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India urges state banks to improve lending practices

New Delhi wants banks to be monitored for big loans

India's Finance Minister Arun Jaitley details plans around the recapitalisation of public sector banks in New Delhi, India.   © Reuters

MUMBAI -- While pledging 880 billion rupees ($13.86 billion) in aid to state-owned banks on Wednesday, India's Finance Ministry also handed out a set of guidelines that it wants lenders to conform to that will help clean up the financial system.

The ministry said that it wants lenders to work on improving customer responsiveness, responsible banking, deepening financial inclusion and digitalization, and staff development. At the heart of all this would be a drive to weed out corruption and improve efficiency.

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