured on Tuesday that the public deposits in the Public Sector Banks (PSBs) are extremely safe.

Talking to reporters after the meeting with several heads of PSBs,the Finance Minister said that private companies have done the frauds and action are being taken against the people who are responsible for these scams, but there is no reason to believe that the public deposits in the Government banks are not safe.

He said that the Government will provide all capital needs to these banks so that PSBs could lend to good and genuine borrowers who are more than 66 per cent in number.

Mr Goyal said that today’s meeting was intended to discuss the ideas for better governance and management of bank operations so that they could lend money in effective manner to those who are have not done any wrong with the banks or the banking system. In the meeting ideas and practices were shared so that other banks could learn from each other.

Regarding a question on Reserve Bank of India (RBI) Governor Urjit Patel’s remark that RBI do not have powers for effectively regulating public sector banks, Mr Goyal said that Government is open on this and will take the required steps accordingly whenever needed. However, Mr Goyal said that he feels RBI has adequate powers.

He also said that PSBs would support credit needs of genuine companies, and focus on MSME sector.

UNI ADP AR 1932