A healthy banking system will soon emerge: FM Jaitley

Union Finance Minister Arun Jaitley on Monday said that he believes a healthy banking system will soon emerge.

Jaitley, who inaugurated the new Punjab National Bank (PNB) head office building in Delhi, said that a healthy banking system is essential for any economy to develop, as it supports growth.

"There is a clear subtle change taking place of how India and Indians spend their money and that change is only in one direction," he further said.

He went on to add that the change will not come abruptly and it will take time. But the movement today has become clear.

"The movement is clear, which is why it is important for deposits to stay in banks and for their lending ability to increase. The capital adequacy of the banks also need to increase."

"The imbalance was high in the last few years and the system is being made right now," concluded the Finance Minister.