The initial response to the government's initiative has been positive and encouraging, said the finance minister adding that the interaction with the industry stakeholders and others would be a continuing process.
Loan recoveries have reached record levels., says Ms. Sitharaman and adds it has crossed Rs. 1.21 lakh crore in FY19.
The Minister also said that to avoid Nirav Modi like frauds in the PSBs, the SWIFT messaging system has now been linked with the core banking system.
She further clarified that no retrenchment has taken place post-merger of Bank of Baroda, Dena Bank and Vijaya Bank and staff has been redeployed and best practices in each bank have been replicated in others.
This announcement comes a week after Sitharaman announced a slew of measures to give a fillip to the economy.
Technology, health care companies lead USA stocks higher
China's foreign ministry, however, reiterated yesterday that it had not received any recent USA telephone calls on trade. Asian indexes were broadly lower, with China's Shanghai Composite down 0.3% and Hong Kong's Hang Seng down 0.2%.