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Budget 2016

Banks and financial institutions pitched for a delay in the fiscal deficit road map and for more focus on greater public spending to ensure economic revival, at a Budget 2016 meeting with Finance Minister Arun Jaitley on Tuesday.

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Budget 2016

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  1. Budget 2016, Banks want govt to focus on public spending over fiscal deficit road map Banks and financial institutions pitched for a delay in the fiscal deficit road map and for more focus on greater public spending to ensure economic revival, at a Budget 2016 meeting with Finance Minister Arun Jaitley on Tuesday. The institutions also wanted incentives to encourage cashless transactions through debit/credit cards and rationalisation of interest rate of small savings schemes. Read our full coverage on Union Budget The two-hour meeting saw heads of the country's public and private sector banks - including State Bank of India, Axis Bank, Bank of Baroda, ICICI Bank, LIC, IIFCL, IDBI Bank, NABARD, Citi Bank and L&T Finance Holdings - discuss key measures that could be introduced in the Budget 2016-17 to ensure economic growth revival. Jaitley told bankers that the government would continue to focus on governance reforms in the banking sector. He added that there was a considerable improvement in the opening of basic savings bank deposit accounts (BSDAs) during the year 2015-16 under the Pradhan Mantri Jan Dhan Yojana. "BSDAs reached 440 million for the period ended September 2015 as against 398 million for the year ended March 2015," he said.

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