Sahakar Bharati co-founder and member of RBI’s Central Board Satish Marathe rues the absence of the role of banks in the revival of economy post Covid 19. Marathe thinks banks must be made frontline warriors in the task of reviving the economy.
In a Facebook post, which has been quoted by several dailies Marathe writes “Stimulus is both Imaginative & Forward looking, yet fails to involve Banks as Frontline Warriors in Revival of Economy.”
Arguing further Marathe says “3 months moratorium Not Enough, Relaxations of NPA, Provisioning, etc Norms need to be part of the Stimulus for putting India once again on the Growth Trajectory!”
Marathe also bases his observation on a Crisil Report which analyses the near-term benefits of the Rs 20 lakh crore stimulus package on growth and also flagged the absence of any dedicated steps for the most troubled sectors.
“While most steps from government are steps in the right direction, it is unlikely to stimulate demand/consumption given that the package is more focussed on supply-side reforms,” CRISIL research wing said in a note, quotes the ET.