New Delhi: India's government and the country's central bank will over the next few months add to banks' ability to lend, Finance Minister Arun Jaitley said on Saturday, addressing a conference on start-up businesses.
Credit growth is critical to boost India's sluggish economic growth but has remained subdued, with banks struggling with crippling bad debts and insufficient capital.
"The Reserve Bank and the government, acting in tandem, are going to add to bankers' ability to lend with vigor and in greater amounts," Jaitley said.
He gave no details.
Prime Minister Narendra Modi will later on Saturday address the same New Delhi conference, and is expected to announce new policy reforms aimed at simplifying the process of starting and funding new businesses in the country.
