Banking sector facing many challenges: Gadkari

Union minister Nitin Gadkari on Saturday said that the banking sector was facing a lot of challenges on various fronts.

Gadkari also listed ensuring transparency and giving returns on deposits as challenges before the banking sector.

Speaking after inaugurating zonal office of Indian Bank here, the Highways and Road Transport Minister said that people should also pay their dues to banks on time.

"Prime Minister Narendra Modi has said that bank loans in the MSME (micro, small and medium enterprises) sector will be sanctioned in 59 minutes and it will be connected with GST and Income tax. Those having a good track record get their loans sanctioned quickly," he said.

Gadkari further said that it was incumbent upon banks to ensure that loans sanctioned under various public welfare schemes get disbursed quickly.

He also emphasised the need to encourage the handloom and handicraft industry for creating employment opportunities and boosting growth in the MSME sector.

The minister said "Solar Charkha" cluster will be launched in the cotton belt of Vidarbha from where export quality ready-made garments will be manufactured.

"Solar Charkha" is the initiative of the MSME ministry to ensure inclusive growth by generation of employment, especially for women and youth, and sustainable development through solar charkha clusters in rural areas.

Gadkari also talked about giving additional land to HCL Technologies operating in Mihan (Multi-modal International Cargo Hub and Airport at Nagpur).