Banking system will play an important role in the growth of Indian economy, Railway Minister Suresh Prabhu today said.
"Banking plays an important role in promoting economic growth of a country. Countries which don't have a strong banking system, we have seen them facing many issues. But India has a strong banking system and bankers," Prabhu said at the IDBI Bank's foundation day here.
He said India is currently at the threshold of growth and banking system can drive at a faster rate in many ways.
"We are seeing banking has become a very interesting activity. Whatever is a growth potential of India, I don't think we will be able to realise it without a strong banking institution and for this we need a strong regulatory mechanism," he said.
India continued to reel under problems of past decades, Prabhu said, and expressed confidence that the country would still be able to come out of this.
"Government, the RBI and banks will have to work together to achieve this. Also, various initiatives have been announced that aim to take India to the next level of growth. Banks will play an important role in this," he said.
