Indian Finance Minister Nirmala Sitharaman called on lenders to focus on their core business and explore new ways to attract deposits, as household savings increasingly shift toward investment products.
“Both RBI and the government want banks to focus on their core activity. That’s where your bread and butter lie,” Sitharaman said at a briefing following the Reserve Bank of India’s board meeting. Banks must offer attractive deposit plans, she said, echoing remarks made by central bank governor Shaktikanta Das in his recent monetary policy address.