Public sector banks competing on equal footing with private and foreign banks, says Commerce Minister

Union Minister of Commerce and Industry Piyush Goyal has opined that it was encouraging to see public sector banks competing on equal footing with private and foreign banks while addressing the MSME Banking Excellence Awards in New Delhi. He said that public sector banks have emerged as strong and competitive institutions, standing shoulder to shoulder with private and foreign banks in supporting Indias growth. Goyal highlighted the critical role of the banking system in supporting micro, small and medium enterprises (MSMEs), noting that access to timely and adequate credit has been central to the growth of small entrepreneurs. He underlined that banks have played a key role in extending institutional finance to MSMEs, including small borrowers who earlier depended on informal sources of credit, thereby enabling them to start businesses, expand operations and improve their livelihoods.

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