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Comments of Shri T M Bhasin, Chairman, Indian Banks’ Association on the Union Budget 2015-16

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This is a forward looking Pro-poor, Pro-Agriculture and Pro-Infrastructure Budget with focus on health, housing, education, social security and upliftment of under privileged sections of society. Agriculture credit of Rs.8.5 lac crore and allocation of Rs.95,000crore for upgradation of Rural Infrastructure through NABARD are welcome steps. Setting up of MUDRA Bank for financing of Small and Micro Units owned by SC/STs with credit guarantee will strengthen the MSEs. Setting up of Electronic Platform for cutting the delays in Receivables in MSMEs will give a boost to hassle free production by this Sector.

Introduction of Comprehensive Bankruptcy Laws in 2015-16 and extension of SARFAESI Act for NBFCs with asset base of Rs.500 crore will improve the Recovery climate in the country. Deepening of Bond Markets and Tax free bonds for Rail, Road and Irrigation will give a boost to infrastructure sector. Gold Monetisation Scheme will lead to utlilization of gold within the country for productive purposes and reduce the gold import bill.

Setting up of Bank Board Bureau is a welcome step towards improving the Corporate Governance in Public Sector Banks which will bring transparency in appointing PSB Heads, Board Members and find innovative ways to raise the much needed capital by the Public Sector Banks.

Access to 1.54 lac Post Office outlets will lead to better, efficient and cost-effective Payment System in the country.

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